Leasing exam example questions and answers

All security deposits must be placed in an escrow account by? the broker of the leasing agent representing the lessor In Illinois a leasing agent may receive a commission from? his or her sponsoring broker only John begins showing apartments for rent to Sally while taking his real estate leasing agent pre-licensing class. His 120 day student leasing agent permit/application has expired. John has an agreement with his brother, who's a sponsoring broker, to place his license in his brother's brokerage immediately after passing his state test. The day before taking the state test John writes a lease and gives it to the broker of the listing broker. The lease is accepted that night. The next day John passes his state test and places his license with his brother's brokerage. It becomes known to all that John did not have his license at the time of the writing of the lease, and was not operating under a 120 day student leasing agent permit/application. Upon learning this, the listing broker refuses to split the commission with John's brother. Is this acceptable? Yes, The listing broker is acting within their rights 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 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. Under the Illinois Human Rights Act an elderly person is any person or persons over the age of? 40 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? September 30th (30 days notice is required) A tenant pays for his own utilities and makes one payment each month to the landlord for rent; in addition he pays the landlord's taxes, insurance, and maintenance on the building in accordance with the terms of the lease. Under these circumstances the lease is a? Net lease The number of continuing education hours required in Illinois for Leasing Agents are? 8 hours per renewal What is the Illinois Law regarding security deposits for rentals? Must be held in an escrow account and must be returned within 45 day after the premises are vacated How much notice must Susan, the lessor, give at the end of a lease for an estate for years to regain possession of the apartment? No notice Under Federal Law, disclosure of any possible lead based paint or related hazards must be completed in connection with properties built before? 1978 Under the Illinois Law of Agency you can represent both the? lessor and the lessee provided that you make proper disclosure and obtain written consent from each. 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, Susan is within her rights A disabled woman under the Americans with Disabilities Act wants to lower the kitchen cabinets down to 24" from the standard height of 36" Is she within her rights to do this? Under ADA the tenant may lower the cabinets so long as she replaces them to their original condition at the termination of her tenancy. Unlike brokers, leasing agents are allowed to engage in residential real estate for how many days as long as they are under the supervision of a licensed real estate managing broker and have notified the IDFPR that they are pursuing a real estate license? 120 days With respect to an agent's fiduciary duty, which of the following is true? 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. Illinois Lessees are entitled to receive interest on security deposits if? the landlord receives security deposits in properties of 25 or more units and the deposits are held for more than six months. A person under the age of 18 enters into a lease at 2 times the usual and customary rental rate. This lease is? Voidable The tenant is behind in rent. The first step a landlord must take when evicting a tenant for removal from the apartment is? Serve a 5 day notice Any personal property being rented with the lease should be mentioned in the lease. These items would include? The stove and the fridge The renewal date and fee associated with a leasing agent's license is? July 31st of even number of years and must pay a renewal fee of $100. What is the act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values? Blockbusting