Exam (elaborations)
ILLINOIS REAL ESTATE LEASING EXAM PREP QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE LEASING EXAM PREP QUESTIONS AND ANSWERS
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Name: Score:137 Multiple choice questions
Definition 1 of 137
are formed by the actions of the parties and are not stated orally or in writing.
Bilateral contract
Implied contracts
Express contracts
Acceptance
Definition 2 of 137
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.
Agency
Designated Agency
Brokerage Agreement
Listing Agreement
Definition 3 of 137
Government police power that allows the taking of private property for public purpose.
Actual Eviction
Eminent Domain
Constructive Eviction
Novation
,Definition 4 of 137
A contract in which two parties exchange promises.
Bilateral Contract
Discharged Contract
Discharged Contract
Executory Contract
Definition 5 of 137
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."
Misrepresentation
Redlining
Commingling
Blockbusting
Definition 6 of 137
An item of personal property that is attached to real property for a business purpose, such as a
sink in a barber shop.
Real Property
Real Estate
Trade Fixtures
Fixture
,Definition 7 of 137
A lease clause that describes what rights and responsibilities the lessor and lessee have if the
premises is partially or completely destroyed.
Destruction Clause
Purchase Option
Menace
Statute Of Frauds
Definition 8 of 137
describes which rights and responsibilities the lessor and lessee have if the property becomes
partially or completely destroyed. Most often, the lessor is given the choice to either terminate
the lease or repair the damage within a reasonable time period.
destruction clause
Designated Agency
periodic tenancy
option
Definition 9 of 137
The action or lack of action of one party to a contract which violates the terms of the
agreement
Novation
Executory Contract
Breach of Contract
Unenforceable Contract
, Definition 10 of 137
Prohibits discrimination based on:
Race
Color
Religion
National Origin
Sex
Disability
Familial Status
Age Marital Status
Illinois Human Rights Act
Licensing Act
Fair Housing Laws
Residential Real Property Disclosure Act
Definition 11 of 137
A contract in which all of the terms have been fulfilled, also called an "executed contract."
Discharged Contract
Implied Contracts
Bilateral Contract
Executory Contract
Definition 12 of 137
Rights to use the space above the surface of land upward into the sky.
Real Property
Air Rights
Real Estate
Subsurface Rights
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