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Exam (elaborations)

LEASING LICENSE PREP ILLINOIS QUESTIONS AND ANSWERS

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  • Course
  • Illinois Leasing Agent
  • Institution
  • Illinois Leasing Agent

LEASING LICENSE PREP ILLINOIS QUESTIONS AND ANSWERS

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  • September 26, 2024
  • 92
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Illinois Leasing Agent
  • Illinois Leasing Agent
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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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