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.

What must occur if a lease agreement is broken by either party?

The lease becomes void immediately
Legal action may be taken
Negotiation of new terms
A new contract must be drafted

The correct answer is: Legal action may be taken

When a lease agreement is broken by either party, legal action may be taken. This is because breaking a lease is considered a breach of contract, which gives the injured party the right to seek remedy through legal channels. This could involve filing a lawsuit for damages, seeking specific performance, or negotiating a settlement outside of court. While breaking a lease can sometimes lead to other outcomes, such as negotiating new terms or even drafting a new contract, these actions are not guaranteed or required under the law. The option of pursuing legal action encompasses the various approaches that a party can take to address the situation, making it a crucial first step in addressing any breaches of a lease agreement.