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Modern Real Estate Leasing Agent exam pre test
Terms in this set (78)
Is the surface, subsurface, air space, and any improvements, and the bundle of legal rights.
According to law a Trade fixture is:
Which is considered "Real Property?"
-fireplace, awnings, bathtubs, or patio furniture?
Owner attached a garage door opener. Several years later she wants to take with her when she moves. Allowed?
No, once it was attached it became real property and cannot be temoved.
Broker shows an apt that had window screens, blinds, and wall bed. broker secured tenant who was accepted by the owner, the landlord may remove what items?
Items on the premises that are installed by tenant for business purposes are called?
Is a Void Contract enforceable?
No, not legally enforceable bc it lacks some or all of the essential elements. Never was a legal contract.
The legal proceeding brought by buyer or seller under a purchase contract to enforce the terms of the contract is know as a:
Suit for specific performance.
The essential elements of a contract include:
Offer and acceptance, competant parties, consideration.
The law that requires real estate contacts to be in writing to be enforceable:
statute of frauds.
A contract agreed to under duress is which one of the following?
Voidable, breached, discharged, void.
Reasons for voidable contract:
Intoxication/duress, fraud, misrepresenation, mistake, minor in age, mental illness
A tenants apt lease has expired, landlord has indicated that they may remain there until sale of building has closed. They will be charged their their normal monthly rent, the tenancy held by the tenant is called:
Estate at will.
Generally, and oral lease for 5 years is:
The consideration for the use of real property.
If a landlord fails to provide heat to an apartment and the tenant is forced to vacate, this is an example of:
Which tenancy does not involve a lessor-lesser relationship?
Tenancy in Common.
Any trade fixtures that remain on the property after the lease has expired ate the property of the:
Which of the following would terminate a lease?
-sale of premises, death of tenant, abandonment, expiration of lease.
Expiration of lease
For a lease to be valid it must contain:
Signatures of both lessor and lessee, statement of length of time, and description of premises
Who holds the authority to carry out an eviction of a delinquent tenant?
Tenants lease has expired, but the tenant has not vacated the premises nor negotiated a new lease. Tenant has told them to leave and they refuse to go. This type Of Occupancy is called:
Estate at sufferance
Don leases a video arcade from Kerry, Lease does not specifically indicate who is responsible for repairs. Who is generally responsible?
Don, the lessee.
When a tenant subleases a part of the premises rented under a written a written lease, what happens to the lease?
The original lease is unaffected unless it contains a provision that prohibits subletting.
All of the following would acquire a title to real property, except which?
-grantee, devisee, lessee, or vendee
What is the length of time for An Estate for Years?
It has a specific beginning and end. Could be month to month, year to year, ect.
What is the length of time of an estate from year to year?
There is no expiration date
What is a net lease?
A lessee who pays some or all of the lessors property expenses.
The covenant implied in a lease that ensures that the tenant will not be evicted by someone claiming ownership of the property prior to that of the lessor is the covenant of:
Covenent of quiet enjoyment.
A tenant has an estate for years. According to a written one year lease, the tenancy will expire May 1. For the landlord to take back procession as of that date, how much notice must he give the tenant?
No notice is required.
The owner of real estate who leases it to another is called the:
A lease that will terminate within one year of its inception:
Can be verbal.
The enforcement of a court order to remove a lessee
When a tenant holds possession of a property without a definite lease term but WITH consent of the landlord is called:
Tenancy at will
In the event that it is necessary for a landlord to remove a tenant from the premises, they must:
File a forcible and detainer action
If a leased building collapsed and the tenant is forced to move out this could be called:
Under a tenancy for years, what is the notice length of time that must be given?
No notice is required to terminate the lease
A lessee is in possession of property under a tenancy at will, what happens if the lessee dies?
The tenancy will terminate
Adaptations of property specifications to suit tenants requirements are called:
In determining rental amount, property manager must consider the economic principle of:
Supply and demand
Which should NOT be considered in selecting a tenant: -size of space fits tenants requirements, ethnic background, ability to make payment, compatibility of tenants business with other tenants:
Individuals whose RE practice is limited to leasing or renting residential property, collecting rent, negotiating leases and similar activities MAY obtain a leasing agent license. True or False?
They MAY obtain a leasing agent license.
T/F, Landlords can buy Insurence to cover the building in case of loss, but tenants will have to purchase their own rental Insurence to cover personal belongings?
Basic Purpose of Insurence:
Reduce the loss caused by unforeseen misfortunes
T/F, Many standard fire policies include a clause suspending Insurence if the chance of fire is increased in any manner within the control of the owner?
T/F, The insurer must be notified of ownership changes and reserve the right to refuse the risk if ownership changes?
T/F, The property manner has a duty to act in a manner to maintain the property in such a condition that others will not be injured on premises?
Under standard replacement cost Insurence, what cost is the property replaced at?
It is replaced at the depreciated value.
The Civil Rights Act of 1866 prohibits discrimination based on what?
What is the agency responsible for the enforcement of the Fair Housing Act?
Dept of Housing and Urban Devolent. HUD
Which of the following is ILLEGAL in refusing to make a residential loan by lending institution in a particular area only because of:
-deteriorated condition of premises, physical location, applicant not of legal age, questionable economic condition of applicant.
Cannot refuse to make a loan due to property's physical location
A discrimination suit may be filed in federal court by whom?
The aggrieved person bc of racial discrimination.
In order to file a complaint of discrimination, the complainant must:
Suspect that discrimination occurred
Martha has a 9 year old grandson, he application for an apt has been rejected as the community does not allow anyone under 18. Is this permissible?
Yes, if the housing complies with the regulations for elderly hosing.
By the passing of the Fair housing Amendments Act of 1988, what was prohibited?
It is prohibited to discriminate based on familial status.
A lease prohibits any alterations, a tenants wheelchair cannot maneuver in the the apartment, is the tenant allowed to make alterations?
The tenant is entitled to make the necessary alterations.
The practice of channeling families with children say from other buildings into an apt where other families with children reside is called:
The Americans with Disabilities act requires that:
Reasonable accommodations be provided to people with disabilities.
Which is legal?
-charging families with small children higher security deposits, requiring a person with disabilities to establish an escrow account for costs to restore a property after modifications, picturing only white people on housing development brochure, refusing to sell home to person with a history of mental illness
It is legal to require an Escrow account for modifications made for a tenant with disabilities
A handicapped tenant remodeled his apt, upon moving he is least likely to have to: -return the cabinets to normal Height, return electrical to normal height, doorways to normal width, light switches to normal height
Return doorways to normal width.
What is familial status?
The head of the household responsible for minor children.
T/F, IL Real Estate License Act allows landlords to pay a referral fee to tenants who refer a prospective tenant for a unit in the same Building or complex?
What is a leasing agent?
A person employed by broker to engage in licensed activities limited to leasing residential real estate who has obtained a license as provided for in the Act.
leasing agent activities include:
Leasing residential apartments and collecting rents
T/F, licensed leasing agents must be sponsored and employed by a sponsoring broker.
How many days may a leasing agent engage in residential leasing activities before being fully licensed?
120 days, and under broker supervision.
T/F, applicants for a leasing agent must successfully complete a 45 hour transactions course.
T/F, Leasing agents have no exemptions from licensure under the Act?
T/F, A leasing agent may perform activities as a licensee only for their sponsoring broker?
T/F, the Act dos not require a written employment agreement between them and their employing broker?
T/F, leasing agents are required to disclose their status as a licensee just as a salesperson or broker would?
T/F, a leasing agent may not accept compensation for the performance of leasing agent activities except from sponsoring broker?
T/F, leasing agents require 12 hours of continuing education for each renewal period?
The IDFPR has the power to investigate unlicensed activity and impose fines not to exceed what $ amount?
T/F, if a property owner pays a fee or commission directly to a leasing agent employed by a broker, the leading agent is in violation if the act?
T/F, IL law allows the state to take civil action against the owners of drug houses?
The application fee for an initial leasing agent license is?
T/F, A rental finding service shall, prior to accepting a fee for their services, enter into written contact with the person for whom such services are being performed and deliver to such individual a copy of such contract?
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