Illinois Leasing Agent UPDATED ACTUAL Questions and CORRECT Answers
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Course
Illinois Leasing Agent
Institution
Illinois Leasing Agent
Illinois Leasing Agent UPDATED
ACTUAL Questions and CORRECT
Answers
Acceptance by Ratification - CORRECT ANSWER- The 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...
Illinois Leasing Agent UPDATED
ACTUAL Questions and CORRECT
Answers
Acceptance by Ratification - CORRECT ANSWER✔✔- The 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 ANSWER✔✔- When all parties have agreed to a
change in one or more of the terms of a contract.
Actual Eviction - CORRECT ANSWER✔✔- The legal process that results in the tenant's
being physically removed from the leased premises.
Administrative Law Judge (ALJ) - CORRECT ANSWER✔✔- A judge who hears complaints
and considers evidence regarding violations of the Fair Housing Act.
Agency - CORRECT ANSWER✔✔- The legal relationship created when one person
represents another.
Air Rights - CORRECT ANSWER✔✔- The right to use the open space above a property,
usually allowing the surface to be used for another purpose.
Airspace - CORRECT ANSWER✔✔- The air above the earth, all the way into space.
Americans With Disabilities Act of 1990 - CORRECT ANSWER✔✔- A law passed in 1990
that requires employers and public facilities to make "reasonable accommodations" for
people with disabilities and prohibits discrimination against these individuals in employment.
Assignment - CORRECT ANSWER✔✔- The act of one party to a contract allowing someone
else to assume all of his/her rights under the contract.
, Customer - CORRECT ANSWER✔✔- A consumer who is not being represented by a
licensee.
Bilateral Contract - CORRECT ANSWER✔✔- promise for a promise
Blockbusting - CORRECT ANSWER✔✔- Inducing 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 ANSWER✔✔- The action or lack of action of one party to a
contract which violates the terms of the agreement.
Brokerage Agreement - CORRECT ANSWER✔✔- The 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 ANSWER✔✔- Personal property, or objects which are not permanently
affixed to land.
Civil Rights Act of 1866 - CORRECT ANSWER✔✔- Guaranteed 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 ANSWER✔✔- A person who is being represented by a licensee
Commingling - CORRECT ANSWER✔✔- Depositing personal funds in a special escrow
account established to hold funds belonging to others.
Compensation - CORRECT ANSWER✔✔- Anything of value that is given in exchange for
real estate services.
Contract - CORRECT ANSWER✔✔- A legally binding promise or set of promises, generally
setting the terms of a business arrangement like an apartment lease.
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