Illinois Real Estate Leasing Agent Exam questions
with verified answers
4 Major Funds Administered through IDFPR: Ans✓✓✓ 1. Real Estate License
Administration Fund
2. Real Estate Research and Education Fund
3. Real Estate Recovery Fund
4. Real Estate Audit Fund
A contract must be: Ans✓✓✓ 1. Voluntary
2. An agreement/promise
3. Made by legally competent parties
4. Be supported by legal consideration
5. Have to do with a legal act
A lease must: Ans✓✓✓ 1. Establish the length of time the contract runs
2. List the amount the lessee pays
3. State other rights and obligations of the parties
Acceptance of a Contract Ans✓✓✓ 1. Not considered accepted until offeror has
been notified of the other party's acceptance
2. Must be immediate with offers, acceptances, or other responses to avoid
problems, delays, or possible charges.
Accessibility through Federal Fair Housing Act Ans✓✓✓ Illegal to discriminate
against prospective tenants based on physical disabilities
,Accession Ans✓✓✓ trade fixtures that aren't removed become real property of
the landlord
Actual Eviction Ans✓✓✓ The legal process that results in the tenant's being
physically removed from the leased premises.
- Landlord must serve a notice before suing
- Landlord must file a forcible entry and detainer action
Agency Ans✓✓✓ Strict, defined legal relationship
Agency coupled with an interest Ans✓✓✓ Agent has an interest in the subject of
the agency (property being sold)
Agent Ans✓✓✓ Individual who is authorized and consents to represent the
interests of another person
Allocations of Customers/Markets Ans✓✓✓ Involves an agreement among real
estate companies to divide their markets and refrain from competing for each
other's business
Annexation Ans✓✓✓ When personal property turns into real property (ex: a
landowner turns cement into a sidewalk. The sidewalk is now real property
because it's attached to the land)
Anti-Trust Laws Ans✓✓✓ These laws prohibit monopolies and any contracts,
combinations, and conspiracies that unreasonably restrain trade
, Article 15 of Real Estate License Act of 2000 Ans✓✓✓ "No cause of action shall
arise against a licensee for the failure to disclose a fact situation on property that
is not the subject of the transaction"
Assignment Ans✓✓✓ Substitution of parties; the transfer of rights/duties under
a contract
Attachment Ans✓✓✓ personal property that turns into real property
Bilateral Contract Ans✓✓✓ Both parties promise to do something (real estate is
bilateral)
Blind ads Ans✓✓✓ Those not indicating the brokerage firm's name; not
indicating that the advertiser is a licensee
Blockbusting Ans✓✓✓ Act of encouraging people to sell/rent their homes
claiming that the entry of a protected class of people into the neighborhood will
have some sort of negative impact on the property values
Breach of Lease; Landlord may sue tenant for: Ans✓✓✓ 1. Post-due rent
2. Damages
3. Other defaults
Breach of lease: Damages & Other defaults Ans✓✓✓ Landlord can terminate
tenancy by giving tenant a 10 day written notice including demand for possession
with verified answers
4 Major Funds Administered through IDFPR: Ans✓✓✓ 1. Real Estate License
Administration Fund
2. Real Estate Research and Education Fund
3. Real Estate Recovery Fund
4. Real Estate Audit Fund
A contract must be: Ans✓✓✓ 1. Voluntary
2. An agreement/promise
3. Made by legally competent parties
4. Be supported by legal consideration
5. Have to do with a legal act
A lease must: Ans✓✓✓ 1. Establish the length of time the contract runs
2. List the amount the lessee pays
3. State other rights and obligations of the parties
Acceptance of a Contract Ans✓✓✓ 1. Not considered accepted until offeror has
been notified of the other party's acceptance
2. Must be immediate with offers, acceptances, or other responses to avoid
problems, delays, or possible charges.
Accessibility through Federal Fair Housing Act Ans✓✓✓ Illegal to discriminate
against prospective tenants based on physical disabilities
,Accession Ans✓✓✓ trade fixtures that aren't removed become real property of
the landlord
Actual Eviction Ans✓✓✓ The legal process that results in the tenant's being
physically removed from the leased premises.
- Landlord must serve a notice before suing
- Landlord must file a forcible entry and detainer action
Agency Ans✓✓✓ Strict, defined legal relationship
Agency coupled with an interest Ans✓✓✓ Agent has an interest in the subject of
the agency (property being sold)
Agent Ans✓✓✓ Individual who is authorized and consents to represent the
interests of another person
Allocations of Customers/Markets Ans✓✓✓ Involves an agreement among real
estate companies to divide their markets and refrain from competing for each
other's business
Annexation Ans✓✓✓ When personal property turns into real property (ex: a
landowner turns cement into a sidewalk. The sidewalk is now real property
because it's attached to the land)
Anti-Trust Laws Ans✓✓✓ These laws prohibit monopolies and any contracts,
combinations, and conspiracies that unreasonably restrain trade
, Article 15 of Real Estate License Act of 2000 Ans✓✓✓ "No cause of action shall
arise against a licensee for the failure to disclose a fact situation on property that
is not the subject of the transaction"
Assignment Ans✓✓✓ Substitution of parties; the transfer of rights/duties under
a contract
Attachment Ans✓✓✓ personal property that turns into real property
Bilateral Contract Ans✓✓✓ Both parties promise to do something (real estate is
bilateral)
Blind ads Ans✓✓✓ Those not indicating the brokerage firm's name; not
indicating that the advertiser is a licensee
Blockbusting Ans✓✓✓ Act of encouraging people to sell/rent their homes
claiming that the entry of a protected class of people into the neighborhood will
have some sort of negative impact on the property values
Breach of Lease; Landlord may sue tenant for: Ans✓✓✓ 1. Post-due rent
2. Damages
3. Other defaults
Breach of lease: Damages & Other defaults Ans✓✓✓ Landlord can terminate
tenancy by giving tenant a 10 day written notice including demand for possession
