Illinois Leasing Agent Practice Exam

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Study for the Illinois Leasing Agent Exam. Prepare with flashcards and multiple-choice questions; each with hints and explanations. Gear up for your licensed career!

Practice this question and more.

In a lease agreement, who is referred to as the lessor?

Tenant of the property
Owner of the property
Property manager
Real estate agent

The correct answer is: Owner of the property

In a lease agreement, the lessor is the owner of the property. This individual or entity has the legal rights to the property and grants the tenant (the lessee) the right to occupy and use the property for a specified period of time in exchange for rent. The lessor retains ownership of the property and is responsible for maintaining the terms of the lease, which may include obligations such as property maintenance or repairs. Understanding the role of the lessor is crucial in the context of leasing, as it sets the framework for the landlord-tenant relationship and clarifies the rights and responsibilities of both parties involved in the lease agreement.