Illinois Leasing Agent Exam Practice
120 Day Student Permit - ANS-Issued for leasing agents by a sponsoring broker, must be
enrolled within first 60 days, agent may practice as a student only once in a 24 month period
1972 Amendment - ANS-Use of equal housing opportunity poster, Use of fair housing logo in
ads for federal housing
45 Sponsor Card - ANS-Temporary permit allowing a sponsee to engage in practice as a
leasing agent until issued a license, issued after applicant passes the exam, need a new
sponsor card every time they change sponsoring brokers
Accountability - ANS-Accurate record keeping, account for all money
Agency - ANS-A relationship in which a real estate broker or other licensee represents a
consumer with the consumers consent in a real estate transaction
Americans with Disabilities Act (ADA) - ANS-Law which guarantees equal opportunities for
persons with disabilities in employment, public transportation, government services, prohibits
discrimination based on physical and mental disabilities, requires reasonable accommodations
Antitrust Laws - ANS-enacted to protect the public against large entities from taking advantage
of consumers, aka Federal Antitrust or Sherman Antitrust, Violations (Price fixing (compensation
rates), setting up areas of trade)
Assistance Animal - ANS-Any animal that provides assistance or a service to a person with a
disability
Bilateral Contract - ANS-two or more parties make a commitment, apartment lease
Blind Ads - ANS-An ad that only includes the listing street address and phone number
Blockbusting - ANS-A process by which real estate agents convince white property owners to
sell their houses at low prices because of fear that persons of color will soon move into the
neighborhood, aka panic pedaling
Brokerage Agreement - ANS-A written or oral agreement between a sponsoring broker and a
consumer for licensed activities. All exclusive brokerage agreements must be in writing.
Care - ANS-Care in handling money and property, no commingling
, Civil Rights Act of 1866 - ANS-Prohibited discrimination based on race in the purchase of rental
property
Civil Rights Act of 1964 - ANS-Discrimination based on race was prohibited in all federally
funded housing programs
Client - ANS-A person who is being represented by a licensee
COLAN - ANS-Fiduciary duties, Care, Obedience, Loyalty, Accountability, Notice
Companion Animal - ANS-provide emotional well being for individuals with certain medical
conditions
Compensation - ANS-Valuable consideration give by one person to another in exchange for
performance of a service or activity
Consideration - ANS-Something of value
Constructive Eviction - ANS-Unit is uninhabitable and the landlord won't fix the issues
Contract - ANS-An agreement between two or more competent parties, parties must be in
sound mind, engage in some legal purpose, to receive something in value in exchange
Designated Agent - ANS-a sponsored licensee named by a sponsoring broker as the legal
agent of a client.
Dual Agency - ANS-Licensee represents the buyer and the seller in one transaction, requires
written consent of both parties, presented with a disclosure
Escrow Records - ANS-maintained for 5 years, record must be kept in office for 2 years within
24 hours
Eviction - ANS-The legal process of removing a tenant and their belongings from rental property,
lawyer files a forcible entry and a detainer suit
Exclusive Contracts - ANS-Must be in writing
Executed Contract - ANS-A contract where all terms and conditions are fully met
Exemptions to Fair Housing Act of 1968 - ANS-4 or less units the owner may choose who
occupies the building if the the owners primary residence is on site, religious organizations,
private clubs, a person can own up to 3 homes at a time and choose the occupants
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