Exam (elaborations)
IL Leasing Agent Exam (1)
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IL Leasing Agent Exam (1)
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IL Leasing Agent Examvoidable contract - ANS-contract with elements of a valid contract but only one part has
right to enforce or withdraw - such as a personal injury contract
void contract - ANS-contract that lacks legally required provisions, not binding. ex -
contract for an illegal purpose
unilateral contract - ANS-on party makes a promise to induce another party's action. ex
- lost dog sign
unenforceable clause - ANS-each clause is separate, if one clause is invalidated, entire
contract does NOT fall apart
trade fixtures - ANS-personal property item attached to real property for business
purposes. ex - sink in a salon
testers - ANS-government officials who pose as prospective renters/buyers to ensure
compliance with FHA
tenancy in common - ANS-ownership where owner chooses heirs to pass ownership
rights to
tenancy for years - ANS-a tenancy with a specific end date
tenancy at will - ANS-lease with no explicit duration - can be terminated at any time by
either party
tenancy at sufferance - ANS-lease created when tenant continues to occupy after rights
expired - wrongful possession
steering - ANS-illegal act where licensee directs buyer or renter to a certain
area/unit/building etc based of one off protected classification
statute of frauds - ANS-all real estate contracts must be in writing to be court enforced
IL statute of frauds - ANS-leases of one year or less can be enforced if they are not in
writing
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