Illinois Leasing Agent Practice Exam 2025 - Free Leasing Agent License Practice Questions and Study Guide

Question: 1 / 400

Which of the following best describes the rights of tenants when a building enters new ownership?

They must resign their leases

They must accept new rental terms

Their leases remain valid

The correct answer is that tenants' leases remain valid even when a building enters new ownership. This principle is grounded in property law, where leases are considered binding agreements between the landlord and the tenant. When ownership of a property changes hands, the new owner typically steps into the shoes of the previous landlord and inherits the existing leases. This means that the terms and conditions agreed upon in the lease remain in effect under the new owner, and tenants are not required to resign their leases or accept any new rental terms simply due to the change in ownership.

Understanding this concept is crucial for both tenants and landlords, as it helps protect the rights of tenants, ensuring they enjoy the complete benefit of their lease agreements regardless of any changes in property ownership.

Get further explanation with Examzify DeepDiveBeta

Their rights are abolished

Next Question

Report this question

Download Illinois Leasing Agent Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy