Illinois Real Estate Leasing Exam Prep
Latest update 2025/2026 GRADED A+
Acceptance By Ratification - correct answerThe 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 answerWhen all parties have agreed to a change in
one or more of the terms of a contract
Actual Eviction - correct answerCourt action initiated by the lessor to have a tenant
removed from the premises.
Administrative Law Judge (ALJ) - correct answerA judge who hears complaints and
considers evidence regarding violations of the Fair Housing Act.
Agency - correct answerThe legal relationship created when one person represents
another.
Air Rights - correct answerRights to use the space above the surface of land upward
into the sky.
Airspace - correct answerThe space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - correct answerA 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 answerThe act of one party to a contract allowing someone else to
assume all of his/her rights under the contract.!
Bilateral Contract - correct answerA contract in which two parties exchange promises.
Blockbusting - correct answerInducing 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 answerThe action or lack of action of one party to a
contract which violates the terms of the agreement
, Brokerage Agreement - correct answerThe 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 answerPersonal property, or objects which are not permanently affixed
to land.
Civil Rights Act of 1866 - correct answerGuaranteed 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 answerA person who is being represented by a licensee.
Commingling - correct answerDepositing personal funds in a special escrow account
established to hold funds belonging to others.
Compensation - correct answerAnything of value that is given in exchange for real
estate services.
Compensatory Damages - correct answerMoney 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 answerParties to a contract who are of legal age, sane and
sober.
Conciliation Agreement - correct answerAn agreement proposed by HUD in order to
settle a Fair Housing complaint
Concurrent Ownership - correct answerOwnership of property by two or more
individuals or entities.
Condemnation Action - correct answerThe 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 answerInformation that could harm the client's
negotiating position.
Consideration - correct answerThe promise offered in exchange for an action,
something of value or another promise.
Constructive Eviction - correct answerA 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.
Latest update 2025/2026 GRADED A+
Acceptance By Ratification - correct answerThe 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 answerWhen all parties have agreed to a change in
one or more of the terms of a contract
Actual Eviction - correct answerCourt action initiated by the lessor to have a tenant
removed from the premises.
Administrative Law Judge (ALJ) - correct answerA judge who hears complaints and
considers evidence regarding violations of the Fair Housing Act.
Agency - correct answerThe legal relationship created when one person represents
another.
Air Rights - correct answerRights to use the space above the surface of land upward
into the sky.
Airspace - correct answerThe space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - correct answerA 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 answerThe act of one party to a contract allowing someone else to
assume all of his/her rights under the contract.!
Bilateral Contract - correct answerA contract in which two parties exchange promises.
Blockbusting - correct answerInducing 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 answerThe action or lack of action of one party to a
contract which violates the terms of the agreement
, Brokerage Agreement - correct answerThe 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 answerPersonal property, or objects which are not permanently affixed
to land.
Civil Rights Act of 1866 - correct answerGuaranteed 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 answerA person who is being represented by a licensee.
Commingling - correct answerDepositing personal funds in a special escrow account
established to hold funds belonging to others.
Compensation - correct answerAnything of value that is given in exchange for real
estate services.
Compensatory Damages - correct answerMoney 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 answerParties to a contract who are of legal age, sane and
sober.
Conciliation Agreement - correct answerAn agreement proposed by HUD in order to
settle a Fair Housing complaint
Concurrent Ownership - correct answerOwnership of property by two or more
individuals or entities.
Condemnation Action - correct answerThe 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 answerInformation that could harm the client's
negotiating position.
Consideration - correct answerThe promise offered in exchange for an action,
something of value or another promise.
Constructive Eviction - correct answerA 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.
