Illinois leasing agent practice exam with
Complete Questions, Correct Verified
Answers and Detailed Rationales Already
Graded A+ | 2026 Updated
, 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: - ANSWERS✔✨-Breach
2. In dealing with the public, a licensee: - ANSWERS✔✨-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: - ANSWERS✔✨-could include security deposits as well as earnest money.
4. An offer may be terminated: - ANSWERS✔✨-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. Thi s practice is: -
ANSWERS✔✨-Steering
6. In a lease an owner may hold a future interest in the property known as: - ANSWERS✔✨-
Reversion are interest
7. Which of the following would be considered a dual agency? - ANSWERS✔✨-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: - ANSWERS✔✨-In writing
Complete Questions, Correct Verified
Answers and Detailed Rationales Already
Graded A+ | 2026 Updated
, 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: - ANSWERS✔✨-Breach
2. In dealing with the public, a licensee: - ANSWERS✔✨-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: - ANSWERS✔✨-could include security deposits as well as earnest money.
4. An offer may be terminated: - ANSWERS✔✨-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. Thi s practice is: -
ANSWERS✔✨-Steering
6. In a lease an owner may hold a future interest in the property known as: - ANSWERS✔✨-
Reversion are interest
7. Which of the following would be considered a dual agency? - ANSWERS✔✨-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: - ANSWERS✔✨-In writing
