Illinois Real Estate Leasing Agent Exam Questions And Revised Correct Answers 2024 Already Passed

Illinois Real Estate Leasing Agent Exam Questions And Revised Correct Answers 2024 Already Passed A commercial lease calls for a minimum rent of $1200 per month 4% of the annual gross business exceeding $150,000. If the total rent paid at the end of one year was $19,200, how much business did the tenant do during the year? – ANSWER : A. $159,800 B. $250,200 C. $270,000 D. $279,200 C In Illinois, which of these statements is TRUE regarding a lease for more than one year? - ANSWER : A. The lease must include a provision for interest to be paid on all security deposits B. The lease must be recorded to give actual notice of the resident tenant's right of possession C. The lease may be terminated only by written notice to the tenant, even if it contains a definite expiration date. D. The lease must be in writing and signed to be enforceable in court D A tenant rents an apartment in a 100-unit high rise in Chicago suburb for $900 per month. The tenant decides to move when she learns that her rent will be raised by 25% at the expiration of her one-year lease. When she moved in, the tenant deposited $1200 as a security deposit. How will the interest paid on the tenant's deposit be determined? - ANSWER : A. The interest paid should be based on the prime rate as of December 31 of the calendar year preceding the rental agreement B. The interest paid should be 5% per year, from the date of deposit C. The interest rate should be computed at a rate equal to that paid on a minimum deposit passbook savings account at the state's largest commercial bank D. Under these facts, the tenant is not entitled to receive interest on her security deposit C