Illinois Real Estate Leasing Exam Prep
Exam Questions and Answers 100%
Solved
Acceptance By Ratification - ✔✔The acceptance of lease terms that occurs
when a tenant takes possession of the property but does not sign a lease.
This form of acceptance is recognizable by the courts.
Accord and Satisfaction - ✔✔When all parties have agreed to a change in
one or more of the terms of a contract
Actual Eviction - ✔✔Court action initiated by the lessor to have a tenant
removed from the premises.
Administrative Law Judge (ALJ) - ✔✔A judge who hears complaints and
considers evidence regarding violations of the Fair Housing Act.
Agency - ✔✔The legal relationship created when one person represents
another.
Air Rights - ✔✔Rights to use the space above the surface of land upward
into the sky.
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Airspace - ✔✔The space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - ✔✔A comprehensive civil rights
law for the protection of persons with physical and mental disabilities. This
law mandates equal access to jobs, public accommodations, government
services, public transportation and telecommunications.
Assignment - ✔✔The act of one party to a contract allowing someone else
to assume all of his/her rights under the contract.!
Bilateral Contract - ✔✔A contract in which two parties exchange promises.
Blockbusting - ✔✔Inducing an owner to sell or rent a dwelling by making
representations regarding entry of persons of a protected class, also
referred to as "panic peddling."
Breach of Contract - ✔✔The action or lack of action of one party to a
contract which violates the terms of the agreement
Brokerage Agreement - ✔✔The relationship created between a sponsoring
broker and any member of the public who is receiving real estate services
through the sponsoring broker or the broker's sponsored licensees.
Chattel - ✔✔Personal property, or objects which are not permanently
affixed to land.
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Civil Rights Act of 1866 - ✔✔Guaranteed property rights to all citizens
regardless of race. This act specifically provides that all citizens shall have
the same right to inherit, purchase, sell or lease real and personal property.
Client - ✔✔A person who is being represented by a licensee.
Commingling - ✔✔Depositing personal funds in a special escrow account
established to hold funds belonging to others.
Compensation - ✔✔Anything of value that is given in exchange for real
estate services.
Compensatory Damages - ✔✔Money paid with the intent to return the
injured party of a defaulted contract to the financial condition they were in
before the breach occurred.
Competent Parties - ✔✔Parties to a contract who are of legal age, sane
and sober.
Conciliation Agreement - ✔✔An agreement proposed by HUD in order to
settle a Fair Housing complaint
Concurrent Ownership - ✔✔Ownership of property by two or more
individuals or entities.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Exam Questions and Answers 100%
Solved
Acceptance By Ratification - ✔✔The acceptance of lease terms that occurs
when a tenant takes possession of the property but does not sign a lease.
This form of acceptance is recognizable by the courts.
Accord and Satisfaction - ✔✔When all parties have agreed to a change in
one or more of the terms of a contract
Actual Eviction - ✔✔Court action initiated by the lessor to have a tenant
removed from the premises.
Administrative Law Judge (ALJ) - ✔✔A judge who hears complaints and
considers evidence regarding violations of the Fair Housing Act.
Agency - ✔✔The legal relationship created when one person represents
another.
Air Rights - ✔✔Rights to use the space above the surface of land upward
into the sky.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Airspace - ✔✔The space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - ✔✔A comprehensive civil rights
law for the protection of persons with physical and mental disabilities. This
law mandates equal access to jobs, public accommodations, government
services, public transportation and telecommunications.
Assignment - ✔✔The act of one party to a contract allowing someone else
to assume all of his/her rights under the contract.!
Bilateral Contract - ✔✔A contract in which two parties exchange promises.
Blockbusting - ✔✔Inducing an owner to sell or rent a dwelling by making
representations regarding entry of persons of a protected class, also
referred to as "panic peddling."
Breach of Contract - ✔✔The action or lack of action of one party to a
contract which violates the terms of the agreement
Brokerage Agreement - ✔✔The relationship created between a sponsoring
broker and any member of the public who is receiving real estate services
through the sponsoring broker or the broker's sponsored licensees.
Chattel - ✔✔Personal property, or objects which are not permanently
affixed to land.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Civil Rights Act of 1866 - ✔✔Guaranteed property rights to all citizens
regardless of race. This act specifically provides that all citizens shall have
the same right to inherit, purchase, sell or lease real and personal property.
Client - ✔✔A person who is being represented by a licensee.
Commingling - ✔✔Depositing personal funds in a special escrow account
established to hold funds belonging to others.
Compensation - ✔✔Anything of value that is given in exchange for real
estate services.
Compensatory Damages - ✔✔Money paid with the intent to return the
injured party of a defaulted contract to the financial condition they were in
before the breach occurred.
Competent Parties - ✔✔Parties to a contract who are of legal age, sane
and sober.
Conciliation Agreement - ✔✔An agreement proposed by HUD in order to
settle a Fair Housing complaint
Concurrent Ownership - ✔✔Ownership of property by two or more
individuals or entities.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
