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Illinois Real Estate Exam

Category - Real Estate

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You are selling the house you live in, but the house you’re moving to is not completed. You need to stay on in the house a while after closing. You work out a deal with the new purchaser called a:

no-rent lease agreement
delayed possession for the new purchaser
sale-leaseback
lease for one year past closing

Explanation

Answer: C. A sale-leaseback is a technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

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Illinois Real Estate Exam

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Illinois Real Estate Exam

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