ILLINOIS LEASING AGENT PRACTICE
EXAM QUESTIONS AND ANSWERS 100%
CORRECT!
, 1. The lease contract stated that the renters would bring in the security deposit within
five days. It is now the sixth day and the renters have not brought in the money. This is
legally referred to as: - ANSWER Breach
2. In dealing with the public, a licensee: - ANSWER may keep silent about a material
fact concerning the property if the client is the owner. d) may negotiate different
commissions with different owners.
3. Escrow monies: - ANSWER could include security deposits as well as earnest
money.
4. An offer may be terminated: - ANSWER if it is rejected; if it is changed; or if it is
revoked before acceptance.
A property management company runs a complex of several buildings, all belonging to
the same owner and on the same parcel of land. At the owner's request, the manager
has made apartments available to families with children in just two of the buildings. This
practice is: - ANSWER Steering
6. In a lease an owner may hold a future interest in the property known as: - ANSWER
Reversion are interest
7. Which of the following would be considered a dual agency? - ANSWER A licensee is
representing both landlord and tenant in the same transaction.
8. To be enforced, the Statute of Frauds requires that all contracts for the sale or lease
of real estate be: - ANSWER In writing
9. A young couple with a toddler and an infant want to lease an apartment in a complex
that is occupied primarily by adults. The rental agent shows the couple apartments only
on the first floor. Which of the following is true? - ANSWER The rental agent should
have inquired about the couple's preference for apartments.
10. On Tuesday, the agent received an offer and a check for security deposit from a
renter. The owner accepted and signed the lease at 11 am on Wednesday. The agent
must: - ANSWER deposit the money in his escrow account by the close of business on
Thursday.
11. The primary requirement of a contract would be: - ANSWER Offer and acceptance
EXAM QUESTIONS AND ANSWERS 100%
CORRECT!
, 1. The lease contract stated that the renters would bring in the security deposit within
five days. It is now the sixth day and the renters have not brought in the money. This is
legally referred to as: - ANSWER Breach
2. In dealing with the public, a licensee: - ANSWER may keep silent about a material
fact concerning the property if the client is the owner. d) may negotiate different
commissions with different owners.
3. Escrow monies: - ANSWER could include security deposits as well as earnest
money.
4. An offer may be terminated: - ANSWER if it is rejected; if it is changed; or if it is
revoked before acceptance.
A property management company runs a complex of several buildings, all belonging to
the same owner and on the same parcel of land. At the owner's request, the manager
has made apartments available to families with children in just two of the buildings. This
practice is: - ANSWER Steering
6. In a lease an owner may hold a future interest in the property known as: - ANSWER
Reversion are interest
7. Which of the following would be considered a dual agency? - ANSWER A licensee is
representing both landlord and tenant in the same transaction.
8. To be enforced, the Statute of Frauds requires that all contracts for the sale or lease
of real estate be: - ANSWER In writing
9. A young couple with a toddler and an infant want to lease an apartment in a complex
that is occupied primarily by adults. The rental agent shows the couple apartments only
on the first floor. Which of the following is true? - ANSWER The rental agent should
have inquired about the couple's preference for apartments.
10. On Tuesday, the agent received an offer and a check for security deposit from a
renter. The owner accepted and signed the lease at 11 am on Wednesday. The agent
must: - ANSWER deposit the money in his escrow account by the close of business on
Thursday.
11. The primary requirement of a contract would be: - ANSWER Offer and acceptance
