Leasing License Practice Exam

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Prepare for the Leasing License Test using our comprehensive flashcards and multiple-choice questions. Each question includes hints and explanations to enhance your learning experience. Excel in your examination!

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If a property is located in Chicago, how much notice is required to terminate a lease?

15 days
30 days
60 days
90 days

The correct answer is: 30 days

In Chicago, the standard notice period required to terminate a lease is 30 days. This applies specifically to month-to-month leases, where either party must provide at least 30 days’ written notice before terminating the lease agreement. This period is designed to give both landlords and tenants sufficient time to make alternative arrangements, whether that involves finding new tenants or securing new housing, thus facilitating a smoother transition. Other notice periods differ based on the circumstances and types of leases involved. For example, certain leases may have specific terms already outlined, but for the general case of terminating a month-to-month lease in Chicago, 30 days is the legally mandated minimum. Understanding this requirement is critical for both tenants and landlords to ensure compliance with local laws and to avoid potential disputes.