Illinois Real Estate Exam Practice Question
A salesperson is selling a leased commercial property. What will happen to the lease after the sale is consummated?
Correct Answer: A
Rationale: When a commercial property is sold, the existing lease typically remains in effect. Therefore, the lease is assigned to the new owner, allowing the tenant to continue occupying the property under the same terms.
Option B is incorrect because leases do not automatically expire upon the sale of the property; the tenant's rights are protected. Option C is not accurate, as a new lease is not required unless the original lease specifies otherwise. Option D misrepresents the situation; while new owners may have certain rights, they cannot unilaterally cancel a lease without cause or agreement from the tenant.
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