unit 17 real estate exam

What is a lease?

An agreement giving someone the right to use another person's property in exchange for consideration.

What is an estate for years?

A leasehold estate for a specific, definite period.

What is an estate from period to period?

A leasehold estate that continues for successive periods, such as month-to-month or year-to-year.

What is an estate at will?

A leasehold estate that continues as long as the landlord permits.

What is an estate at sufferance?

Possession without the landlord's consent, usually after the tenant's right to possession has ended.

What type of property interest is a leasehold estate?

Personal property.

What are the requirements of a valid lease?

Capacity to contract, legal objective, offer and acceptance, and consideration.

When must a lease generally be in writing under Illinois law?

When it lasts more than one year or cannot be performed within one year.

Are oral leases for less than one year enforceable in Illinois?

Yes.

How can a lease be terminated?

Expiration of the lease period, mutual agreement, or breach.

Does the death of a landlord or tenant usually terminate a lease?

No.

Does the sale of rental property by the landlord usually terminate a lease?

No.

What remedies may a landlord have when a tenant defaults?

A money judgment, actual eviction, or both.

What is constructive eviction?

The tenant's right to leave and stop paying rent when the landlord's failure or negligence makes the property uninhabitable and the problem is not corrected within a reasonable time.

What is the Illinois residential leasing agent license?

A limited-scope license for people engaging solely in residential leasing activities.

What law protects against discrimination in Illinois housing?

The Illinois Human Rights Act.

What does the Illinois Human Rights Act prohibit?

Discrimination in areas including real estate transactions based on protected characteristics.

What does the Illinois Frauds Act require for longer leases?

Leases lasting more than one year or that cannot be performed within one year must be in writing.

Is lead-paint disclosure required for covered residential properties?

Yes, and your material states that even a short oral lease requires the disclosure.