ILLINOIS REAL ESTATE LEASING EXAM PREP QUESTIONS WITH CORRECT ANSWERS

ILLINOIS REAL ESTATE LEASING
EXAM PREP QUESTIONS WITH
CORRECT ANSWERS
Acceptance |By |Ratification |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-When |all |parties |have |
agreed |to |a |change |in |one |or |more |of |the |terms |of |a |contract


Actual |Eviction |- |VERIFIED |ANSWER✔✔-Court |action |initiated |by |the |
lessor |to |have |a |tenant |removed |from |the |premises.


Administrative |Law |Judge |(ALJ) |- |VERIFIED |ANSWER✔✔-A |judge |who |
hears |complaints |and |considers |evidence |regarding |violations |of |the |Fair |
Housing |Act.


Agency |- |VERIFIED |ANSWER✔✔-The |legal |relationship |created |when |one
|person |represents |another.


Air |Rights |- |VERIFIED |ANSWER✔✔-Rights |to |use |the |space |above |the |
surface |of |land |upward |into |the |sky.


Airspace |- |VERIFIED |ANSWER✔✔-The |space |above |the |surface |extending
|into |infinity.




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,Americans |With |Disabilities |Act |of |1990 |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-The |act |of |one |party |to |a |contract |
allowing |someone |else |to |assume |all |of |his/her |rights |under |the |contract.!


Bilateral |Contract |- |VERIFIED |ANSWER✔✔-A |contract |in |which |two |
parties |exchange |promises.


Blockbusting |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-The |action |or |lack |of |action
|of |one |party |to |a |contract |which |violates |the |terms |of |the |agreement


Brokerage |Agreement |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-Personal |property, |or |objects |which |are |
not |permanently |affixed |to |land.


Civil |Rights |Act |of |1866 |- |VERIFIED |ANSWER✔✔-Guaranteed |property |
rights |to |all |citizens |regardless |of |race. |This |act |specifically |provides |that |all |


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, citizens |shall |have |the |same |right |to |inherit, |purchase, |sell |or |lease |real |and |
personal |property.


Client |- |VERIFIED |ANSWER✔✔-A |person |who |is |being |represented |by |a |
licensee.


Commingling |- |VERIFIED |ANSWER✔✔-Depositing |personal |funds |in |a |
special |escrow |account |established |to |hold |funds |belonging |to |others.


Compensation |- |VERIFIED |ANSWER✔✔-Anything |of |value |that |is |given |
in |exchange |for |real |estate |services.


Compensatory |Damages |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-Parties |to |a |contract |who |are
|of |legal |age, |sane |and |sober.


Conciliation |Agreement |- |VERIFIED |ANSWER✔✔-An |agreement |proposed
|by |HUD |in |order |to |settle |a |Fair |Housing |complaint


Concurrent |Ownership |- |VERIFIED |ANSWER✔✔-Ownership |of |property |
by |two |or |more |individuals |or |entities.


Condemnation |Action |- |VERIFIED |ANSWER✔✔-The |court |action |used |to |
exercise |the |power |of |eminent |domain, |allowing |the |government |to |purchase |
property |against |the |wishes |of |the |owner.


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