Exam (elaborations)
LEASING EXAM 2 QUESTIONS AND ANSWERS
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LEASING EXAM 2 QUESTIONS AND ANSWERS
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Name: Score:34 Multiple choice questions
Term 1 of 34
A tenant is on a periodic month tenancy. On August 1st the tenant pays his rent. On the 8th of
the month the tenant finds a different apartment in another town and immediately gives notice
to the landlord. Under these circumstances the soonest the tenant can legally terminate the
lease is?
Serve a 5 day notice
Yes, The listing broker is acting within their rights
Yes, Susan is within her rights
September 30th (30 days notice is required)
Term 2 of 34
With respect to an agent's fiduciary duty, which of the following is true?
July 31st of even number of years and must pay a renewal fee of $100.
the broker of the leasing agent representing the lessor
The duty of loyalty requires the leasing agent to disclose all known facts about the
transaction to the agent's principal, even if the agent believes said facts could be
detrimental to the agent's own interests.
the landlord receives security deposits in properties of 25 or more units and the
deposits are held for more than six months.
Term 3 of 34
A leasing agent's Real Estate license must be kept at?
A Fine up to $25,000.
The office he or she is associated with.
Net lease
Voidable
,Term 4 of 34
Tom buys a 3 flat. The 1st floor lease has expired and the tenants are staying under an
agreement with the landlord on a month to month basis. The 2nd floor has six months to go on
their one-year lease before their lease expires. The 3rd floor's lease has expired and the
landlord has a tenant who will pay double the rent but the present tenant will not move out
under these conditions. What type of tenancy fits each floor?
the landlord receives security deposits in properties of 25 or more units and the
deposits are held for more than six months.
The 1st floor tenant has a periodic tenancy, the 2nd floor tenant has an estate for years
and the 3rd floor tenant has an estate at sufferance.
leases for more than a year or that cannot be completed within a year of their making
must be in writing to be enforceable.
The duty of loyalty requires the leasing agent to disclose all known facts about the
transaction to the agent's principal, even if the agent believes said facts could be
detrimental to the agent's own interests.
Term 5 of 34
All security deposits must be placed in an escrow account by?
the broker of the leasing agent representing the lessor
July 31st of even number of years and must pay a renewal fee of $100.
The stove and the fridge
The duty of loyalty requires the leasing agent to disclose all known facts about the
transaction to the agent's principal, even if the agent believes said facts could be
detrimental to the agent's own interests.
,Term 6 of 34
The statue of fraud in Illinois states that?
That service animals are prohibited upon the premises, whether they belong to a tenant
or a tenant's visitor.
leases for more than a year or that cannot be completed within a year of their making
must be in writing to be enforceable.
providing a means of compensation for actual monetary losses sustained by individuals
as a result of wrongful acts of licensees.
Under the rules and laws of disclosures, the agent must be fair and honest with the
lessee.
Term 7 of 34
In Illinois the license test is administered by the?
July 31st of even number of years and must pay a renewal fee of $100.
providing a means of compensation for actual monetary losses sustained by individuals
as a result of wrongful acts of licensees.
the landlord receives security deposits in properties of 25 or more units and the
deposits are held for more than six months.
Illinois Department of Financial and Professional Regulation (IDFPR)
Term 8 of 34
In Illinois, a person who wants to be employed to lease a property only, must?
his or her sponsoring broker only
take 15 hours of education, a state administered test and must restrict their activity to
residential leasing only.
15 members, 12 of whom have been licensed brokers and 3 who represent the general
public.
Must be held in an escrow account and must be returned within 45 day after the
premises are vacated
, Term 9 of 34
The first civil rights legislation was passed in?
Illinois Department of Financial and Professional Regulation (IDFPR)
1866 and referred to race and color
Under the rules and laws of disclosures, the agent must be fair and honest with the
lessee.
8 hours per renewal
Term 10 of 34
Tom W, a known illegal drug distributor who has had previous convictions, applies for an
apartment from Susan. Susan knows of his record and refuses to rent to him. Can Susan do
this?
Yes
No
Term 11 of 34
The number of continuing education hours required in Illinois for Leasing Agents are?
leases for more than a year or that cannot be completed within a year of their making
must be in writing to be enforceable.
8 hours per renewal
1866 and referred to race and color
Source of income of applicant
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