Illinois Real Estate Practice Exam

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Study for the Illinois Real Estate Exam. Prepare yourself with comprehensive quiz assessments that involve multiple-choice questions, offering hints and insights for each question. Equip yourself for success on your upcoming exam!

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What is the definition of a graduated lease?

That provides for a specified rent increase at set future dates
Giving a history of the title, including recorded encumbrances against the property
Investing profits of the property on behalf of the client
Suspending all real estate activities

The correct answer is: That provides for a specified rent increase at set future dates

A graduated lease is a type of lease agreement that includes clauses specifying rent increases at predetermined future dates. This gradual increase in rent over time is often predetermined and agreed upon by both the landlord and tenant at the beginning of the lease term. This structure allows for rent to increase in a predictable and scheduled manner, providing both parties with clarity on future rental costs. In contrast, the other options (B, C, and D) do not accurately define a graduated lease and are unrelated to this type of lease agreement.