Illinois Leasing Agent UPDATED ACTUAL Questions and CORRECT Answers
3 views 0 purchase
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
