1. The lease contract stated that the renters would bring in the security deposit within five days. It is now the sixth day and the renters have not brought in the money. This is legally referred to as: - Answer- Breach
2. In dealing with the public, a licensee: - Answer- may keep silent about a...
1 the lease contract stated that the renters would bring in the security deposit within five days it is now the sixth day and the renters have not brought in the
Illinois leasing agent practice exam
1. The lease contract stated that the renters would bring in the security deposit within five days. It is now the sixth day and the renters have not brought in the money. This is legally referred to as: - Answer- Breach
2. In dealing with the public, a licensee: - Answer- may keep silent about a material fact concerning the property if the client is the owner. d) may negotiate different commissions with different owners.
3. Escrow monies: - Answer- could include security deposits as well as earnest money.
4. An offer may be terminated: - Answer- if it is rejected; if it is changed; or if it is revoked before acceptance.
A property management company runs a complex of several buildings, all belonging to the same owner and on the same parcel of land. At the owner's request, the manager has made apartments available to families with children in just two of the buildings. This practice is: - Answer- Steering
6. In a lease an owner may hold a future interest in the property known as: - Answer- Reversion are interest
7. Which of the following would be considered a dual agency? - Answer- A licensee is representing both landlord and tenant in the same transaction.
8. To be enforced, the Statute of Frauds requires that all contracts for the sale or lease of real estate be: - Answer- In writing
9. A young couple with a toddler and an infant want to lease an apartment in a complex that is occupied primarily by adults. The rental agent shows the couple apartments only on the first floor. Which of the following is true? - Answer- The rental agent should have inquired about the couple's preference for apartments.
10. On Tuesday, the agent received an offer and a check for security deposit from a renter. The owner accepted and signed the lease at 11 am on Wednesday. The agent must: - Answer- deposit the money in his escrow account by the close of business on Thursday.
11. The primary requirement of a contract would be: - Answer- Offer and acceptance
12. Because of the complexity of laws that affect real estate today, a property manager should be familiar with all of the following EXCEPT: - Answer- the "Blue-Sky" laws. 13. If a complaint goes to the federal courts based on the Civil Rights Act of 1866, the complaint would be that there was discrimination based on: - Answer- Race
14. When a tenant, who has a written lease with the owner, sublets all or any part of the
premises: - Answer- the original lease is unaffected unless it contains a provision that prohibits such subletting.
15. Which of the following people may discriminate on the basis of race? - Answer- No one
16. It would be a violation of the antitrust laws for a broker to: a) charge one owner 7% while charging another 6%. - Answer- agree to a minimum commission with other brokers
17. The building leases prohibit tenants from altering the property in any way. One tenant is now confined to a wheelchair, and cannot maneuver over the doorstep into the
apartment by herself. Nor can she use the bathroom facilities in her wheelchair. Which of the following is true? - Answer- The tenant is entitled to make the necessary alterations.
18. Which of the following is illegal? - Answer- Refusing to hire an otherwise qualified person because a disability will necessitate occasional time off work.
19. The amount of security deposit in a contract for the lease of real property is determined by: - Answer- Agreement of the parties.
20. Broker Doug has an office in Chicago. A licensee with Broker Doug is the designated agent of the owner. Another licensee with Broker Doug is the designated agent of the renter. Which of the following statements is true? - Answer- In Illinois, this situation avoids dual agency for the broker.
21. A licensed agent selling or leasing his own home without using his broker's services may discriminate on the basis of: - Answer- Non of the above
22. A woman advertises a 2-bedroom apartment for rent in her 6-unit building in Chicago, stipulating "Adults Only." She is in violation of: - Answer- the Illinois Human Rights Act.
23. An Illinois resident has signed an agreement to rent a condominium in Florida for the month of March. This arrangement is legally considered: - Answer- An estate for years
24. Commingling may be charged if the broker: - Answer- deposits escrow money in his personal account.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
