Illinois Leasing Agent Exam questions with verified
answers
"Holdover Tenancy/ Tenancy at Sufferance" Ans✓✓✓ This is created if the
landlord accepts the rent and no new lease agreement is made. In Illinois, a
holdover tenancy created in such a fashion becomes an estate from period to
period based on the original term.
Accession Ans✓✓✓ When trade fixtures are not removed and become the
property of the landlord.
Actual Eviction Ans✓✓✓ When a tenant breaches a lease or improperly retains
leased premises, the landlord may regain possession through this legal process.
The landlord must serve a notice.
In Illinois, a landlord must file a forcible entry and detainer.
Allocation of Customers or Markets Ans✓✓✓ An agreement among real estate
companies to divide their markets and refrain from competing for each other's
business. This is Illegal under antitrust laws.
Antitrust Laws Ans✓✓✓ These laws prohibit monopolies and any contracts,
combinations, and conspiracies that unreasonably restrain trade - that is, acts
that interfere with the free flow of goods and serviced in a competitive
marketplace.
Antitrust Violations Ans✓✓✓ 1. Price Fixing
2. Group Boycotting
, 3. Allocation of Customers
4. Allocation of Markets
5. Tie-In Agreements
(All illegal)
Assignment Ans✓✓✓ A transfer of rights or duties under a contract
Attachment Ans✓✓✓ Personal property that "turns into" real property does so
by attachment
Bilateral Contract Ans✓✓✓ both parties promise to do something; one promise
is given in exchange for another
Bill of Sale Ans✓✓✓ A written instrument given to pass title of personal property
from vendor to vendee.
Breach of Lease Ans✓✓✓ If the tenant breaches the lease, the landlord may sue
for overdue rent, damages to the premises, or other defaults. If the landlord
breaches any lease provision, the tenant is entitled to certain remedies.
Cash Rent Ans✓✓✓ Agreed-on rental amount in cash in advance; one of two
ways forms of payment to a landowner
Chattels Ans✓✓✓ Items of personal property: including tangibles such as chairs,
tables, clothing, money, bonds, bank accounts, including trade fixtures.
answers
"Holdover Tenancy/ Tenancy at Sufferance" Ans✓✓✓ This is created if the
landlord accepts the rent and no new lease agreement is made. In Illinois, a
holdover tenancy created in such a fashion becomes an estate from period to
period based on the original term.
Accession Ans✓✓✓ When trade fixtures are not removed and become the
property of the landlord.
Actual Eviction Ans✓✓✓ When a tenant breaches a lease or improperly retains
leased premises, the landlord may regain possession through this legal process.
The landlord must serve a notice.
In Illinois, a landlord must file a forcible entry and detainer.
Allocation of Customers or Markets Ans✓✓✓ An agreement among real estate
companies to divide their markets and refrain from competing for each other's
business. This is Illegal under antitrust laws.
Antitrust Laws Ans✓✓✓ These laws prohibit monopolies and any contracts,
combinations, and conspiracies that unreasonably restrain trade - that is, acts
that interfere with the free flow of goods and serviced in a competitive
marketplace.
Antitrust Violations Ans✓✓✓ 1. Price Fixing
2. Group Boycotting
, 3. Allocation of Customers
4. Allocation of Markets
5. Tie-In Agreements
(All illegal)
Assignment Ans✓✓✓ A transfer of rights or duties under a contract
Attachment Ans✓✓✓ Personal property that "turns into" real property does so
by attachment
Bilateral Contract Ans✓✓✓ both parties promise to do something; one promise
is given in exchange for another
Bill of Sale Ans✓✓✓ A written instrument given to pass title of personal property
from vendor to vendee.
Breach of Lease Ans✓✓✓ If the tenant breaches the lease, the landlord may sue
for overdue rent, damages to the premises, or other defaults. If the landlord
breaches any lease provision, the tenant is entitled to certain remedies.
Cash Rent Ans✓✓✓ Agreed-on rental amount in cash in advance; one of two
ways forms of payment to a landowner
Chattels Ans✓✓✓ Items of personal property: including tangibles such as chairs,
tables, clothing, money, bonds, bank accounts, including trade fixtures.
