Exam (elaborations)
LEASING LICENSE PREP ILLINOIS QUESTIONS AND ANSWERS
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LEASING LICENSE PREP ILLINOIS QUESTIONS AND ANSWERS
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Name: Score:105 Multiple choice questions
Definition 1 of 105
The practice of representing both the buyer/lessee and the seller/lessor in a real estate
transaction.
Designated Agency
Dual Agency
Subagency
Customer
Definition 2 of 105
The court action used to exercise the power of eminent domain, allowing the government to
purchase property against the wishes of the owner.
Condemnation Action
Quiet Title Action
Foreclosure Action
Compensatory Damages
Definition 3 of 105
People who pose as prospective tenants or purchasers and work in pairs to test how two
tenants with equal buying power of a protected class will be treated by the same licensee in a
real estate transaction.
Steering
Evaluators
Testers
Conciliators
,Definition 4 of 105
Property not permanently affixed to the land, also called "chattel" or "personalty"
Personal Property
Competent Parties
Periodic Tenancy
Real Estate
Definition 5 of 105
Enacted to expand coverage of the Fair Housing Act and to enhance its enforcement. The two
major additions to the act include the protection of families with children (referred to as
"familial status") and handicapped persons in real estate activities. This act also modified HUD
complaint procedure, removed the cap for punitive damages and increased the available
damages and civil penalties.
Fair Housing Amendments Act of 1988
Civil rights act of 1866
Accord and satisfaction
Americans With Disabilities Act of 1990
Definition 6 of 105
Money awarded to the injured party of a breached contract by the court system.
Punitive Damages
Constructive Eviction
Injunction
Monetary Damages
,Definition 7 of 105
The use of forces to indice another act against his/her will.
Commingling
Fraud
Undue Influence
Duress
Definition 8 of 105
A comprehensive civil rights for the protection of persons with physical and mental disabilities.
The law mandates equal access to jobs, public accommodations, government services, public
transportation and tele communications.
Fair housing Amendments Act of 1988
Americans with Disabilities Act of 1990
Americans with Disabilities Act of 1995
Americans with Disabilities Act of 1985
Definition 9 of 105
A form of co-ownership in which ownership interests of a deceased owner can be passed
along to the owner's chosen heirs.
Estate in severalty
Conflicting demands
Tenancy is common
Joint tenancy
, Definition 10 of 105
contract in which both parties exchange promises
Bilateral Contract
Implied Contract
Express Contract
Executed Contract
Definition 11 of 105
A lease clause that gives the lessee the right to extend the lease term under certain conditions.
Renewal Option
Purchase Option
Consideration
Assignment
Definition 12 of 105
Money awarded by the court to an injured party of a breached contract to punish the party
who caused the breach.
Consideration
Compensatory Damages
Injunction
Punitive Damages
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