Illinois Real Estate Leasing Agent License Exam (Chapter
1-Chapter3) questions with verified answers
_____________ of a lessee/lessor can terminate lease Ans✓✓✓ Bankruptcy
- A landlord must inform a potential tenant if they take adverse actions against
them due to their credit report, "One of the most significant federal laws
regarding credit reports and other consumer reports is the Fair Credit Reporting
Act. Under the law, a landlord who takes adverse action against a potential tenant
because of the contents of a report (such as by denying an application if charging
higher rent) must inform the tenant. A landlord who takes adverse action is also
required to identify the organization that produced the report and provide the
organization's contract information. According to Experian (one of the three main
credit reporting agencies in the United States), landlords are allowed to give
tenants a copy of their report. However many owners encourage tenants to
obtain copies on their own. Ans✓✓✓
3 Characteristics of Real Property Ans✓✓✓ 1. Permanence
2. Non-homogeneity
3. Immobility
4 Things that a fixture includes:
1. How an item is attached
2. Whether the item has been customized to the underlying property.
3. The actual intent if the individual attaching the object.
4. The specific agreement of the parties to the sale or lease Ans✓✓✓
, A ___________ contract allows one person to withdraw from it Ans✓✓✓
Voidable
A lease tranfers _____________ Ans✓✓✓ right of possession, not right of
ownership
A month-to-month tenancy is classified as: Ans✓✓✓ Periodic Estate
A person less than 18 years of age has just signed a contract. The legal status of
the contract is: Ans✓✓✓ Voidable
A right possession for a fixed term that allows for automatic renewals for
additional terms is called: Ans✓✓✓ Periodic Tenancy
A tenant is delinquent on his rent payments for an apartment located in Illinois.
The lessor desires to terminate the lease. The lessor should give the tenant a:
Ans✓✓✓ 5-day notice
A tenant makes an oral offer to lease a house from an owner for two years. The
owner orally accepts the offer. The contract is _________________ Ans✓✓✓
Unenforceable
A written lease for six months, with no option for renewal is classified as:
Ans✓✓✓ An estate for years
Acceptance by Ratification Ans✓✓✓ Written leases generally require signatures
of both the lessor and the lessee, Acceptance can be presumed if the tenant does
not sign the lease but takes possession of the premises.
1-Chapter3) questions with verified answers
_____________ of a lessee/lessor can terminate lease Ans✓✓✓ Bankruptcy
- A landlord must inform a potential tenant if they take adverse actions against
them due to their credit report, "One of the most significant federal laws
regarding credit reports and other consumer reports is the Fair Credit Reporting
Act. Under the law, a landlord who takes adverse action against a potential tenant
because of the contents of a report (such as by denying an application if charging
higher rent) must inform the tenant. A landlord who takes adverse action is also
required to identify the organization that produced the report and provide the
organization's contract information. According to Experian (one of the three main
credit reporting agencies in the United States), landlords are allowed to give
tenants a copy of their report. However many owners encourage tenants to
obtain copies on their own. Ans✓✓✓
3 Characteristics of Real Property Ans✓✓✓ 1. Permanence
2. Non-homogeneity
3. Immobility
4 Things that a fixture includes:
1. How an item is attached
2. Whether the item has been customized to the underlying property.
3. The actual intent if the individual attaching the object.
4. The specific agreement of the parties to the sale or lease Ans✓✓✓
, A ___________ contract allows one person to withdraw from it Ans✓✓✓
Voidable
A lease tranfers _____________ Ans✓✓✓ right of possession, not right of
ownership
A month-to-month tenancy is classified as: Ans✓✓✓ Periodic Estate
A person less than 18 years of age has just signed a contract. The legal status of
the contract is: Ans✓✓✓ Voidable
A right possession for a fixed term that allows for automatic renewals for
additional terms is called: Ans✓✓✓ Periodic Tenancy
A tenant is delinquent on his rent payments for an apartment located in Illinois.
The lessor desires to terminate the lease. The lessor should give the tenant a:
Ans✓✓✓ 5-day notice
A tenant makes an oral offer to lease a house from an owner for two years. The
owner orally accepts the offer. The contract is _________________ Ans✓✓✓
Unenforceable
A written lease for six months, with no option for renewal is classified as:
Ans✓✓✓ An estate for years
Acceptance by Ratification Ans✓✓✓ Written leases generally require signatures
of both the lessor and the lessee, Acceptance can be presumed if the tenant does
not sign the lease but takes possession of the premises.
