Illinois Leasing Agent Practice Exam Questions Complete Solutions

Illinois Leasing Agent Practice Exam Questions Complete Solutions 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: - Answer -Breach 2. In dealing with the public, a licensee: - Answer -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: - Answer -could include security deposits as well as earnest money. 4. An offer may be terminated: - Answer -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. This practice is: - Answer -Steering 6. In a lease an owner may hold a future interest in the property known as: - Answer -Reversion are interest 7. Which of the following would be considered a dual agency? - Answer -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: - Answer -In writing 9. A young couple with a toddler and an infant want to lease an apartment in a complex that is occupied primarily by adults. The rental agent shows the couple apartments only on the first floor. Which of the following is true? - Answer -The rental agent should have inquired about the couple's preference for apartments. 10. On Tuesday, the agent received an offer and a check for security deposit from a renter. The owner accepted and signed the lease at 11 am on Wednesday. The agent must: - Answer -deposit the money in his escrow account by the close of business on Thursday. 11. The primary requirement of a contract would be: - Answer -Offer and acceptance 12. Because of the complexity of laws that affect real estate today, a property manager should be familiar with all of the following EXCEPT: - Answer -the "Blue-Sky" laws. 13. If a complaint goes to the federal courts based on the Civil Rights Act of 1866, the complaint would be that there was discrimination based on: - Answer -Race 14. When a tenant, who has a written lease with the owner, sublets all or any part of the premises: - Answer -the original lease is unaffected unless it contains a provision that prohibits such subletting.