Illinois Leasing Agent Practice Exam 2026 - Free Leasing Agent License Practice Questions and Study Guide

A fixed-term lease is a rental agreement that provides the tenant with the exclusive right to occupy a property for a specific, pre-defined duration, which can range from several months to multiple years. During this specified period, tenants have the assurance of residing in the property without the risk of sudden termination by the landlord, giving them stability and predictability in their living situation.

This type of lease clearly delineates the start and end dates, thus granting the tenant specific rights and protections under the lease terms. The tenant also typically has the right to raise issues or make requests regarding maintenance or modifications within the constraints of the lease, knowing that they cannot be evicted without a legal reason until the lease term is complete.

In contrast, other lease types, such as month-to-month leases, oral lease agreements, or at-will leases, do not provide the same level of security for a set period, as they are generally more flexible and can often be terminated with shorter notice. This distinction makes the fixed-term lease a more suitable option for tenants looking for stability and clear rights during the specified lease duration.