Illinois Real Estate Leasing Exam Prep
UPDATED ACTUAL Questions and
CORRECT Answers
Acceptance By Ratification - CORRECT 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 - CORRECT ANSWER - When all parties have agreed to a
change in one or more of the terms of a contract
Actual Eviction - CORRECT ANSWER - Court action initiated by the lessor to have a
tenant removed from the premises.
Administrative Law Judge (ALJ) - CORRECT ANSWER - A judge who hears complaints
and considers evidence regarding violations of the Fair Housing Act.
Agency - CORRECT ANSWER - The legal relationship created when one person
represents another.
Air Rights - CORRECT ANSWER - Rights to use the space above the surface of land
upward into the sky.
Airspace - CORRECT ANSWER - The space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - CORRECT 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 - CORRECT ANSWER - The act of one party to a contract allowing someone
else to assume all of his/her rights under the contract.!
Bilateral Contract - CORRECT ANSWER - A contract in which two parties exchange
promises.
Blockbusting - CORRECT 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 - CORRECT ANSWER - The action or lack of action of one party to a
contract which violates the terms of the agreement
Brokerage Agreement - CORRECT 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 - CORRECT ANSWER - Personal property, or objects which are not permanently
affixed to land.
Civil Rights Act of 1866 - CORRECT ANSWER - 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 - CORRECT ANSWER - A person who is being represented by a licensee.
Commingling - CORRECT ANSWER - Depositing personal funds in a special escrow
account established to hold funds belonging to others.
Compensation - CORRECT ANSWER - Anything of value that is given in exchange for
real estate services.
, Compensatory Damages - CORRECT 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 - CORRECT ANSWER - Parties to a contract who are of legal age,
sane and sober.
Conciliation Agreement - CORRECT ANSWER - An agreement proposed by HUD in
order to settle a Fair Housing complaint
Concurrent Ownership - CORRECT ANSWER - Ownership of property by two or more
individuals or entities.
Condemnation Action - CORRECT ANSWER - 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 - CORRECT ANSWER - Information that could harm the
client's negotiating position.
Consideration - CORRECT ANSWER - The promise offered in exchange for an action,
something of value or another promise.
Constructive Eviction - CORRECT ANSWER - 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 - CORRECT ANSWER - A person or entity seeking or receiving real estate
brokerage services.
UPDATED ACTUAL Questions and
CORRECT Answers
Acceptance By Ratification - CORRECT 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 - CORRECT ANSWER - When all parties have agreed to a
change in one or more of the terms of a contract
Actual Eviction - CORRECT ANSWER - Court action initiated by the lessor to have a
tenant removed from the premises.
Administrative Law Judge (ALJ) - CORRECT ANSWER - A judge who hears complaints
and considers evidence regarding violations of the Fair Housing Act.
Agency - CORRECT ANSWER - The legal relationship created when one person
represents another.
Air Rights - CORRECT ANSWER - Rights to use the space above the surface of land
upward into the sky.
Airspace - CORRECT ANSWER - The space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - CORRECT 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 - CORRECT ANSWER - The act of one party to a contract allowing someone
else to assume all of his/her rights under the contract.!
Bilateral Contract - CORRECT ANSWER - A contract in which two parties exchange
promises.
Blockbusting - CORRECT 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 - CORRECT ANSWER - The action or lack of action of one party to a
contract which violates the terms of the agreement
Brokerage Agreement - CORRECT 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 - CORRECT ANSWER - Personal property, or objects which are not permanently
affixed to land.
Civil Rights Act of 1866 - CORRECT ANSWER - 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 - CORRECT ANSWER - A person who is being represented by a licensee.
Commingling - CORRECT ANSWER - Depositing personal funds in a special escrow
account established to hold funds belonging to others.
Compensation - CORRECT ANSWER - Anything of value that is given in exchange for
real estate services.
, Compensatory Damages - CORRECT 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 - CORRECT ANSWER - Parties to a contract who are of legal age,
sane and sober.
Conciliation Agreement - CORRECT ANSWER - An agreement proposed by HUD in
order to settle a Fair Housing complaint
Concurrent Ownership - CORRECT ANSWER - Ownership of property by two or more
individuals or entities.
Condemnation Action - CORRECT ANSWER - 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 - CORRECT ANSWER - Information that could harm the
client's negotiating position.
Consideration - CORRECT ANSWER - The promise offered in exchange for an action,
something of value or another promise.
Constructive Eviction - CORRECT ANSWER - 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 - CORRECT ANSWER - A person or entity seeking or receiving real estate
brokerage services.
