ILLINOIS LEASING AGENT EXAM 2 LATEST VERSIONS (VERSION A AND
B) COMPLETE 250 QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Question 1
A ground lease is usually
A. long term.
B. short term.
C. for 100 years or longer.
D. a gross lease.
Correct Answer: A
Question 2
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.
Correct Answer: D
Question 3
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.
Correct Answer: B
Question 4
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
Correct Answer: C
Question 5
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.
Correct Answer: D
Question 6
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.
Correct Answer: C
Question 7
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
Correct Answer: D
, Question 8
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.
Correct Answer: C
Question 9
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
Correct Answer: C
Question 10
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.
Correct Answer: D
Question 11
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
B) COMPLETE 250 QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Question 1
A ground lease is usually
A. long term.
B. short term.
C. for 100 years or longer.
D. a gross lease.
Correct Answer: A
Question 2
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.
Correct Answer: D
Question 3
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.
Correct Answer: B
Question 4
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
Correct Answer: C
Question 5
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.
Correct Answer: D
Question 6
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.
Correct Answer: C
Question 7
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
Correct Answer: D
, Question 8
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.
Correct Answer: C
Question 9
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
Correct Answer: C
Question 10
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.
Correct Answer: D
Question 11
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
