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ILLINOIS LEASING AGENT PRE-LICENSE TERMS QUESTIONS AND ANSWERS $9.00   Add to cart

Exam (elaborations)

ILLINOIS LEASING AGENT PRE-LICENSE TERMS QUESTIONS AND ANSWERS

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  • Course
  • Illinois Leasing Agent
  • Institution
  • Illinois Leasing Agent

ILLINOIS LEASING AGENT PRE-LICENSE TERMS QUESTIONS AND ANSWERS

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  • September 26, 2024
  • 56
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Illinois Leasing Agent
  • Illinois Leasing Agent
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58 Multiple choice questions

Definition 1 of 58
The Fair Housing Amendment Act of 1988 included a provision for senior housing which can be
defined as operating housing based on:
a. Individuals age 62 years of age or older occupying units, or
b. At least one person 55 years of age or older in 80% of the units. The remaining 20% of units
can be occupied by anyone else who qualifies.

Valid Contract


Senior Housing

Reasonable Accommodation

Contract

Definition 2 of 58
The leasing agent license is a limited scope license for residential leasing only. They must be
sponsored by a sponsoring broker or broker firm.

Fiduciary

Sponsoring Broker


Qualifying Broker


Licensee

,Definition 3 of 58
An agreement between two or more competent parties:
-The parties must be of sound mind
-To engage in some legal purpose
-To receive something of value in exchange

Void Contract

Contract


Reasonable Modification

Reasonable Accommodation

Definition 4 of 58
* Care
* Obedience
* Loyalty
* Accountability
* Notice

IDFPR


Eviction

Chattel

COLAN

Definition 5 of 58
One person promises the other party something in order to get that party to react (like a rent
to own agreement)

Dual Agency

Unilateral Contract

Express Contract


Implied Contract

,Definition 6 of 58
Personal items not attached to the land (movable property)

Real Property


Fixture

Chattel

Austere

Definition 7 of 58
Hidden defects that also affect the property

Covert Physical Defect


Contract

Eviction

Latent Material Defect

Definition 8 of 58
Dual agency is when a licensee represents both the seller and the buyer or, in the case of
residential leasing, both the landlord and the prospective tenant

Single Agency


Dual Agency

Dual Agent

Branch Office

, Definition 9 of 58
Certain states have agreements to recognize Illinois licenses so that activities can be
conducted between the states - does not apply to leasing agents since Illinois is the only one
with leasing agent licenses

Commitment

Conformity

Reciprocity

Retribution

Definition 10 of 58
Residential properties that contain 25 or more units, landlords need to pay interest on security
deposits; In order to collect interest on a security deposit, it must have been held by the
landlord for more than six months.

Real Estate Recovery Fund

Reciprocity

Security Deposit Interest

Fair Credit Reporting Act

Definition 11 of 58
Cannot commingle money/property of business or personal funds

Eviction

Commingling

Blockbusting


Inducement

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