IL Leasing License Terms
Acceptance by ratification Ans✓✓✓ if the tenant does not sign the lease but
takes possession of the premises, this is recognized as acceptance by the courts
Accord and satisfaction Ans✓✓✓ indicates that the parties have agreed to a
change in one or more of the terms of the contract
Actual eviction Ans✓✓✓ occurs when the lessor initiates court action to have
the tenant removed from the premises. Written notice must be given to the
tenant
5-day period: notice used if the default is due to a failure to pay rent.
10-day notice: required before the lessor can declare a default for a breach of any
other term of the lease
Administrative Hearing Ans✓✓✓ case is heard within 120 days, complainant is
represented by HUD attorneys
Administrative law judge (ALJ) Ans✓✓✓ considers evidence from the
complainant and the respondent; can order relief and award actual damages,
attorney's fees and costs
Agency Ans✓✓✓ the legal relationship created when one person represents
another
Is expected to advise and be an advocate for his/her principal
Air rights Ans✓✓✓ the right to use all of the airspace above the surface
,(ex. allowing airplanes to fly over someone's land as long as this use does not
interfere with the landowners enjoyment of the property)
Airspace Ans✓✓✓ the space above the surface and extends into infinity
Americans With Disabilities Act 1990 Ans✓✓✓ must be obeyed by private
employers and providers of public accomodations
Nonresidential and public goods and services must be accessible to the disabled
persons
Ask a court to award monetary damages Ans✓✓✓ money awarded to the
injured party of a breached contract by the court system
Assignment and sublet clauses Ans✓✓✓ the act of one party to a contract
allowing someone else to assume all of his/her rights under the contract is
assigning, and the transfer of a portion of the lease term with reversion to the
lessee is subletting.
Assignment Ans✓✓✓ The act of one party to a contract allowing someone else
to assume all of his/her rights under the contract
Bilateral contract Ans✓✓✓ formed when two parties exchange promises (ex. a
lease)
Blind advertising Ans✓✓✓ includes any real estate advertisement that does not
include the sponsoring broker's business name (illegal)
, Blockbusting/Panic Peddling Ans✓✓✓ occurs when real estate licensee attempts
to induce an owner to sell a property by implying that people of a particular
protected class are going to move into the neighborhood
Breach of contract Ans✓✓✓ occurs when one of the parties to a contract
violates the terms of the agreements without a legal reason
Broker license Ans✓✓✓ may be issued to individuals or legal entities such as
corporations, partnerships, and limited liability companies
(-21 yrs or older, completion of high school or equivalent
-Complete 90 hours course work, 30 hrs post-license education
-Must complete 12 hours of continuing education for each renewal period;
expires april 30th of odd-numbered years
-Can assist the public in sales or leasing transactions involving all types of real
property
-Does not allow someone to collect compensation for brokerage services directly
from the public or from other sponsoring brokers
-All brokers must collect all compensation for brokerage services through their
sponsor)
Brokerage agreement Ans✓✓✓ the relationship created between a sponsoring
broker and any member of the public who is receiving real estate services through
either the sponsoring broker or the broker's sponsored licensee
(To be valid, written agreements must either have one specific, automatic ending
date or must give the client the chance to cancel the agreement annually with 30
days written notice)
Acceptance by ratification Ans✓✓✓ if the tenant does not sign the lease but
takes possession of the premises, this is recognized as acceptance by the courts
Accord and satisfaction Ans✓✓✓ indicates that the parties have agreed to a
change in one or more of the terms of the contract
Actual eviction Ans✓✓✓ occurs when the lessor initiates court action to have
the tenant removed from the premises. Written notice must be given to the
tenant
5-day period: notice used if the default is due to a failure to pay rent.
10-day notice: required before the lessor can declare a default for a breach of any
other term of the lease
Administrative Hearing Ans✓✓✓ case is heard within 120 days, complainant is
represented by HUD attorneys
Administrative law judge (ALJ) Ans✓✓✓ considers evidence from the
complainant and the respondent; can order relief and award actual damages,
attorney's fees and costs
Agency Ans✓✓✓ the legal relationship created when one person represents
another
Is expected to advise and be an advocate for his/her principal
Air rights Ans✓✓✓ the right to use all of the airspace above the surface
,(ex. allowing airplanes to fly over someone's land as long as this use does not
interfere with the landowners enjoyment of the property)
Airspace Ans✓✓✓ the space above the surface and extends into infinity
Americans With Disabilities Act 1990 Ans✓✓✓ must be obeyed by private
employers and providers of public accomodations
Nonresidential and public goods and services must be accessible to the disabled
persons
Ask a court to award monetary damages Ans✓✓✓ money awarded to the
injured party of a breached contract by the court system
Assignment and sublet clauses Ans✓✓✓ the act of one party to a contract
allowing someone else to assume all of his/her rights under the contract is
assigning, and the transfer of a portion of the lease term with reversion to the
lessee is subletting.
Assignment Ans✓✓✓ The act of one party to a contract allowing someone else
to assume all of his/her rights under the contract
Bilateral contract Ans✓✓✓ formed when two parties exchange promises (ex. a
lease)
Blind advertising Ans✓✓✓ includes any real estate advertisement that does not
include the sponsoring broker's business name (illegal)
, Blockbusting/Panic Peddling Ans✓✓✓ occurs when real estate licensee attempts
to induce an owner to sell a property by implying that people of a particular
protected class are going to move into the neighborhood
Breach of contract Ans✓✓✓ occurs when one of the parties to a contract
violates the terms of the agreements without a legal reason
Broker license Ans✓✓✓ may be issued to individuals or legal entities such as
corporations, partnerships, and limited liability companies
(-21 yrs or older, completion of high school or equivalent
-Complete 90 hours course work, 30 hrs post-license education
-Must complete 12 hours of continuing education for each renewal period;
expires april 30th of odd-numbered years
-Can assist the public in sales or leasing transactions involving all types of real
property
-Does not allow someone to collect compensation for brokerage services directly
from the public or from other sponsoring brokers
-All brokers must collect all compensation for brokerage services through their
sponsor)
Brokerage agreement Ans✓✓✓ the relationship created between a sponsoring
broker and any member of the public who is receiving real estate services through
either the sponsoring broker or the broker's sponsored licensee
(To be valid, written agreements must either have one specific, automatic ending
date or must give the client the chance to cancel the agreement annually with 30
days written notice)
