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Exam (elaborations)

IL Leasing Agent Exam questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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IL Leasing Agent Exam questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Agent Certifications
  • Agent Certifications
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AnswersCOM
IL Leasing Agent Exam
14th amendment - ANS-guarantees rights of citizenship, due process, and equal protection
under the law

5 types of involuntary termination - ANS-actual eviction, constructive eviction, eminent domain,
mortgage foreclosure, bankruptcy

acceptance by ratification - ANS-acceptance where lessee takes physical possession of
property but does not sign a lease - recognized by courts

accord and satisfaction - ANS-all parties agree to a change in contract

Americans with Disabilities Act of 1990 - ANS-requires employers and public facilities to make
"reasonable accommodations" for people with disabilities and prohibits discrimination against
these individuals in employment

assignment - ANS-method of releasing self from contract. one part in a contract allows another
to assume all of his or her rights. can be done as long as contract doesn't strictly prohibit.

bilateral contract - ANS-both parties make a promise

blockbusting - ANS-when licensee tries to induce owner into selling property due to the
entry/exit of a certain class of people

brokerage agreement - ANS-sponsoring broker/public getting real estate services relationship

chattel - ANS-personal property - not permanently affixed to land

Civil Rights Act of 1866 - ANS-guarantees property rights regardless of race but did not punish
private acts of discrimination

commingling - ANS-putting personal money in a special escrow account established to hold
someone else's money - can become issue when broker is also acting as a property manager

conciliation agreement - ANS-potential resolution for FHA complaint - agreement must protect
complainant and public. after agreement signed, no further action may be taken by HUD unless
breach of agreement

condemnation action - ANS-court action that allows government to purchase property against
owner's wish, exercise of eminent domain. owner is compensated

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