Real Estate Leasing in Illinois questions with verified
answers
A bookstore owner rents space in a commercial building. The bookstore has large
tables fastened to the walls where customers are encouraged to sit and read.
Shelves create aisles from the front of the store to the back. The shelves are
bolted to both the ceiling and the floor. Which of these BEST characterizes these
tables and shelves? Ans✓✓✓ A. The shelves and the tables are trade fixtures
and will be sold when the owner sells the building
B. The shelves and the tables are trade fixtures and must be removed before the
bookstore's lease expires; the tenant is responsible to the landlord for any
damage that their removal causes to the premises
C. Because the bookstore is a tenant, the shelves and the tables are fixtures and
may not be removed, except with the owner's permission
D. Because the shelves and the tables are attached to the building, they are
treated the same way as other fixtures
B
A broker has violated the license law, Resulting in monetary damages to a
consumer. What is the latest date on which the injured party may file a lawsuit
that may result in a collection from the real estate recovery fund? Ans✓✓✓ A.
Two years after the alleged violation occurred
B. One year after the alleged violation occurred
C. Three years after the alleged violation occurred
D. Three years after the date on which a professional relationship of trust and
accountability commenced
A
,A buyer is interested in a house that fits most of her needs, but it is located in a
busy area where she is not sure she wants to live. The real estate characteristic
associated with her concern is Ans✓✓✓ A. Physical deterioration
B. Area preference
C. Permanence of investment
D. Immobility
B
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?
Ans✓✓✓ A. $159,800
B. $250,200
C. $270,000
D. $279,200
C
A ground lease is usually Ans✓✓✓ A. long term
B. Short term
C. For 100 years or longer
D. A gross lease
A
,A guest slips on an icy stair at an apartment building and is hospitalized. A claim
against the building owner for medical expenses may be paid under which of
these policies held by the owner? Ans✓✓✓ A. Workers compensation
B. Liability
C. Casualty
D. Fire and hazard
B
A high rise apartment building burns to the ground. What type of insurance
covers the landlord against the resulting loss of rent? Ans✓✓✓ A. Fire and
hazard
B. Liability
C. Casualty
D. Consequential loss, use, and occupancy
D
A homeowner is building a new enclosed front porch on his home. A truckload of
lumber has been left in his driveway for use in building the porch. At this point,
the lumber is considered Ans✓✓✓ A. A fixture, because it will be permanently
affixed to existing real property
B. personal property
C. A chattel that is real property
D. A trade fixture or a chattel fixture
, B
A landlord rented an apartment to a person with a disability, and the tenant
wants to make certain changes to the unit to accommodate her disability. Which
of these does not constitute a reasonable modification? Ans✓✓✓ A. Widen the
doorways
B. Lower the kitchen cabinets
C. Install a dog run for service animals in the lobby
D. Lower the light switches
C
A landlord who owns a 20-unit apartment building in Decatur, Illinois, has held a
tenant's security deposit for three months. The tenant, who is on a month-to-
month lease, informs the landlord that he will be vacating the apartment in 30
days. Based on these facts, which of these statements is TRUE? Ans✓✓✓ A. The
landlord must pay the tenant four months' interest on the security deposit
B. The tenant is entitled to three months' interest on the security deposit
C. The landlord owes the tenant no interest on the security deposit
D. If the tenant vacates the premises in these circumstances, the landlord is
entitled to retain the security deposit as statutory damages
C
answers
A bookstore owner rents space in a commercial building. The bookstore has large
tables fastened to the walls where customers are encouraged to sit and read.
Shelves create aisles from the front of the store to the back. The shelves are
bolted to both the ceiling and the floor. Which of these BEST characterizes these
tables and shelves? Ans✓✓✓ A. The shelves and the tables are trade fixtures
and will be sold when the owner sells the building
B. The shelves and the tables are trade fixtures and must be removed before the
bookstore's lease expires; the tenant is responsible to the landlord for any
damage that their removal causes to the premises
C. Because the bookstore is a tenant, the shelves and the tables are fixtures and
may not be removed, except with the owner's permission
D. Because the shelves and the tables are attached to the building, they are
treated the same way as other fixtures
B
A broker has violated the license law, Resulting in monetary damages to a
consumer. What is the latest date on which the injured party may file a lawsuit
that may result in a collection from the real estate recovery fund? Ans✓✓✓ A.
Two years after the alleged violation occurred
B. One year after the alleged violation occurred
C. Three years after the alleged violation occurred
D. Three years after the date on which a professional relationship of trust and
accountability commenced
A
,A buyer is interested in a house that fits most of her needs, but it is located in a
busy area where she is not sure she wants to live. The real estate characteristic
associated with her concern is Ans✓✓✓ A. Physical deterioration
B. Area preference
C. Permanence of investment
D. Immobility
B
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?
Ans✓✓✓ A. $159,800
B. $250,200
C. $270,000
D. $279,200
C
A ground lease is usually Ans✓✓✓ A. long term
B. Short term
C. For 100 years or longer
D. A gross lease
A
,A guest slips on an icy stair at an apartment building and is hospitalized. A claim
against the building owner for medical expenses may be paid under which of
these policies held by the owner? Ans✓✓✓ A. Workers compensation
B. Liability
C. Casualty
D. Fire and hazard
B
A high rise apartment building burns to the ground. What type of insurance
covers the landlord against the resulting loss of rent? Ans✓✓✓ A. Fire and
hazard
B. Liability
C. Casualty
D. Consequential loss, use, and occupancy
D
A homeowner is building a new enclosed front porch on his home. A truckload of
lumber has been left in his driveway for use in building the porch. At this point,
the lumber is considered Ans✓✓✓ A. A fixture, because it will be permanently
affixed to existing real property
B. personal property
C. A chattel that is real property
D. A trade fixture or a chattel fixture
, B
A landlord rented an apartment to a person with a disability, and the tenant
wants to make certain changes to the unit to accommodate her disability. Which
of these does not constitute a reasonable modification? Ans✓✓✓ A. Widen the
doorways
B. Lower the kitchen cabinets
C. Install a dog run for service animals in the lobby
D. Lower the light switches
C
A landlord who owns a 20-unit apartment building in Decatur, Illinois, has held a
tenant's security deposit for three months. The tenant, who is on a month-to-
month lease, informs the landlord that he will be vacating the apartment in 30
days. Based on these facts, which of these statements is TRUE? Ans✓✓✓ A. The
landlord must pay the tenant four months' interest on the security deposit
B. The tenant is entitled to three months' interest on the security deposit
C. The landlord owes the tenant no interest on the security deposit
D. If the tenant vacates the premises in these circumstances, the landlord is
entitled to retain the security deposit as statutory damages
C
