Illinois Leasing Agent Practice Exam

What is the consequence of failing to provide the security deposit within the specified time according to the lease?

1. Immediate eviction

2. Breach of contract

3. Increased rental fees

4. Loss of leasing rights

The correct answer is: Breach of contract

Failing to provide the security deposit within the specified time according to the lease constitutes a breach of contract. In a lease agreement, both the landlord and tenant are obligated to adhere to the terms set forth, which typically include the timely payment of the security deposit. If one party fails to fulfill their responsibilities, it can result in a breach that gives the other party the right to seek remedies. In a leasing context, a breach of contract could lead to various legal repercussions, such as the landlord potentially pursuing an eviction or suing for damages, depending on the terms of the lease and the laws governing the lease agreement. Thus, recognizing that a failure to provide the security deposit is a breach is critical as it highlights the importance of adhering to agreed-upon terms in a lease.