Exam (elaborations)
Leasing License Prep Illinois Exam/107 Questions with Solutions
Leasing License Prep Illinois Exam/107 Questions with Solutions
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Leasing License Prep Illinois Exam/107Questions with Solutions
Acceptance by Ratification - -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 - -When all parties have agreed to a change in one
or more of the terms of a contract.
-Administrative Law Judge (ARJ) - -A judge who hears complaints and
considers evidence regarding violations of the Fair Housing Act.
-Air Rights - -The right to use the open space above a property, usually
allowing the surface to be used for another purpose/Rights to use the space
above the surface of land upward into the sky.
-Agency - -The legal relationship created when one person represents
another.
-Americans with Disabilities Act of 1990 - -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.
-Assignment - -The act of one party to a contract allowing someone else to
assume all of his/her rights under the contract.
-Bilateral Contract - -contract in which both parties exchange promises
-Block busting (panic peddling) - -Inducing an owner to sell on rent a
dwelling by making representations regarding the entry of persons of a
protected class, also referred to as "panic peddling"/basis that neighborhood
is deteriorating or minority's moving in
-Breach of Contract - -The action or lack of action of one party to a contact
which violates the terms of agreement.
-Brokerage Agreement - -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 - -Personal property, or objects which are not permanently affixed
to land.
, -Civil Rights Act of 1866 - -guaranteed that everyone, regardless of race or
color, were entitled to the same treatment in public areas (inns, theatres,
etc.) /This act specifically provides that all citizens shall have the same right
to inherit, purchase, sell or lease real and personal property.
-Client - -A person who is being represented by a licensee; the principal.
-Commingling - -Depositing client funds in the broker's personal account or
general business account
Depositing personal funds in a special escrow account established to hold
funds belonging to others.
-Comepetition - -Anything of value that is given in exchange for real estate
services
-Compensatory Damages - -Money paid with the intent to return the injured
party of a defaulted contract to the financial condition they were in before
the breach occurred.
-Competent Parties - -Parties who are legally qualified to make a binding
contractual agreement and/or are sane and sober
-Concurrent Ownership - -Ownership by two or individuals/entities - more
persons at the same time
-Condemnation Action - -The court action used to exercise the power of
eminent domain, allowing the government to purchase property against the
wishes of the owner.
-Confidential Information - -Information that could harm the client's
negotiating position.
-Consideration - -The promise offered in exchange for an action, something
of value or another promise.
-Constructive Eviction - -A defense used by the lessee to avoid paying rent
and vacate the property when the lessor allows the premises to become
uninhabitable for an unreasonable amount of time in violation of the lease
agreement.
-Consumer - -A person or entity seeking or receiving real estate brokerage
services
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