Illinois Real Estate Leasing Exam Prep Questions With 100% Correct Answers

Illinois Real Estate Leasing Exam Prep Questions With 100% Correct Answers Acceptance By Ratification - answerThe 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 - answerWhen all parties have agreed to a change in one or more of the terms of a contract Actual Eviction - answerCourt action initiated by the lessor to have a tenant removed from the premises. Administrative Law Judge (ALJ) - answerA judge who hears complaints and considers evidence regarding violations of the Fair Housing Act. Agency - answerThe legal relationship created when one person represents another. Air Rights - answerRights to use the space above the surface of land upward into the sky. Airspace - answerThe space above the surface extending into infinity. Americans With Disabilities Act of 1990 - answerA 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 - answerThe act of one party to a contract allowing someone else to assume all of his/her rights under the contract.! Bilateral Contract - answerA contract in which two parties exchange promises. Blockbusting - answerInducing 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 - answerThe action or lack of action of one party to a contract which violates the terms of the agreement Brokerage Agreement - answerThe 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 - answerPersonal property, or objects which are not permanently affixed to land. Civil Rights Act of 1866 - answerGuaranteed 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 - answerA person who is being represented by a licensee. Commingling - answerDepositing personal funds in a special escrow account established to hold funds belonging to others. Compensation - answerAnything of value that is given in exchange for real estate services. Compensatory Damages - answerMoney 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 - answerParties to a contract who are of legal age, sane and sober. Conciliation Agreement - answerAn agreement proposed by HUD in order to settle a Fair Housing complaint Concurrent Ownership - answerOwnership of property by two or more individuals or entities. Condemnation Action - answerThe court action used to exercise the power of eminent domain, allowing the government to purchase property against the wishes of the owner. Confidential Information - answerInformation that could harm the client's negotiating position. Consideration - answerThe promise offered in exchange for an action, something of value or another promise. Constructive Eviction - answerA 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 - answerA person or entity seeking or receiving real estate brokerage services. Contract - answerA legally binding promise or set of promises, generally setting the terms of a business arrangement like an apartment lease. Customer - answerA consumer who is not being represented by a licensee but for whom the licensee is performing ministerial acts. Designated Agency - answerRepresentation of either the purchaser/lessee or the seller/lessor, as assigned by the licensee's sponsoring broker.