ILLINOIS REAL ESTATE LEASING EXAM WITH GUARANTEED ACCURATE ANSWERS
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Course
ILLINOIS REAL ESTATE LEASING
Institution
ILLINOIS REAL ESTATE LEASING
Acceptance By Ratification - ACCURATE ANSWERS 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 - ACCURATE ANSWERS When all parties have agreed to a ch...
ILLINOIS REAL ESTATE LEASING EXAM
2024\2025
ILLINOIS REAL ESTATE LEASING EXAM 2024\2025 WITH GUARANTEED ACCURATE
ANSWERS
Acceptance By Ratification - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ When all parties
have agreed to a change in one or more of the terms of a contract
Actual Eviction - ACCURATE ANSWERS✔✔ Court action initiated by
the lessor to have a tenant removed from the premises.
,Administrative Law Judge (ALJ) - ACCURATE ANSWERS✔✔ A
judge who hears complaints and considers evidence regarding violations
of the Fair Housing Act.
Agency - ACCURATE ANSWERS✔✔ The legal relationship created
when one person represents another.
Air Rights - ACCURATE ANSWERS✔✔ Rights to use the space above
the surface of land upward into the sky.
Airspace - ACCURATE ANSWERS✔✔ The space above the surface
extending into infinity.
Americans With Disabilities Act of 1990 - ACCURATE ANSWERS✔✔
A comprehensive civil rights law for the protection of persons with
physical and mental disabilities. This law mandates equal access to jobs,
public accommodations, government services, public transportation and
telecommunications.
Assignment - ACCURATE ANSWERS✔✔ The act of one party to a
contract allowing someone else to assume all of his/her rights under the
contract.!
Bilateral Contract - ACCURATE ANSWERS✔✔ A contract in which
two parties exchange promises.
, Blockbusting - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ The action or lack of
action of one party to a contract which violates the terms of the
agreement
Brokerage Agreement - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ Personal property, or objects
which are not permanently affixed to land.
Civil Rights Act of 1866 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ A person who is being represented
by a licensee.
Commingling - ACCURATE ANSWERS✔✔ Depositing personal funds
in a special escrow account established to hold funds belonging to
others.
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