Illinois Leasing Agent License Exam 2025 | Landlord
Tenant Law, Fair Housing Regulations, Leasing
Procedures, and Advertising Guidelines | Newest Exam
Johnny is purchasing a house and does not want to purchase all of the furniture
that is being left behind. He signs the contract on Tuesday, and on Thursday
changes his mind about the furniture. He calls his agent, and they add the
furniture to the contract. What is this an example of? ---------CORRECT ANSWER---
--------------An addendum.
Which answer includes 3 actual types of business structures? Choose the best
answer. ---------CORRECT ANSWER-----------------Corporation, Sole Proprietorship,
Limited Liability Company
An elderly man in a nursing home, has no family and is suffering from Alzheimer's.
Because of his Alzheimers, he doesn't remember much. Eventually, he passes
away in his sleep. There is no will for the man, and again he has no family. So
what happens to the money left in his savings account and his old farm that has
been left untouched since he entered the nursing home? ---------CORRECT
ANSWER-----------------Escheat
In most cases, a tenant in an apartment holds: ---------CORRECT ANSWER-------------
----A leasehold interest.
,What is the general technique of determining three-dimensional positions of
points and the distances and angles between them? ---------CORRECT ANSWER-----
------------Surveying
What of the following is required by the Americans with Disabilities Act(ADA)? ----
-----CORRECT ANSWER-----------------Reasonable accommodations must be
provided to people with disabilities.
A legal process in which a lender attempts to recover the balance of a loan from a
borrower who has stopped making payments to the lender by forcing the sale of
the asset: ---------CORRECT ANSWER-----------------A foreclosure.
A housing development advertising its units being only available to people over
55 is what? ---------CORRECT ANSWER-----------------Legal if 80% of the residents are
the age 55 or older.
The Bundle of Rights include: ---------CORRECT ANSWER-----------------Possession,
control, exclusion, enjoyment, disposition.
Appraiser Leo was hired to prepare a feasibility study for a 12-unit apartment
complex in which the owner is considering putting in a swimming pool. Which
basic principle of appraising should Leo use? ---------CORRECT ANSWER---------------
--Contribution
,Restrictive covenants, are also known as ---------CORRECT ANSWER-----------------
CCR's
Conditions, covenants and restrictions.
Which of the following is NOT a main element of a valid real estate contract? ------
---CORRECT ANSWER-----------------The contract must have monetary
consideration.
Mortgage points, also known as discount points, are ---------CORRECT ANSWER-----
------------Fees paid directly to the lender at closing in exchange for a reduced
interest rate.
If a minor signs a contract to buy real estate, the resulting contract is legally
what? ---------CORRECT ANSWER-----------------Voidable.
Earnest money should be deposited into a trust account: ---------CORRECT
ANSWER-----------------In a timely manner, according to State Law.
What is the proper procedure for changing a contract that already has become
binding? ---------CORRECT ANSWER-----------------Sign a separate amendment.
, What is the test done to locate where to place a septic system? ---------CORRECT
ANSWER-----------------A percolation test.
What type of ownership model is used for vacation real estate in which multiple
purchasers own allotments of usage, typically in one-week increments, for the
same property? ---------CORRECT ANSWER-----------------Timeshare.
Purchase agreements come big and small, and are a crucial aspect of real estate
contract law. Which of the following would be an example of a purchase
agreement? ---------CORRECT ANSWER-----------------Ordering something online and
checking a box that says terms and conditions.
What is the name given to the Illinois license laws under which real estate brokers
practice? ---------CORRECT ANSWER-----------------Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to
what? ---------CORRECT ANSWER-----------------$25,000 per event.
How long must real estate brokers keep records in Illinois? ---------CORRECT
ANSWER-----------------5 Years.
Tenant Law, Fair Housing Regulations, Leasing
Procedures, and Advertising Guidelines | Newest Exam
Johnny is purchasing a house and does not want to purchase all of the furniture
that is being left behind. He signs the contract on Tuesday, and on Thursday
changes his mind about the furniture. He calls his agent, and they add the
furniture to the contract. What is this an example of? ---------CORRECT ANSWER---
--------------An addendum.
Which answer includes 3 actual types of business structures? Choose the best
answer. ---------CORRECT ANSWER-----------------Corporation, Sole Proprietorship,
Limited Liability Company
An elderly man in a nursing home, has no family and is suffering from Alzheimer's.
Because of his Alzheimers, he doesn't remember much. Eventually, he passes
away in his sleep. There is no will for the man, and again he has no family. So
what happens to the money left in his savings account and his old farm that has
been left untouched since he entered the nursing home? ---------CORRECT
ANSWER-----------------Escheat
In most cases, a tenant in an apartment holds: ---------CORRECT ANSWER-------------
----A leasehold interest.
,What is the general technique of determining three-dimensional positions of
points and the distances and angles between them? ---------CORRECT ANSWER-----
------------Surveying
What of the following is required by the Americans with Disabilities Act(ADA)? ----
-----CORRECT ANSWER-----------------Reasonable accommodations must be
provided to people with disabilities.
A legal process in which a lender attempts to recover the balance of a loan from a
borrower who has stopped making payments to the lender by forcing the sale of
the asset: ---------CORRECT ANSWER-----------------A foreclosure.
A housing development advertising its units being only available to people over
55 is what? ---------CORRECT ANSWER-----------------Legal if 80% of the residents are
the age 55 or older.
The Bundle of Rights include: ---------CORRECT ANSWER-----------------Possession,
control, exclusion, enjoyment, disposition.
Appraiser Leo was hired to prepare a feasibility study for a 12-unit apartment
complex in which the owner is considering putting in a swimming pool. Which
basic principle of appraising should Leo use? ---------CORRECT ANSWER---------------
--Contribution
,Restrictive covenants, are also known as ---------CORRECT ANSWER-----------------
CCR's
Conditions, covenants and restrictions.
Which of the following is NOT a main element of a valid real estate contract? ------
---CORRECT ANSWER-----------------The contract must have monetary
consideration.
Mortgage points, also known as discount points, are ---------CORRECT ANSWER-----
------------Fees paid directly to the lender at closing in exchange for a reduced
interest rate.
If a minor signs a contract to buy real estate, the resulting contract is legally
what? ---------CORRECT ANSWER-----------------Voidable.
Earnest money should be deposited into a trust account: ---------CORRECT
ANSWER-----------------In a timely manner, according to State Law.
What is the proper procedure for changing a contract that already has become
binding? ---------CORRECT ANSWER-----------------Sign a separate amendment.
, What is the test done to locate where to place a septic system? ---------CORRECT
ANSWER-----------------A percolation test.
What type of ownership model is used for vacation real estate in which multiple
purchasers own allotments of usage, typically in one-week increments, for the
same property? ---------CORRECT ANSWER-----------------Timeshare.
Purchase agreements come big and small, and are a crucial aspect of real estate
contract law. Which of the following would be an example of a purchase
agreement? ---------CORRECT ANSWER-----------------Ordering something online and
checking a box that says terms and conditions.
What is the name given to the Illinois license laws under which real estate brokers
practice? ---------CORRECT ANSWER-----------------Real Estate License Act of 2000
Practicing real estate without a license, and could result in being fined up to
what? ---------CORRECT ANSWER-----------------$25,000 per event.
How long must real estate brokers keep records in Illinois? ---------CORRECT
ANSWER-----------------5 Years.
