Illinois Leasing Agent Practice Exam

What kind of lease is typically associated with a definite beginning and ending date?

1. Month-to-month lease

2. Estate at Will

3. Fixed-term lease

4. Tenancy at Sufferance

The correct answer is: Fixed-term lease

A fixed-term lease is characterized by a specific beginning and ending date, which creates a defined rental period for both the landlord and tenant. This type of lease clearly outlines the exact duration of tenancy, often for a period of one year or other specified time frames. Because both parties are aware of when the lease starts and ends, this arrangement provides stability and predictability in rental obligations and rights. In contrast, a month-to-month lease extends until either party provides notice to terminate, lacking a set end date. An estate at will allows either party to terminate the lease at any time without notice, making it highly flexible but uncertain. Tenancy at sufferance occurs when a tenant remains in the property after the lease has expired, which does not conform to a structured timeline like a fixed-term lease. Therefore, the defining feature of a fixed-term lease is its clearly established time frame, making it the correct answer.