Thank you, FurryNutz, for the reply.
Although, I don't know why it matters, I'm located in the North Central U.S.A.
Yes, my iPhone can get an IP address from the 505L. I did a reset of the router, but still have the same issue. I get the "Select a Wi-Fi Hotspot" menu, but my iPhone 5 does not show up in there. I've tried it both in Repeater and Wi-Fi Hotspot modes.
Very disappointing.