ILLINOIS REAL ESTATE LEASING
EXAM PREP
Acceptance0By0Ratification0-
0ans✔The0acceptance0of0lease0terms0that0occurs0when0a0tenant0takes0possession0of0
the0property0but0does0not0sign0a0lease.0This0form0of0acceptance0is0recognizable0by0th
e0courts.
Accord0and0Satisfaction0-
0ans✔When0all0parties0have0agreed0to0a0change0in0one0or0more0of0the0terms0of0a0co
ntract
Actual0Eviction0-
0ans✔Court0action0initiated0by0the0lessor0to0have0a0tenant0removed0from0the0premise
s.
Administrative0Law0Judge0(ALJ)0-
0ans✔A0judge0who0hears0complaints0and0considers0evidence0regarding0violations0of0t
he0Fair0Housing0Act.
Agency0-0ans✔The0legal0relationship0created0when0one0person0represents0another.
Air0Rights0-
0ans✔Rights0to0use0the0space0above0the0surface0of0land0upward0into0the0sky.
Airspace0-0ans✔The0space0above0the0surface0extending0into0infinity.
Americans0With0Disabilities0Act0of019900-
0ans✔A0comprehensive0civil0rights0law0for0the0protection0of0persons0with0physical0and
0mental0disabilities.0This0law0mandates0equal0access0to0jobs,0public0accommodations,
0government0services,0public0transportation0and0telecommunications.
Assignment0-
0ans✔The0act0of0one0party0to0a0contract0allowing0someone0else0to0assume0all0of0his/
her0rights0under0the0contract.!
, Bilateral0Contract0-0ans✔A0contract0in0which0two0parties0exchange0promises.
Blockbusting0-
0ans✔Inducing0an0owner0to0sell0or0rent0a0dwelling0by0making0representations0regardin
g0entry0of0persons0of0a0protected0class,0also0referred0to0as0"panic0peddling."
Breach0of0Contract0-
0ans✔The0action0or0lack0of0action0of0one0party0to0a0contract0which0violates0the0terms0
of0the0agreement
Brokerage0Agreement0-
0ans✔The0relationship0created0between0a0sponsoring0broker0and0any0member0of0the0
public0who0is0receiving0real0estate0services0through0the0sponsoring0broker0or0the0brok
er's0sponsored0licensees.
Chattel0-
0ans✔Personal0property,0or0objects0which0are0not0permanently0affixed0to0land.
Civil0Rights0Act0of018660-
0ans✔Guaranteed0property0rights0to0all0citizens0regardless0of0race.0This0act0specificall
y0provides0that0all0citizens0shall0have0the0same0right0to0inherit,0purchase,0sell0or0lease
0real0and0personal0property.
Client0-0ans✔A0person0who0is0being0represented0by0a0licensee.
Commingling0-
0ans✔Depositing0personal0funds0in0a0special0escrow0account0established0to0hold0fund
s0belonging0to0others.
Compensation0-
0ans✔Anything0of0value0that0is0given0in0exchange0for0real0estate0services.
Compensatory0Damages0-
0ans✔Money0paid0with0the0intent0to0return0the0injured0party0of0a0defaulted0contract0to0
the0financial0condition0they0were0in0before0the0breach0occurred.
Competent0Parties0-0ans✔Parties0to0a0contract0who0are0of0legal0age,0sane0and0sober.
Conciliation0Agreement0-
0ans✔An0agreement0proposed0by0HUD0in0order0to0settle0a0Fair0Housing0complaint
Concurrent0Ownership0-
0ans✔Ownership0of0property0by0two0or0more0individuals0or0entities.
EXAM PREP
Acceptance0By0Ratification0-
0ans✔The0acceptance0of0lease0terms0that0occurs0when0a0tenant0takes0possession0of0
the0property0but0does0not0sign0a0lease.0This0form0of0acceptance0is0recognizable0by0th
e0courts.
Accord0and0Satisfaction0-
0ans✔When0all0parties0have0agreed0to0a0change0in0one0or0more0of0the0terms0of0a0co
ntract
Actual0Eviction0-
0ans✔Court0action0initiated0by0the0lessor0to0have0a0tenant0removed0from0the0premise
s.
Administrative0Law0Judge0(ALJ)0-
0ans✔A0judge0who0hears0complaints0and0considers0evidence0regarding0violations0of0t
he0Fair0Housing0Act.
Agency0-0ans✔The0legal0relationship0created0when0one0person0represents0another.
Air0Rights0-
0ans✔Rights0to0use0the0space0above0the0surface0of0land0upward0into0the0sky.
Airspace0-0ans✔The0space0above0the0surface0extending0into0infinity.
Americans0With0Disabilities0Act0of019900-
0ans✔A0comprehensive0civil0rights0law0for0the0protection0of0persons0with0physical0and
0mental0disabilities.0This0law0mandates0equal0access0to0jobs,0public0accommodations,
0government0services,0public0transportation0and0telecommunications.
Assignment0-
0ans✔The0act0of0one0party0to0a0contract0allowing0someone0else0to0assume0all0of0his/
her0rights0under0the0contract.!
, Bilateral0Contract0-0ans✔A0contract0in0which0two0parties0exchange0promises.
Blockbusting0-
0ans✔Inducing0an0owner0to0sell0or0rent0a0dwelling0by0making0representations0regardin
g0entry0of0persons0of0a0protected0class,0also0referred0to0as0"panic0peddling."
Breach0of0Contract0-
0ans✔The0action0or0lack0of0action0of0one0party0to0a0contract0which0violates0the0terms0
of0the0agreement
Brokerage0Agreement0-
0ans✔The0relationship0created0between0a0sponsoring0broker0and0any0member0of0the0
public0who0is0receiving0real0estate0services0through0the0sponsoring0broker0or0the0brok
er's0sponsored0licensees.
Chattel0-
0ans✔Personal0property,0or0objects0which0are0not0permanently0affixed0to0land.
Civil0Rights0Act0of018660-
0ans✔Guaranteed0property0rights0to0all0citizens0regardless0of0race.0This0act0specificall
y0provides0that0all0citizens0shall0have0the0same0right0to0inherit,0purchase,0sell0or0lease
0real0and0personal0property.
Client0-0ans✔A0person0who0is0being0represented0by0a0licensee.
Commingling0-
0ans✔Depositing0personal0funds0in0a0special0escrow0account0established0to0hold0fund
s0belonging0to0others.
Compensation0-
0ans✔Anything0of0value0that0is0given0in0exchange0for0real0estate0services.
Compensatory0Damages0-
0ans✔Money0paid0with0the0intent0to0return0the0injured0party0of0a0defaulted0contract0to0
the0financial0condition0they0were0in0before0the0breach0occurred.
Competent0Parties0-0ans✔Parties0to0a0contract0who0are0of0legal0age,0sane0and0sober.
Conciliation0Agreement0-
0ans✔An0agreement0proposed0by0HUD0in0order0to0settle0a0Fair0Housing0complaint
Concurrent0Ownership0-
0ans✔Ownership0of0property0by0two0or0more0individuals0or0entities.
