Ace the Illinois Leasing Agent Exam 2025 – Lease Out Your Future with Confidence!

In Illinois, when a property is sold, the new property owners are legally required to honor existing leases. This means that if a tenant has a valid lease agreement, the new owner must uphold the terms outlined in that lease. This protection ensures continuity for tenants, allowing them to remain in their homes under the same conditions even after a transfer of ownership. It reflects the principle that lease agreements hold legal standing independent of property ownership.

The other options do not accurately represent tenant rights. For instance, tenants have rights that continue post-sale, including the right to live in the property under the existing lease. The notion that tenants can refuse to pay rent because they are unhappy is misguided, as rent obligations remain in effect regardless of the tenants' feelings towards the property or owner. Additionally, leases do not simply terminate following a sale; instead, they remain enforceable against the new owner, which is crucial for tenant security and stability.