LEASING EXAM EXAMPLE QUESTIONS
All security deposits must be placed in an escrow account by?
Correct answer: the broker of the leasing agent representing the lessor
In Illinois a leasing agent may receive a commission from?
Correct answer: his or her sponsoring broker only
John begins showing apartments for rent to Sally while taking his real estate leasing agent
pre-licensing class. His 120 day student leasing agent permit/application has expired. John
has an agreement with his brother, who's a sponsoring broker, to place his license in his
brother's brokerage immediately after passing his state test. The day before taking the state
test John writes a lease and gives it to the broker of the listing broker. The lease is accepted
that night. The next day John passes his state test and places his license with his brother's
brokerage. It becomes known to all that John did not have his license at the time of the
writing of the lease, and was not operating under a 120 day student leasing agent
permit/application. Upon learning this, the listing broker refuses to split the commission
with John's brother. Is this acceptable?
Correct answer: Yes, The listing broker is acting within their rights
Tom buys a 3 at. The 1st oor lease has expired and the tenants are staying under an
agreement with the landlord on a month to month basis. The 2nd oor has six months to go
on their one-year lease before their lease expires. The 3rd oor's lease has expired and the
landlord has a tenant who will pay double the rent but the present tenant will not move out
under these conditions. What type of tenancy ts each oor?
Correct answer: The 1st oor tenant has a periodic tenancy, the 2nd oor tenant has an
estate for years and the 3rd oor tenant has an estate at suerance.
Under the Illinois Human Rights Act an elderly person is any person or persons over the age
of?
, Correct answer: 40
A tenant is on a periodic month tenancy. On August 1st the tenant pays his rent. On the 8th
of the month the tenant nds a dierent apartment in another town and immediately gives
notice to the landlord. Under these circumstances the soonest the tenant can legally
terminate the lease is?
Correct answer: September 30th (30 days notice is required)
A tenant pays for his own utilities and makes one payment each month to the landlord for
rent; in addition he pays the landlord's taxes, insurance, and maintenance on the building
in accordance with the terms of the lease. Under these circumstances the lease is a?
Correct answer: Net lease
The number of continuing education hours required in Illinois for Leasing Agents are?
Correct answer: 8 hours per renewal
What is the Illinois Law regarding security deposits for rentals?
Correct answer: Must be held in an escrow account and must be returned within 45 day
after the premises are vacated
How much notice must Susan, the lessor, give at the end of a lease for an estate for years
to regain possession of the apartment?
Correct answer: No notice
Under Federal Law, disclosure of any possible lead based paint or related hazards must be
completed in connection with properties built before?
Correct answer: 1978
All security deposits must be placed in an escrow account by?
Correct answer: the broker of the leasing agent representing the lessor
In Illinois a leasing agent may receive a commission from?
Correct answer: his or her sponsoring broker only
John begins showing apartments for rent to Sally while taking his real estate leasing agent
pre-licensing class. His 120 day student leasing agent permit/application has expired. John
has an agreement with his brother, who's a sponsoring broker, to place his license in his
brother's brokerage immediately after passing his state test. The day before taking the state
test John writes a lease and gives it to the broker of the listing broker. The lease is accepted
that night. The next day John passes his state test and places his license with his brother's
brokerage. It becomes known to all that John did not have his license at the time of the
writing of the lease, and was not operating under a 120 day student leasing agent
permit/application. Upon learning this, the listing broker refuses to split the commission
with John's brother. Is this acceptable?
Correct answer: Yes, The listing broker is acting within their rights
Tom buys a 3 at. The 1st oor lease has expired and the tenants are staying under an
agreement with the landlord on a month to month basis. The 2nd oor has six months to go
on their one-year lease before their lease expires. The 3rd oor's lease has expired and the
landlord has a tenant who will pay double the rent but the present tenant will not move out
under these conditions. What type of tenancy ts each oor?
Correct answer: The 1st oor tenant has a periodic tenancy, the 2nd oor tenant has an
estate for years and the 3rd oor tenant has an estate at suerance.
Under the Illinois Human Rights Act an elderly person is any person or persons over the age
of?
, Correct answer: 40
A tenant is on a periodic month tenancy. On August 1st the tenant pays his rent. On the 8th
of the month the tenant nds a dierent apartment in another town and immediately gives
notice to the landlord. Under these circumstances the soonest the tenant can legally
terminate the lease is?
Correct answer: September 30th (30 days notice is required)
A tenant pays for his own utilities and makes one payment each month to the landlord for
rent; in addition he pays the landlord's taxes, insurance, and maintenance on the building
in accordance with the terms of the lease. Under these circumstances the lease is a?
Correct answer: Net lease
The number of continuing education hours required in Illinois for Leasing Agents are?
Correct answer: 8 hours per renewal
What is the Illinois Law regarding security deposits for rentals?
Correct answer: Must be held in an escrow account and must be returned within 45 day
after the premises are vacated
How much notice must Susan, the lessor, give at the end of a lease for an estate for years
to regain possession of the apartment?
Correct answer: No notice
Under Federal Law, disclosure of any possible lead based paint or related hazards must be
completed in connection with properties built before?
Correct answer: 1978
