ILLINOIS LEASING AGENT EXAM QUESTIONS AND
CORRECT ANSWERS|ALREADY GRADED A+ 2025
A ground lease is usually
A. long term.
B. short term.
C. for 100 years or longer.
D. a gross lease.
A
A tenant enters into a commercial lease that requires a monthly rent based on a minimum
set amount plus an additional amount determined by the tenant's gross receipts exceeding
$5,000. This type of lease is called a
A. standard lease.
B. gross lease.
C. net lease.
D. percentage lease.
D
If a tenant moved out of a rented store building because access to the building was blocked
as a result of the landlord's negligence, the
A. tenant would have no legal recourse against the landlord.
B. tenant would be entitled to recover damages from the landlord.
C. landlord would be liable for the rent until the expiration date of the lease.
D. landlord would have to provide substitute space.
B
A tenant signs a lease that includes a schedule of rent increases on specific dates over the
course of the lease term. What type of lease has the tenant signed?
A. Percentage
B. Net
C. Graduated
D. Index
C
A tenant still has five months remaining on a one-year apartment lease. When the tenant
moves to another city, she transfers possession of the apartment to a friend for the entire
remaining term of the lease. The friend pays rent directly to the tenant. In this situation,
the tenant has become
A. an assignor.
B. a sublessee.
,C. a lessor.
D. a sub lessor.
D
Acceptance by Ratification - Answer- The acceptance of lease terms that occurs when a tenant
takes possession of the property but does not sign a lease. This form of acceptance is
recognizable by the courts.
Accord and Satisfaction - Answer- When all parties have agreed to a change in one or more of
the terms of a contract.
Actual Eviction - Answer- The legal process that results in the tenant's being physically
removed from the leased premises.
Administrative Law Judge (ALJ) - Answer- A judge who hears complaints and considers
evidence regarding violations of the Fair Housing Act.
Agency - Answer- The legal relationship created when one person represents another.
Air Rights - Answer- The right to use the open space above a property, usually allowing the
surface to be used for another purpose.
Airspace - Answer- The air above the earth, all the way into space.
Americans With Disabilities Act of 1990 - Answer- A law passed in 1990 that requires
employers and public facilities to make "reasonable accommodations" for people with
disabilities and prohibits discrimination against these individuals in employment.
Assignment - Answer- The act of one party to a contract allowing someone else to assume all of
his/her rights under the contract.
Customer - Answer- A consumer who is not being represented by a licensee.
,Bilateral Contract - Answer- promise for a promise
Blockbusting - Answer- Inducing an owner to sell or rent a dwelling by making representations
regarding entry of persons of a protected class, also referred to as "panic peddling."
Breach of Contract - Answer- The action or lack of action of one party to a contract which
violates the terms of the agreement.
Brokerage Agreement - Answer- The relationship created between a sponsoring broker and any
member of the public who is receiving real estate services through the sponsoring broker or the
broker's sponsored licensees.
Chattel - Answer- Personal property, or objects which are not permanently affixed to land.
Civil Rights Act of 1866 - Answer- Guaranteed property rights to all citizens regardless of race.
This act specifically provides that all citizens shall have the same right to inherit, purchase, sell
or lease real and personal property.
Client - Answer- A person who is being represented by a licensee
Commingling - Answer- Depositing personal funds in a special escrow account established to
hold funds belonging to others.
Compensation - Answer- Anything of value that is given in exchange for real estate services.
Contract - Answer- A legally binding promise or set of promises, generally setting the terms of a
business arrangement like an apartment lease.
A person has a one-year leasehold interest in a house. The interest automatically renews
itself at the end of each year. The person's interest is called a tenancy
A. for years.
B. at will.
C. from period to period.
D. at sufferance.
, C
What is rent?
A. Contractual consideration to a third party
B. All monies paid by the lessor to the lessee
C. Total balance owed under the terms of a lease
D. Consideration for the use of real property
D
A net lease is
A. an agreement in which the tenant pays a fixed rent and the landlord pays all taxes,
insurance, and other charges on the property.
B. a lease in which the tenant pays the landlord a percentage of the monthly profits derived
from the tenant's commercial use of the property.
C. a lease in which the tenant pays rent plus maintenance and property charges.
D. a lease-purchase agreement in which the landlord agrees to apply part of the monthly
rent toward the ultimate purchase price of the property.
C
A commercial lease calls for a minimum rent of $1,200 per month plus 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?
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?
A. The lease trust 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 tenants 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 has a one-year lease on an apartment. If the tenant fails to pay his rent when it is
due, the landlord may
A. terminate the tenant's lease without notice when the rent is more than 10 days past due.
B. serve notice on the tenant to pay the delinquent rent within five days. C. hire a moving
company to remove the tenant's furniture and personal property from the premises.
CORRECT ANSWERS|ALREADY GRADED A+ 2025
A ground lease is usually
A. long term.
B. short term.
C. for 100 years or longer.
D. a gross lease.
A
A tenant enters into a commercial lease that requires a monthly rent based on a minimum
set amount plus an additional amount determined by the tenant's gross receipts exceeding
$5,000. This type of lease is called a
A. standard lease.
B. gross lease.
C. net lease.
D. percentage lease.
D
If a tenant moved out of a rented store building because access to the building was blocked
as a result of the landlord's negligence, the
A. tenant would have no legal recourse against the landlord.
B. tenant would be entitled to recover damages from the landlord.
C. landlord would be liable for the rent until the expiration date of the lease.
D. landlord would have to provide substitute space.
B
A tenant signs a lease that includes a schedule of rent increases on specific dates over the
course of the lease term. What type of lease has the tenant signed?
A. Percentage
B. Net
C. Graduated
D. Index
C
A tenant still has five months remaining on a one-year apartment lease. When the tenant
moves to another city, she transfers possession of the apartment to a friend for the entire
remaining term of the lease. The friend pays rent directly to the tenant. In this situation,
the tenant has become
A. an assignor.
B. a sublessee.
,C. a lessor.
D. a sub lessor.
D
Acceptance by Ratification - Answer- The acceptance of lease terms that occurs when a tenant
takes possession of the property but does not sign a lease. This form of acceptance is
recognizable by the courts.
Accord and Satisfaction - Answer- When all parties have agreed to a change in one or more of
the terms of a contract.
Actual Eviction - Answer- The legal process that results in the tenant's being physically
removed from the leased premises.
Administrative Law Judge (ALJ) - Answer- A judge who hears complaints and considers
evidence regarding violations of the Fair Housing Act.
Agency - Answer- The legal relationship created when one person represents another.
Air Rights - Answer- The right to use the open space above a property, usually allowing the
surface to be used for another purpose.
Airspace - Answer- The air above the earth, all the way into space.
Americans With Disabilities Act of 1990 - Answer- A law passed in 1990 that requires
employers and public facilities to make "reasonable accommodations" for people with
disabilities and prohibits discrimination against these individuals in employment.
Assignment - Answer- The act of one party to a contract allowing someone else to assume all of
his/her rights under the contract.
Customer - Answer- A consumer who is not being represented by a licensee.
,Bilateral Contract - Answer- promise for a promise
Blockbusting - Answer- Inducing an owner to sell or rent a dwelling by making representations
regarding entry of persons of a protected class, also referred to as "panic peddling."
Breach of Contract - Answer- The action or lack of action of one party to a contract which
violates the terms of the agreement.
Brokerage Agreement - Answer- The relationship created between a sponsoring broker and any
member of the public who is receiving real estate services through the sponsoring broker or the
broker's sponsored licensees.
Chattel - Answer- Personal property, or objects which are not permanently affixed to land.
Civil Rights Act of 1866 - Answer- Guaranteed property rights to all citizens regardless of race.
This act specifically provides that all citizens shall have the same right to inherit, purchase, sell
or lease real and personal property.
Client - Answer- A person who is being represented by a licensee
Commingling - Answer- Depositing personal funds in a special escrow account established to
hold funds belonging to others.
Compensation - Answer- Anything of value that is given in exchange for real estate services.
Contract - Answer- A legally binding promise or set of promises, generally setting the terms of a
business arrangement like an apartment lease.
A person has a one-year leasehold interest in a house. The interest automatically renews
itself at the end of each year. The person's interest is called a tenancy
A. for years.
B. at will.
C. from period to period.
D. at sufferance.
, C
What is rent?
A. Contractual consideration to a third party
B. All monies paid by the lessor to the lessee
C. Total balance owed under the terms of a lease
D. Consideration for the use of real property
D
A net lease is
A. an agreement in which the tenant pays a fixed rent and the landlord pays all taxes,
insurance, and other charges on the property.
B. a lease in which the tenant pays the landlord a percentage of the monthly profits derived
from the tenant's commercial use of the property.
C. a lease in which the tenant pays rent plus maintenance and property charges.
D. a lease-purchase agreement in which the landlord agrees to apply part of the monthly
rent toward the ultimate purchase price of the property.
C
A commercial lease calls for a minimum rent of $1,200 per month plus 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?
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?
A. The lease trust 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 tenants 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 has a one-year lease on an apartment. If the tenant fails to pay his rent when it is
due, the landlord may
A. terminate the tenant's lease without notice when the rent is more than 10 days past due.
B. serve notice on the tenant to pay the delinquent rent within five days. C. hire a moving
company to remove the tenant's furniture and personal property from the premises.
