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Leasing Agent Exam with Complete Solutions, Exams of Advanced Education

Chamberlain College of NursingAdvanced Education

A comprehensive overview of the leasing agent exam in illinois, covering topics such as the illinois statute of fraud, agency relationships, security deposits, licensing requirements, and various aspects of residential and commercial leasing. Detailed explanations of the relevant laws and regulations, as well as sample questions and answers to help aspiring leasing agents prepare for the exam. The content is structured in a clear and concise manner, making it a valuable resource for individuals seeking to obtain a leasing agent license in illinois. A wide range of topics related to the leasing industry, including tenant rights, landlord responsibilities, and the legal framework governing the leasing process. By studying this document, readers can gain a thorough understanding of the key concepts and requirements necessary to succeed as a leasing agent in illinois.

Typology: Exams

2023/2024

Available from 09/20/2024

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Leasing agent exam with complete
solutions
The statue of fraud in Illinois states:
a. All leases must be in writing.
b. Leases for less than a year are enforceable if oral, even if they cannot be
completed within a year of their making.
C. Contracts entered into by minors are void.
d. That leases for more than a year or that cannot be completed within a
year of their making must be in writing to be enforceable. - Answer- a. All leases must
be in writing.
George rents an apartment signing a lease for one year, starting October 1st. He pays
the 1st month's rent and pays an amount equal to one month's rent as a security
deposit. If, after 4 months, George moves out of the apartment having paid rent for the
full 4 months...
a. George is responsible for the rent for the remaining 8 months only..
b George is responsible for the remaining rent plus the security deposit.
C.George is not responsible for the remaining 8 months if he had to move to
another city and had no choice.
d. George is responsible for the rent plus any expense incurred to re-rent the
apartment for the remaining 8 months, less the amount of rent the landlord
collects from a new tenant during the remaining term of the lease. - Answer- a. George
is responsible for the rent for the remaining 8 months only..
A tenant has signed a lease for 1 month starting October 1st and ending October
31st. The lease is an:
a. Estate from period to period
b. Estate for years
c. Estate at sufferance
d. Estate at will - Answer- b. Estate for years
Under the Illinois Law of Agency...
a. Only the lessee can be your principal.
b. Only the lessor can be your principal.
30 85
c. You can represent either the lessee or the lessor.
d. You can represent both the lessor and the lessee provided that you make proper
disclosure and obtain written consent from each. - Answer- d. You can represent both
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Leasing agent exam with complete

solutions

The statue of fraud in Illinois states: a. All leases must be in writing. b. Leases for less than a year are enforceable if oral, even if they cannot be completed within a year of their making. C. Contracts entered into by minors are void. d. That leases for more than a year or that cannot be completed within a year of their making must be in writing to be enforceable. - Answer- a. All leases must be in writing. George rents an apartment signing a lease for one year, starting October 1st. He pays the 1st month's rent and pays an amount equal to one month's rent as a security deposit. If, after 4 months, George moves out of the apartment having paid rent for the full 4 months... a. George is responsible for the rent for the remaining 8 months only.. b George is responsible for the remaining rent plus the security deposit. C.George is not responsible for the remaining 8 months if he had to move to another city and had no choice. d. George is responsible for the rent plus any expense incurred to re-rent the apartment for the remaining 8 months, less the amount of rent the landlord collects from a new tenant during the remaining term of the lease. - Answer- a. George is responsible for the rent for the remaining 8 months only.. A tenant has signed a lease for 1 month starting October 1st and ending October 31st. The lease is an: a. Estate from period to period b. Estate for years c. Estate at sufferance d. Estate at will - Answer- b. Estate for years Under the Illinois Law of Agency... a. Only the lessee can be your principal. b. Only the lessor can be your principal. 30 85 c. You can represent either the lessee or the lessor. d. You can represent both the lessor and the lessee provided that you make proper disclosure and obtain written consent from each. - Answer- d. You can represent both

the lessor and the lessee provided that you make proper disclosure and obtain written consent from each. Any personal property being rented with the lease should be mentioned in the lease. These items would include: a. The water heater b. The furnace c. The stove and the refrigerator d. The light fixtures - Answer- d. The light fixtures The majority of residential leases are: a. Gross leases b. Net leases c. Triple net leases d. Percentage leases - Answer- b. Net leases It is unlawful to provide in a residential lease: a. That pets are not allowed on the premises b. That smoking is not allowed within the leased premises c. That service animals are prohibited upon the premises, whether they belong to a tenant or a tenant's visitor. d. That bicycles are not allowed to be stored in the premises - Answer- C. That service animals are prohibited upon the premises, whether they belong to a tenant or a tenant's visitor. It is lawful to inquire about which of the following in the application for a lease? a. Race of applicant b. Religion of applicant c. Source of income of applicant d. None of the above should be asked - Answer- d. None of the above should be asked Under the Illinois Human Rights Act, it is illegal to ask in an application: a. How many people will live in the apartment b. The sexual preference of the applicant c. Credit information such as where the person works and for how long d. Former landlord's name and telephone number. - Answer- b. The sexual preference of the applicant All security deposits must be placed in an escrow account... a. By the leasing agent representing the lessor b. By the leasing agent of the broker who represents the lessor. c. By the broker of the leasing agent representing the lessee d. By the broker of the leasing agent representing the lessor. - Answer- d. By the broker of the leasing agent representing the lessor.

b. Has 15 members with 12 representing the general public and 3 who have been active brokers c. Requires all members to have been residents for the last 5 years d. Has 9 members, 6 of whom have been licensed brokers and 3 who represent the general public. - Answer- A fifteen-member Real Estate Administration and Disciplinary Board is to be appointed by the governor. All members need to have been residents and citizens of Illinois for at least six years prior to appointment. Twelve members need to have been managing broker or broker licensees for at least 10 years prior to appointment. Three members shall be public members who need to represent consumer interests and must not be licensed under the act, not be married to a licensee, and not own an interest in a real estate brokerage business. In Illinois a leasing agent may receive a commission... a. From his or her sponsoring broker only b. From more than one broker if he obtains permission from any brokers involved. c. From more than one broker if he registers with each of them. d. From another broker if he or she gets permission from the State. - Answer- a. From his or her sponsoring broker only A leasing agent's Real Estate license must be kept: a. At the leasing agent's house b. At the office he or she is associated with c. With the office of Banks and Re d. At the Chicago Association of Realtors. - Answer- b. At the office he or she is associated with 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: a. Gross b. Graduated c. Net d. Percentage - Answer- A year ago Tom rented an apartment with a 1 year lease. When the lease expired, the owner rented the apartment to another party. Tom refused to move. This creates: a. A tenancy in sufferance b. Periodic Tenancy c. Tenancy at will d. Estate for years - Answer- a. A tenancy in sufferance Tom W, a known illegal drug distributor who has had previous convictions, applies for an apartment from Susan. Susan knows of his record and refuses to rent to him. a. Susan is within her rights. b. Susan. according to the law, must rent to him

c. If Tom W's parole officer assumes responsibility in writing, Susan must rent to him d. If Tom W's brother co-signs, Susan must rent to him - Answer- 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? a. 30 days b. 60 days c. no notice d. 90 days - Answer- A disabled woman under the ADA wants to lower the kitchen cabinets down to 24" from the standard height of 36" a. under ADA the landlord must pay for this b. under ADA the tenant may lower the cabinets so long as she replaces them to their original condition at the termination of her tenancy. c. Being that these are not reasonable alterations, the landlord can refuse permission. d. Because it would be next to impossible to return them to their original condition, the landlord may refuse permission. - Answer- A leasing agent's relationship with their broker a. Does not require a written agreement b. Can provide that the leasing agent may accept commissions from than one broker c. Does not need to be registered with the state. d. none of the above - Answer- Jim, who has never had a broker's license, passes our cards offering Real Estate services in selling homes, managing, renting, etc. Jim can receive a maximum punishment of: a. Fine up to $15, b. Up to 2 years in prison c. Up to 5 years in prison d. Fine up to $25,000 - Answer- The renewal date and fee associated with a leasing agent's license is: a. July 31st of odd number of years and must pay a renewal fee of $ b. July 31st of even number of years and must pay a renewal fee of $ c. July 31st of even number of years and must pay a renewal fee of $ d. April 30th of even number of years and pay a renewal of $100 - Answer- The number of continuing education hours requires in Illinois for Leasing Agents are: a. 2 hours per renewal b. 6 hours per renewal c. 12 hours per renewal d. none - Answer- The Illinois Real Estate recovery fund was formed for the purpose of:

b. If a building is not owner occupied c. If the landlord owns 3 or more buildings d. If the landlord receives security deposits in properties of 25 or more units and the deposits are held for more than six months. - Answer- The owner has signed an exclusive agreement to rent his apartment. After the agreement is signed, the owner tells the agent that he wouldn't expect any tenant that wasn't born in America. What should the agent do? a. The agent should follow the owner's instruction b. The agent should tell any applications to lie and say they were born in America. c. The agent should cancel his listing agreement with the owner immediately. d. The agent should rent to whomever he wants. - Answer- Which of the following would be associated with leases? a. Tenants in the entirety b. joint tenancy c. estate for years d. tenancy in common - Answer- The tenant is behind in rent. The first step a landlord must take when evicting a tenant for removal from the apartment is: a. place a deposit with the sheriff and fill out papers for the removal of the tenants property b. Remove the tenant's property himself and give the tenant notice of the location where the property has been stored. c. Serve a 5-day notice d. Change the locks on the tenant's door and shut off the utilties. - Answer- Under Illinois Law, Joe the tenant lives on the top floor of a 3-flat. The roof starts to leak and the apartment is damaged because it is winter. The rood cannot be fixed and the landlord puts a temporary tarp on the roof which proves to be effective. The landlord fixes the damage to the apartment within 10 days. a. The tenant can move out because the roof patch is temporary b. The tenant can move without penalty because it took 10 days to repair the apartment c. The temporary roof repair is reasonable but 10 days to fix the apartment is unreasonably long. d. Both the temporary repair on the roof and the 10 days to fix the apartment are within reason and therefore the lease remains in effect. - Answer- Under Federal Law, disclosure of any possible lead based paint or related hazards must be completed in connection with properties built before: a. 1996 b. 1978 c. 1968 d. All residential properties regardless of year built, if children will be residing in the premises. - Answer- c. 1968

Tom buys a 3 flat. The 1st floor lease has expired and the tenants are staying under an agreement with the landlord on a month to month basis. The 2nd floor has six months to go on their one-year lease before their lease expires. The 3rd floor'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. a. The first floor tenancy at will, the 2nd floor has a periodic tenancy and the 3rd floor tenant has a tenancy at sufferance. b. The 1st floor has a freehold tenancy, the 2nd floor has an estate for years and 3rd floor tenants has an estate at sufferance. c. the 1st floor tenant has a periodic tenancy, the 2nd floor tenant has an estate for years and the 3rd floor tenant has an estate at sufferance d. The 1st floor has a lease from period to period, 2nd floor has an estate for years and 3rd floor has an estate from period to period. - Answer- All of the following are protected classes under the Illinois Human Rights Act except: a. Race b. Sex c. Marital Status d. dependence on public assistance - Answer- In Illinois the license test is administered by: a. The governor b. The IDFPR c. The Illinois Association of Realtors d. The National Association of Realtors - Answer- Under the Illinois Human Rights Act an elderly person is any person or persons over the age of: a. 65 b. 72 c. 40 d. 60 - Answer- Which of the following describes the act of encouraging people to sell or rent their homes by claiming that the entry of protected class of people into the neighborhood will have some sort of negative impact on property values? a. Steering b. Redlining c. Blockbusting d. Coercing - Answer- Unlike brokers, leasing agents are allowed to engage in residential real estate for how many days as long as they are under the supervision of a licensed real estate managing broker and have notified the IDFPR that they are pursuing a real estate license? a. It is unlawful to conduct leasing activities without a license

c. The listing b - Answer- Under Illinois Law a. Escrow accounts apply to sales, and security deposits may be comingled with the lessors own funds. b. All money received as security deposits must be placed in an escrow account. c. All money received as security deposits must be placed in the landlords' rental account. d. Security deposits are considered advance payments of last months' rent. - Answer- b. All money received as security deposits must be placed in an escrow account.