Illinois Real Estate Leasing Exam Prep questions with answers

Illinois Real Estate Leasing Exam Prep |\ |\ |\ |\ |\ |\




questions with answers |\ |\




Acceptance By Ratification - CORRECT ANSWERS ✔✔The |\ |\ |\ |\ |\ |\ |\


acceptance of lease terms that occurs when a tenant takes |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


possession of the property but does not sign a lease. This form of
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acceptance is recognizable by the courts.
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Accord and Satisfaction - CORRECT ANSWERS ✔✔When all parties
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have agreed to a change in one or more of the terms of a
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contract


Actual Eviction - CORRECT ANSWERS ✔✔Court action initiated by
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the lessor to have a tenant removed from the premises.
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Administrative Law Judge (ALJ) - CORRECT ANSWERS ✔✔A judge |\ |\ |\ |\ |\ |\ |\ |\ |\


who hears complaints and considers evidence regarding
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violations of the Fair Housing Act. |\ |\ |\ |\ |\




Agency - CORRECT ANSWERS ✔✔The legal relationship created
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when one person represents another.
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Air Rights - CORRECT ANSWERS ✔✔Rights to use the space
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above the surface of land upward into the sky.
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,Airspace - CORRECT ANSWERS ✔✔The space above the surface
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extending into infinity. |\ |\




Americans With Disabilities Act of 1990 - CORRECT ANSWERS|\ |\ |\ |\ |\ |\ |\ |\ |\


✔✔A comprehensive civil rights law for the protection of persons
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with physical and mental disabilities. This law mandates equal
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access to jobs, public accommodations, government services,
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public transportation and telecommunications.
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Assignment - CORRECT ANSWERS ✔✔The act of one party to a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


contract allowing someone else to assume all of his/her rights
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under the contract.! |\ |\




Bilateral Contract - CORRECT ANSWERS ✔✔A contract in which
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two parties exchange promises.
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Blockbusting - CORRECT ANSWERS ✔✔Inducing an owner to sell |\ |\ |\ |\ |\ |\ |\ |\ |\


or rent a dwelling by making representations regarding entry of
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persons of a protected class, also referred to as "panic peddling."
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Breach of Contract - CORRECT ANSWERS ✔✔The action or lack of
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action of one party to a contract which violates the terms of the
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agreement


Brokerage Agreement - CORRECT ANSWERS ✔✔The relationship
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created between a sponsoring broker and any member of the
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public who is receiving real estate services through the
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sponsoring broker or the broker's sponsored licensees. |\ |\ |\ |\ |\ |\

, Chattel - CORRECT ANSWERS ✔✔Personal property, or objects
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which are not permanently affixed to land.
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Civil Rights Act of 1866 - CORRECT ANSWERS ✔✔Guaranteed
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property rights to all citizens regardless of race. This act
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specifically provides that all citizens shall have the same right to
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inherit, purchase, sell or lease real and personal property.
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Client - CORRECT ANSWERS ✔✔A person who is being
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represented by a licensee. |\ |\ |\




Commingling - CORRECT ANSWERS ✔✔Depositing personal funds |\ |\ |\ |\ |\ |\


in a special escrow account established to hold funds belonging
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to others.
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Compensation - CORRECT ANSWERS ✔✔Anything of value that is |\ |\ |\ |\ |\ |\ |\ |\ |\


given in exchange for real estate services.
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Compensatory Damages - CORRECT ANSWERS ✔✔Money paid |\ |\ |\ |\ |\ |\ |\


with the intent to return the injured party of a defaulted contract
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to the financial condition they were in before the breach
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occurred.


Competent Parties - CORRECT ANSWERS ✔✔Parties to a contract
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who are of legal age, sane and sober.
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Conciliation Agreement - CORRECT ANSWERS ✔✔An agreement
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proposed by HUD in order to settle a Fair Housing complaint
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