Notes Flashcards
In Illinois, who is NOT required to hold a real estate license in order to rent out their property to a tenant?
If they own the property
In IL, the statute of frauds requires that lease agreements be ___ to be enforceable if they are for more than one year.
in writing
In IL, the statute of frauds requires that lease agreements be in writing to be enforceable if they are for more than ___.
one year
Written leases should be signed by…
Both lessor and lessee
Leaseholds are generally considered ___ property
personal
An estate for years always has specific ___ and ___.
Beginning and ending dates
___ is NOT required to terminate an estate for years.
Notice
Notes is NOT required to terminate an estate for years because….
lease agreement states a specific expiration date
In an estate for years, any extension of tenancy requires a(n) ___.
New contract
An estate for years may be terminated before the expiration date if ___ or ___.
both parties agree
contract is breached
If a lease is a periodic tenancy, it does not contain a(n) ___.
Specific expiration date
A periodic tenancy continues indefinitely until…
notice of termination is given
A ___ tenancy is created when a tenant takes possession with no definite termination date and pays monthly rent.
Periodic tenancy
If the landlord accepts rent after the expiration of an estate for years, and no new lease agreement is made, a(n) ___ is created.
Holdover tenancy
___ is usually considered conclusive proof of acceptance of holdover tenancy.
Acceptance of rent
In IL, to terminate a tenancy from year to year, at least ___ days written notice is required at anytime within the ___ period before the last ___ days of the lease period
60 days
4 month period
60 days
In IL, to terminate tenancy from month to month, ___ days written notice is required
30 days
In IL, to terminate any periodic estate having a term of less than year to year but greater than week to week, ___ days written notice is required.
30
In IL, to terminate tenancy from week to week, ___ days written notice is required
7
In IL, to terminate farm tenancies from year to year, parties must give at least ___ written notice to terminate and may do so only at the ___.
4 months
end of the period
To vacate March 1, farm tenancy notice must be given by ___.
November 1
Under IL law, when Tenancy at sufferance arises, the landlord has a choice to either ___ the tenant or treat the tenant as a(n) ____
evict
holdover tenant
What are the 4 requirements that make a lease valid?
1) Capacity to contract
2) Legal Objectives
3) Offer and Acceptance
4) Consideration
___ is the normal consideration given for the right to occupy leased premises
Rent
___ leases are generally more complex, and may include complicated calculations of rent and maintenance costs
Commercial
___ are often prepared in advance of a commercial lease by the licensees representing the respective parties
Letters of intent
In a commercial lease, the ___ generally sets forth the basic agreements between the parties that both parties’ attorneys can then use to prepare the lease from.
letters of intent
Commercial leases and complex residential leases should only be drafted by a(n) ___.
attorney
The lessor is usually bound by the implied covenant of ___, and guarantees that he will not interfere in the tenant’s possession or use of the property
Quiet enjoyment
___ are common in leases for stores or commercial space, and are when a lessor restrict’s the lessee’s use of the premises through provisions in the lease.
Use restrictions
A lease provides that the premises are to be used “only as a real estate office and for no other purpose.” This is an example of ___.
Use restrictions
The period for which the lease will run
Term of lease
If a tenant defaults on payment of rent or damages the premises, the lessor may keep all or part of the ___ to compensate for the loss
security deposit
What are 4 safeguards against nonpayment of rent?
1) Security deposit
2) Advance rental payment
3) Contracting for a lien on the tenant’s property
4) Requiring the tenant to have a 3rd person guarantee payment
In IL, landlords who receive security deposits on residential leases of units in properties containing 5 or more units may not withhold any part of a security deposit as compensation for property damage unless they give the tenant a(n) ___.
Itemized statement listing the damage
In IL, if a landlord withholds any part of a security deposit as compensation for property damage, an itemized statement must be delivered within…
30 days of the date when the premises was vacated
In IL, if a landlord withholds any part of a security deposit as compensation for property damage, an itemized statement must be delivered within 30 days of the date when the premises was vacated. If the statement is not delivered, the landlord must return the entire security deposit within…
45 days of the date when the premises was vacated
In IL, if a landlord withholds any part of a security deposit as compensation for property damage, an itemized statement must be delivered within 30 days of the date when the premises was vacated. If the statement is not delivered, the landlord must return the entire security deposit within 45 days of the date when the premises was vacated. If a landlord is found guilty by a court for failing to comply with this requirement, they must pay the tenant…
Double the security deposit
IL lessees are entitled to receive ___ on their security deposits.
Annual interest
In IL, landlords who receive security deposits on residential leases of units in properties of 25 or more units, on deposits held for more than 6 months, are required to pay ___ from the date of the deposit.
interest
In IL, any landlord who is found by a court to have willfully withheld interest on a tenant’s security deposit must pay the tenant…
an amount equal to the security deposit
A lease should specify whether a payment is a(n) ___ or ___.
Security deposit or advance rental
If a lease specifies that a payment is a security deposit, the tenant is usually NOT entitled to apply it to…
the final month’s rent
If a lease specifies that a payment is an advance rental, the landlord must treat it as…
income for tax purposes
The Fair Housing Act requires that tenants with disabilities must be permitted to make ___ to a property.
Reasonable modifications
The Fair Housing Act requires that tenants with disabilities must be permitted to make reasonable modifications to a property at WHO’s expense?
The tenant
The Fair Housing Act requires that tenants with disabilities must be permitted to make reasonable modifications to a property, however if the modifications would interfere with a future tenant’s use, the landlord may require that the premises be…
restored to their original condition at the end of the lease term at the tenant’s expense
The Americans with Disabilities Act (ADA) applies to ___ property in which ___ are provided.
Commercial
Public goods or services
The ADA requires that commercial properties be free of ___ or provide ___ for persons with disabilities
Architectural barriers
Reasonable accomodations
Failing to provide access to drinkable and hot water, heat during winter, working electricity, a smoke detector, and a working bathroom would violate the ___.
Implied Warranty of Habitability
Failing to remediate rodent or insect infestations violates the ___
Implied Warranty of Habitability
Failing to correct building code violations violates the ___
Implied Warranty of Habitability
When a tenant chooses to move out and terminates the lease if repairs are not made within a reasonable time
Constructive eviction
Often times in agricultural or industrial land, ___ are obligated for the payment of rent if improvements are damaged or destroyed
tenants
If a tenant repairs a problem themselves, they may ___ and the costs cannot exceed ___.
deduct the repair costs from next month’s rent
cannot exceed one month’s rent
If a residential property is damaged or destroyed, the tenant is usually permitted to ___ their rent in ___.
Reduce
Proportion to the amount of space they are able to use
