LEASING AGENT EXAM FINAL STUDY GUIDE
2026 COMPLETE QUESTIONS AND
SOLUTIONS
● void contract - contract that lacks legally required provisions, not
binding. ex - contract for an illegal purpose
● unilateral contract - on party makes a promise to induce another
party's action. ex - lost dog sign
● unenforceable clause - each clause is separate, if one clause is
invalidated, entire contract does NOT fall apart
● trade fixtures - personal property item attached to real property for
business purposes. ex - sink in a salon
● testers - government officials who pose as prospective renters/buyers
to ensure compliance with FHA
● tenancy in common - ownership where owner chooses heirs to pass
ownership rights to
, ● tenancy for years - a tenancy with a specific end date
● tenancy at will - lease with no explicit duration - can be terminated at
any time by either party
● tenancy at sufferance - lease created when tenant continues to occupy
after rights expired - wrongful possession
● steering - illegal act where licensee directs buyer or renter to a certain
area/unit/building etc based of one off protected classification
● statute of frauds - all real estate contracts must be in writing to be
court enforced
● IL statute of frauds - leases of one year or less can be enforced if they
are not in writing
● rescind - parties agree to cancel contract as if it never existed
● periodic tenancy - lease with no set end date but renewed within fixed
intervals, month to month etc
● parol evidence rule - rule that oral evidence cannot change terms of a
written contract
2026 COMPLETE QUESTIONS AND
SOLUTIONS
● void contract - contract that lacks legally required provisions, not
binding. ex - contract for an illegal purpose
● unilateral contract - on party makes a promise to induce another
party's action. ex - lost dog sign
● unenforceable clause - each clause is separate, if one clause is
invalidated, entire contract does NOT fall apart
● trade fixtures - personal property item attached to real property for
business purposes. ex - sink in a salon
● testers - government officials who pose as prospective renters/buyers
to ensure compliance with FHA
● tenancy in common - ownership where owner chooses heirs to pass
ownership rights to
, ● tenancy for years - a tenancy with a specific end date
● tenancy at will - lease with no explicit duration - can be terminated at
any time by either party
● tenancy at sufferance - lease created when tenant continues to occupy
after rights expired - wrongful possession
● steering - illegal act where licensee directs buyer or renter to a certain
area/unit/building etc based of one off protected classification
● statute of frauds - all real estate contracts must be in writing to be
court enforced
● IL statute of frauds - leases of one year or less can be enforced if they
are not in writing
● rescind - parties agree to cancel contract as if it never existed
● periodic tenancy - lease with no set end date but renewed within fixed
intervals, month to month etc
● parol evidence rule - rule that oral evidence cannot change terms of a
written contract
