Leasing License Practice Exam

According to the Illinois Association of Realtors (IAR), what form is suggested for use in the rental of residential property?

1. Tenant Agreement Form

2. Disclosure of Conditions Form

3. Notice of No Agency Form

4. Landlord Liability Form

The correct answer is: Notice of No Agency Form

The suggested form for use in the rental of residential property according to the Illinois Association of Realtors (IAR) is the Notice of No Agency Form. This form is important because it clarifies the relationship between the parties involved in the transaction. It ensures that prospective tenants understand that the agent is not representing them as their advocate, which is crucial for transparency in real estate transactions. By utilizing the Notice of No Agency Form, agents help maintain clear communication and prevent misunderstandings regarding the obligations and responsibilities of the parties involved. This is important in Illinois real estate law, where the relationship and duties between agents and clients must be clearly defined to uphold ethical standards in leasing practices. The other forms mentioned do not apply specifically to the general rental practices and tenant-agent relationships emphasized by IAR. The Tenant Agreement Form relates to specific lease agreements, the Disclosure of Conditions Form would address the condition of the property rather than agency relationships, and the Landlord Liability Form pertains to liability issues rather than the fundamental agency relationship, making the Notice of No Agency Form the more relevant choice for this context.