Illinois Leasing Agent Practice Exam

What act requires landlords to refund security deposits or provide an itemized list of damages?

1. Illinois Tenant’s Rights Act

2. Illinois Security Deposit Return Act

3. Illinois Fair Housing Act

4. Landlord Tenant Act

The correct answer is: Illinois Security Deposit Return Act

The Illinois Security Deposit Return Act is specifically designed to address the handling of security deposits in rental agreements. This act establishes clear guidelines that landlords must follow when it comes to the return of security deposits after a tenant vacates the property. It mandates that landlords must return the security deposit to the tenant within a specified timeframe—typically within 45 days—unless they provide an itemized list of damages that justifies any deductions from the deposit. The purpose of this act is to protect tenants from unfair practices regarding their security deposits and to ensure transparency in the processes involved in returning these funds. By requiring landlords to provide an itemized list, the act ensures that tenants are aware of any deductions that are being taken from their security deposit, which promotes fairness in the landlord-tenant relationship. In contrast, the other options address different aspects of landlord-tenant relationships or housing laws, but none specifically focus on the security deposit and its return process in the way that the Illinois Security Deposit Return Act does. Thus, this act is crucial for tenants to understand in order to ensure their rights regarding security deposits are upheld.