Property Management
Under the Chicago Residential Landlord and Tenant Ordinance (RLTO), security deposits held by landlords owning more than six units must be placed in:
AA general operating account
BAn interest-bearing account at a federally insured financial institution✓ Correct
CA court-supervised escrow account
DA non-interest-bearing trust account
Explanation
The Chicago RLTO requires landlords who own more than six rental units to hold security deposits in interest-bearing accounts at federally insured financial institutions and to provide tenants with written notice of the bank and account. Interest earned must be paid to the tenant.
Related Illinois Property Management Questions
- What is 'operating budget' versus 'capital budget' in Illinois property management?
- What is 'rent control' and what is its status in Illinois?
- In Illinois, an owner who receives a 5-day notice to pay rent or vacate has how many days to pay the rent before eviction proceedings can begin?
- In Illinois, a 'gross lease' for commercial property means:
- In Illinois, the 'forcible entry and detainer' action is the legal process used by a landlord to:
- Under the Chicago RLTO, a landlord who wrongfully withholds a security deposit is liable to the tenant for:
- What is 'fair market rent' (FMR) and how does it affect Illinois Section 8 landlords?
- What is a 'reserve study' for Illinois condominium associations?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →