Illinois Real Estate Leasing Exam
Prep/137Q&A/ approved by expert
tutors.
Illinois Real Estate Leasing Exam
Prep/137Q&A/ approved by expert
tutors.
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
Actual Eviction - Court action initiated by the lessor to have a tenant removed from the
premises.
Administrative Law Judge (ALJ) - A judge who hears complaints and considers
evidence regarding violations of the Fair Housing Act.
Agency - The legal relationship created when one person represents another.
Air Rights - Rights to use the space above the surface of land upward into the sky.
Airspace - The space above the surface extending into infinity.
Americans With Disabilities Act of 1990 - 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 - The act of one party to a contract allowing someone else to assume all of
his/her rights under the contract.!
Bilateral Contract - A contract in which two parties exchange promises.
Blockbusting - 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 - The action or lack of action of one party to a contract which
violates the terms of the agreement
, Illinois Real Estate Leasing Exam
Prep/137Q&A/ approved by expert
tutors.
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 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 - A person who is being represented by a licensee.
Commingling - Depositing personal funds in a special escrow account established to
hold funds belonging to others.
Compensation - 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 to a contract who are of legal age, sane and sober.
Conciliation Agreement - An agreement proposed by HUD in order to settle a Fair
Housing complaint
Concurrent Ownership - Ownership of property by two or more individuals or entities.
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BestTutor001. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
