Real Estate Law Exam #2Real Estate Law Exam 2
Real Estate Law Exam 2 ? Verified Questions and Answers
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1. How much notice must be given to ter- 60 days
minate a NON-farm tenancy from year to
year?
2. How much notice must be given to termi- 4 months
nate a farm tenancy?
3. What kind of lease must be in writing? If it is greater than 1 year.
4. What does a landlord have a duty to re- 1. Common stairways and parking lot
pair? 2. Anything that the landlord promised he
would in the lease.
5. What is an actual eviction? An eviction that occurs when the lease is
breached.
6. What is a constructive eviction? An eviction that occurs when the property
becomes uninhabitable.
7. In Illinois, how many units owned by a 25 Units.
landlord on contiguous property trigger
the requirement of payment of interest on
deposits?
8. How is the interest rate on deposits deter- It is the rate used by the largest commercial
mined? bank in Illinois.
9. How long must the deposit be kept before Longer than 6 months
the interest requirement is triggered?
10. How many units owned by a landlord trig- 5 units.
ger the requirements that must be com-
plied with to withhold a security deposit?
Real Estate Law Exam 2 ? Verified Questions and Answers
, Real Estate Law Exam #2Real Estate Law Exam 2
Real Estate Law Exam 2 ? Verified Questions and Answers
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(you must give notice of why you're with-
holding)
11. Student will graduate in December and Assignment, new tenant is taking over the
has a lease that runs until the following rest of the lease.
May. Student wishes to get a new tenant
to take over the rest of the lease. Is this an
assignment or a sublease?
12. What is a 5-day notice in beginning evic- If the tenant pays, the lease continues.
tion procedures in Illinois?
13. What is a 10-day notice in beginning evic- Tenant needs to pay AND leave. This has to
tion procedures in Illinois? be a lease violation besides non-payment of
rent.
14. Is the offer still open and available? Yes
Offer stated to remain open until Fri-
day at noon. It is currently the preceding
Wednesday.
15. Is the offer still open and available? No
Offer of $139,000 by a prospective buy-
er to the seller where the list price is
$159,000. Seller rejects the offer.
16. Is the offer still open and available? Yes
Offer of $139,000 by a prospective buyer
is rejected by the seller and a counteroffer
of $149,000 is made by the seller to the
buyer.
17. No
Real Estate Law Exam 2 ? Verified Questions and Answers
, Real Estate Law Exam #2Real Estate Law Exam 2
Real Estate Law Exam 2 ? Verified Questions and Answers
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Is the offer still open and available?
Offer made and before any response by
the seller, the house is destroyed in a fire.
18. Is the offer still open and available? No
Offer made and before any response by
the seller, the seller is hit by a car and is in
a coma.
19. Assume the counteroffer of $149,000 is Counter-offer.
an acceptable price to the buyer, and the
buyer adds that he would like the seller's
lawn tractor included in the price. Is this
an acceptance or a counter-offer?
20. What are the typical inspections that Termite, well/water, sometimes mold, radon
might be required as part of a purchase of
residential real estate?
21. Of the typical inspections which ones are Home inspection and radon inspection (de-
typically written as conditions precedent pending on what they show)
that will allow the buyer to back out of the
contract?
22. If the house is built before 1978 what do That there is probably lead paint in the
you have to disclose? property.
23. When do the broker's duties end and the Brokers can fill in blanks on standard forms
practice of law being when using a stan- only. They cannot give legal advice or draft
dard purchase contract, according to the legal papers.
Illinois case of Chicago Bar Assn. V. Quin-
lan & Tyson?
Real Estate Law Exam 2 ? Verified Questions and Answers
Real Estate Law Exam 2 ? Verified Questions and Answers
Study online at https://quizlet.com/_dgz2bo
1. How much notice must be given to ter- 60 days
minate a NON-farm tenancy from year to
year?
2. How much notice must be given to termi- 4 months
nate a farm tenancy?
3. What kind of lease must be in writing? If it is greater than 1 year.
4. What does a landlord have a duty to re- 1. Common stairways and parking lot
pair? 2. Anything that the landlord promised he
would in the lease.
5. What is an actual eviction? An eviction that occurs when the lease is
breached.
6. What is a constructive eviction? An eviction that occurs when the property
becomes uninhabitable.
7. In Illinois, how many units owned by a 25 Units.
landlord on contiguous property trigger
the requirement of payment of interest on
deposits?
8. How is the interest rate on deposits deter- It is the rate used by the largest commercial
mined? bank in Illinois.
9. How long must the deposit be kept before Longer than 6 months
the interest requirement is triggered?
10. How many units owned by a landlord trig- 5 units.
ger the requirements that must be com-
plied with to withhold a security deposit?
Real Estate Law Exam 2 ? Verified Questions and Answers
, Real Estate Law Exam #2Real Estate Law Exam 2
Real Estate Law Exam 2 ? Verified Questions and Answers
Study online at https://quizlet.com/_dgz2bo
(you must give notice of why you're with-
holding)
11. Student will graduate in December and Assignment, new tenant is taking over the
has a lease that runs until the following rest of the lease.
May. Student wishes to get a new tenant
to take over the rest of the lease. Is this an
assignment or a sublease?
12. What is a 5-day notice in beginning evic- If the tenant pays, the lease continues.
tion procedures in Illinois?
13. What is a 10-day notice in beginning evic- Tenant needs to pay AND leave. This has to
tion procedures in Illinois? be a lease violation besides non-payment of
rent.
14. Is the offer still open and available? Yes
Offer stated to remain open until Fri-
day at noon. It is currently the preceding
Wednesday.
15. Is the offer still open and available? No
Offer of $139,000 by a prospective buy-
er to the seller where the list price is
$159,000. Seller rejects the offer.
16. Is the offer still open and available? Yes
Offer of $139,000 by a prospective buyer
is rejected by the seller and a counteroffer
of $149,000 is made by the seller to the
buyer.
17. No
Real Estate Law Exam 2 ? Verified Questions and Answers
, Real Estate Law Exam #2Real Estate Law Exam 2
Real Estate Law Exam 2 ? Verified Questions and Answers
Study online at https://quizlet.com/_dgz2bo
Is the offer still open and available?
Offer made and before any response by
the seller, the house is destroyed in a fire.
18. Is the offer still open and available? No
Offer made and before any response by
the seller, the seller is hit by a car and is in
a coma.
19. Assume the counteroffer of $149,000 is Counter-offer.
an acceptable price to the buyer, and the
buyer adds that he would like the seller's
lawn tractor included in the price. Is this
an acceptance or a counter-offer?
20. What are the typical inspections that Termite, well/water, sometimes mold, radon
might be required as part of a purchase of
residential real estate?
21. Of the typical inspections which ones are Home inspection and radon inspection (de-
typically written as conditions precedent pending on what they show)
that will allow the buyer to back out of the
contract?
22. If the house is built before 1978 what do That there is probably lead paint in the
you have to disclose? property.
23. When do the broker's duties end and the Brokers can fill in blanks on standard forms
practice of law being when using a stan- only. They cannot give legal advice or draft
dard purchase contract, according to the legal papers.
Illinois case of Chicago Bar Assn. V. Quin-
lan & Tyson?
Real Estate Law Exam 2 ? Verified Questions and Answers
