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Leasing exam example questions and Answers
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Leasing exam example questions andAnswers
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
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MNI3701 - Exam Questions and Solutions - 2020
