ILLINOIS LEASING AGENT EXAM PREP QUESTIONS
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
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.
Escrow monies: - Answer -could include security deposits as well as earnest money.
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
In a lease an owner may hold a future interest in the property known as: - Answer -
Reversion are interest
Which of the following would be considered a dual agency? - Answer -A licensee is
representing both landlord and tenant in the same transaction.
To be enforced, the Statute of Frauds requires that all contracts for the sale or lease of
real estate be: - Answer -In writing
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.
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.
The primary requirement of a contract would be: - Answer -Offer and acceptance
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.
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
, 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.
Which of the following people may discriminate on the basis of race? - Answer -No one
It would be a violation of the antitrust laws for a broker to: a) charge one owner 7%
while charging another 6%. - Answer -agree to a minimum commission with other
brokers
The building leases prohibit tenants from altering the property in any way. One tenant is
now confined to a wheelchair, and cannot maneuver over the doorstep into the
apartment by herself. Nor can she use the bathroom facilities in her wheelchair. Which
of the following is true? - Answer -The tenant is entitled to make the necessary
alterations.
Which of the following is illegal? - Answer -Refusing to hire an otherwise qualified
person because a disability will necessitate occasional time off work.
The amount of security deposit in a contract for the lease of real property is determined
by: - Answer -Agreement of the parties.
Broker Doug has an office in Chicago. A licensee with Broker Doug is the designated
agent of the owner. Another licensee with Broker Doug is the designated agent of the
renter. Which of the following statements is true? - Answer -In Illinois, this situation
avoids dual agency for the broker.
A licensed agent selling or leasing his own home without using his broker's services
may discriminate on the basis of: - Answer -Non of the above
A woman advertises a 2-bedroom apartment for rent in her 6-unit building in Chicago,
stipulating "Adults Only." She is in violation of: - Answer -the Illinois Human Rights Act.
An Illinois resident has signed an agreement to rent a condominium in Florida for the
month of March. This arrangement is legally considered: - Answer -An estate for years
Commingling may be charged if the broker: - Answer -deposits escrow money in his
personal account.
A licensee acting as an owner's property manager: - Answer -must not profit from
private contracts at the expense of the owner.
In Illinois, a real estate license would be required for which of the following situations? -
Answer -A person who plans to lease property for someone else and for compensation
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
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.
Escrow monies: - Answer -could include security deposits as well as earnest money.
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
In a lease an owner may hold a future interest in the property known as: - Answer -
Reversion are interest
Which of the following would be considered a dual agency? - Answer -A licensee is
representing both landlord and tenant in the same transaction.
To be enforced, the Statute of Frauds requires that all contracts for the sale or lease of
real estate be: - Answer -In writing
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.
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.
The primary requirement of a contract would be: - Answer -Offer and acceptance
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.
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
, 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.
Which of the following people may discriminate on the basis of race? - Answer -No one
It would be a violation of the antitrust laws for a broker to: a) charge one owner 7%
while charging another 6%. - Answer -agree to a minimum commission with other
brokers
The building leases prohibit tenants from altering the property in any way. One tenant is
now confined to a wheelchair, and cannot maneuver over the doorstep into the
apartment by herself. Nor can she use the bathroom facilities in her wheelchair. Which
of the following is true? - Answer -The tenant is entitled to make the necessary
alterations.
Which of the following is illegal? - Answer -Refusing to hire an otherwise qualified
person because a disability will necessitate occasional time off work.
The amount of security deposit in a contract for the lease of real property is determined
by: - Answer -Agreement of the parties.
Broker Doug has an office in Chicago. A licensee with Broker Doug is the designated
agent of the owner. Another licensee with Broker Doug is the designated agent of the
renter. Which of the following statements is true? - Answer -In Illinois, this situation
avoids dual agency for the broker.
A licensed agent selling or leasing his own home without using his broker's services
may discriminate on the basis of: - Answer -Non of the above
A woman advertises a 2-bedroom apartment for rent in her 6-unit building in Chicago,
stipulating "Adults Only." She is in violation of: - Answer -the Illinois Human Rights Act.
An Illinois resident has signed an agreement to rent a condominium in Florida for the
month of March. This arrangement is legally considered: - Answer -An estate for years
Commingling may be charged if the broker: - Answer -deposits escrow money in his
personal account.
A licensee acting as an owner's property manager: - Answer -must not profit from
private contracts at the expense of the owner.
In Illinois, a real estate license would be required for which of the following situations? -
Answer -A person who plans to lease property for someone else and for compensation
