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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What type of lease requires the lessee to pay for the taxes, insurance, and maintenance on the property in addition to the monthly rent?

Gross Lease
Net Lease
Triple Net Lease
Double Net Lease

The correct answer is: Net Lease

A Net Lease requires the lessee to pay for taxes, insurance, and maintenance on the property in addition to the monthly rent. In a Net Lease arrangement, the tenant is responsible for these additional costs, which allows the landlord to have a more predictable income stream without being burdened by the expenses related to the property's taxes, insurance, and maintenance. A Gross Lease, on the other hand, typically includes all costs in the monthly rent, so the tenant is not responsible for additional expenses such as taxes and maintenance. A Triple Net Lease is an arrangement where the tenant is responsible for taxes, insurance, maintenance, and other operating expenses of the property, whereas a Double Net Lease typically only requires the tenant to pay for taxes and insurance, not maintenance.