Exam (elaborations)
ILLINOIS LEASING AGENT EXAM PREP QUESTIONS AND ANSWERS
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ILLINOIS LEASING AGENT EXAM PREP QUESTIONS AND ANSWERS
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Name: Score:134 Multiple choice questions
Term 1 of 134
Dual agency occurs when a broker;
Represents the buyer exclusively in multiple transactions
Serves as a mediator without representing either party
Represents both the buyer and seller in the same transaction
Acts only on behalf of the seller in a transaction
Term 2 of 134
A tenant was given an option to renew by the landlord. Later the landlord decides to revoke
the option. what can be done?
Tenant can move out immediately without any consequences
Tenant must accept the landlord's decision without recourse
Tenant can sue the landlord for performance of the lease
Tenant can negotiate a lower rent for the remaining lease term
Term 3 of 134
A licensee are selling their own home must include the following in their advertisement:
Residential real property disclousure act
Redlining
Owner of the property
Agent owned or broker owned
,Term 4 of 134
A tenant installed a new light fixture in the dining room of their apartment. What kind of
property is a light fixture when they install it
Age
Blockbusting
Real property (permanent)
No later than the next business day following the transaction.
Term 5 of 134
The Illinois human rights act included each protection for individuals over which age
1866
40
Disabilities and familial status
race
Term 6 of 134
Tenant rents a single-family home and the lease began on February 1st and month to month
thereafter. This is referred to as:
Periodic tenancy
Tenancy for years
Leasehold estate
Fixed-term tenancy
,Term 7 of 134
Which is not an essential element to a valid contract
All signatures notarized
Offer and acceptance
Agreement must be in writing
All material terms set forth
Term 8 of 134
The fair housing amendment act of 1988 includes which of the following protected classes
Contracts
Disabilities and age
Owner of the property
Disabilities and familial status
Term 9 of 134
Which of the following is a federal protected class?
Age
Redlining
Familial status
Steering
Term 10 of 134
An occurrence on a property such as a murder or suicide is an example of
Property report
Familial status
Stigmatized property
Redlining
, Term 11 of 134
Security deposits are:
A sum paid monthly to the landlord
Required by law
Safeguards against damages
Contracts
Term 12 of 134
banks cannot charge different loan rates for individuals, based on the neighborhood the home
is located in. This practice is called;
redlining
gentrification
blockbusting
steering
Term 13 of 134
Who issues sponsor cards
Broker and principal
The sponsoring broker
Residential leasing agent, broker, managing broker
B. the buyer and the broker
Term 14 of 134
Latent Defect
a visible issue that can be easily fixed
a defect that is known and disclosed
problem not discoverable by normal prudent inspection (mold, esbestos)
a minor cosmetic flaw in the property
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