Property Management
Under Illinois law, a residential landlord who receives a security deposit must:
APlace it in a federally insured interest-bearing account if the property has 25 or more units✓ Correct
BReturn it within 14 days of lease expiration regardless of damages
CProvide a written receipt and place it in a separate account
DApply it toward the last month's rent automatically
Explanation
Illinois law requires landlords with 25 or more residential rental units to hold security deposits in a federally insured interest-bearing account and pay annual interest to the tenant. Landlords with fewer units have different requirements. Local ordinances like the Chicago Residential Landlord and Tenant Ordinance may impose stricter requirements.
Related Illinois Property Management Questions
- In Illinois, a commercial tenant's lease often includes an 'estoppel certificate' clause. This requires the tenant to:
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- A property manager who commingles tenant security deposits with personal funds is:
- A property manager collects a security deposit of $1,500 from a new tenant. Under Illinois law, this money must be:
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- A property owner who self-manages their residential rental properties does NOT need an Illinois real estate license if:
- An Illinois landlord must provide a habitable rental unit. The implied warranty of habitability requires that residential units:
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