Exam (elaborations)
ILLINOIS LEASING AGENT PRE-LICENSE TERMS QUESTIONS AND ANSWERS
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ILLINOIS LEASING AGENT PRE-LICENSE TERMS QUESTIONS AND ANSWERS
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Name: Score:58 Multiple choice questions
Definition 1 of 58
The Fair Housing Amendment Act of 1988 included a provision for senior housing which can be
defined as operating housing based on:
a. Individuals age 62 years of age or older occupying units, or
b. At least one person 55 years of age or older in 80% of the units. The remaining 20% of units
can be occupied by anyone else who qualifies.
Valid Contract
Senior Housing
Reasonable Accommodation
Contract
Definition 2 of 58
The leasing agent license is a limited scope license for residential leasing only. They must be
sponsored by a sponsoring broker or broker firm.
Fiduciary
Sponsoring Broker
Qualifying Broker
Licensee
,Definition 3 of 58
An agreement between two or more competent parties:
-The parties must be of sound mind
-To engage in some legal purpose
-To receive something of value in exchange
Void Contract
Contract
Reasonable Modification
Reasonable Accommodation
Definition 4 of 58
* Care
* Obedience
* Loyalty
* Accountability
* Notice
IDFPR
Eviction
Chattel
COLAN
Definition 5 of 58
One person promises the other party something in order to get that party to react (like a rent
to own agreement)
Dual Agency
Unilateral Contract
Express Contract
Implied Contract
,Definition 6 of 58
Personal items not attached to the land (movable property)
Real Property
Fixture
Chattel
Austere
Definition 7 of 58
Hidden defects that also affect the property
Covert Physical Defect
Contract
Eviction
Latent Material Defect
Definition 8 of 58
Dual agency is when a licensee represents both the seller and the buyer or, in the case of
residential leasing, both the landlord and the prospective tenant
Single Agency
Dual Agency
Dual Agent
Branch Office
, Definition 9 of 58
Certain states have agreements to recognize Illinois licenses so that activities can be
conducted between the states - does not apply to leasing agents since Illinois is the only one
with leasing agent licenses
Commitment
Conformity
Reciprocity
Retribution
Definition 10 of 58
Residential properties that contain 25 or more units, landlords need to pay interest on security
deposits; In order to collect interest on a security deposit, it must have been held by the
landlord for more than six months.
Real Estate Recovery Fund
Reciprocity
Security Deposit Interest
Fair Credit Reporting Act
Definition 11 of 58
Cannot commingle money/property of business or personal funds
Eviction
Commingling
Blockbusting
Inducement
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