Illinois Real Estate Leasing Exam with accurate detailed || || || || || || || ||
solutions
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.
|| || || || || || || || || || || || || || || ||
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.
|| || || || || || || || || || || ||
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.
|| || || || || || || || || || || ||
Condemnation Action - ✔✔The court action used to exercise the power of eminent domain,
|| || || || || || || || || || || || || ||
allowing the government to purchase property against the wishes of the owner.
|| || || || || || || || || || ||
Confidential Information - ✔✔Information that could harm the client's negotiating position.
|| || || || || || || || || ||
Consideration - ✔✔The promise offered in exchange for an action, something of value or another
|| || || || || || || || || || || || || || ||
promise.
Constructive Eviction - ✔✔A defense used by the lessee to avoid paying rent and vacate the
|| || || || || || || || || || || || || || || ||
property when the lessor allows the premises to become uninhabitable for an unreasonable
|| || || || || || || || || || || || ||
amount of time in violation of the lease agreement.
|| || || || || || || ||
Consumer - ✔✔A person or entity seeking or receiving real estate brokerage services.
|| || || || || || || || || || || ||
Contract - ✔✔A legally binding promise or set of promises, generally setting the terms of a
|| || || || || || || || || || || || || || || ||
business arrangement like an apartment lease.
|| || || || ||
Customer - ✔✔A consumer who is not being represented by a licensee but for whom the licensee
|| || || || || || || || || || || || || || || || ||
is performing ministerial acts.
|| || ||
Designated Agency - ✔✔Representation of either the purchaser/lessee or the seller/lessor, as
|| || || || || || || || || || || ||
assigned by the licensee's sponsoring broker.
|| || || || ||
Destruction Clause - ✔✔A lease clause that describes what rights and responsibilities the lessor
|| || || || || || || || || || || || || ||
and lessee have if the premises is partially or completely destroyed.
|| || || || || || || || || ||
solutions
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.
|| || || || || || || || || || || || || || || ||
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.
|| || || || || || || || || || || ||
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.
|| || || || || || || || || || || ||
Condemnation Action - ✔✔The court action used to exercise the power of eminent domain,
|| || || || || || || || || || || || || ||
allowing the government to purchase property against the wishes of the owner.
|| || || || || || || || || || ||
Confidential Information - ✔✔Information that could harm the client's negotiating position.
|| || || || || || || || || ||
Consideration - ✔✔The promise offered in exchange for an action, something of value or another
|| || || || || || || || || || || || || || ||
promise.
Constructive Eviction - ✔✔A defense used by the lessee to avoid paying rent and vacate the
|| || || || || || || || || || || || || || || ||
property when the lessor allows the premises to become uninhabitable for an unreasonable
|| || || || || || || || || || || || ||
amount of time in violation of the lease agreement.
|| || || || || || || ||
Consumer - ✔✔A person or entity seeking or receiving real estate brokerage services.
|| || || || || || || || || || || ||
Contract - ✔✔A legally binding promise or set of promises, generally setting the terms of a
|| || || || || || || || || || || || || || || ||
business arrangement like an apartment lease.
|| || || || ||
Customer - ✔✔A consumer who is not being represented by a licensee but for whom the licensee
|| || || || || || || || || || || || || || || || ||
is performing ministerial acts.
|| || ||
Designated Agency - ✔✔Representation of either the purchaser/lessee or the seller/lessor, as
|| || || || || || || || || || || ||
assigned by the licensee's sponsoring broker.
|| || || || ||
Destruction Clause - ✔✔A lease clause that describes what rights and responsibilities the lessor
|| || || || || || || || || || || || || ||
and lessee have if the premises is partially or completely destroyed.
|| || || || || || || || || ||
