ILLINOIS LEASING AGENT PREP
PRACTICE EXAMINATION 2026
QUESTIONS WITH ANSWERS GRADED
A+
◍ Accord and Satisfaction.
Answer: When all parties have agreed to a change in one or more of the
terms of a contract.
◍ Actual Eviction.
Answer: The legal process that results in the tenant's being physically
removed from the leased premises.
◍ Acceptance By Ratification.
Answer: 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.
Answer: When all parties have agreed to a change in one or more of the
terms of a contract
◍ Air Rights.
Answer: The right to use the open space above a property, usually allowing
the surface to be used for another purpose.
◍ Airspace.
Answer: The air above the earth, all the way into space.
◍ Americans With Disabilities Act of 1990.
Answer: A law passed in 1990 that requires employers and public facilities
to make "reasonable accommodations" for people with disabilities and
, prohibits discrimination against these individuals in employment.
◍ Assignment.
Answer: The act of one party to a contract allowing someone else to assume
all of his/her rights under the contract.
◍ Customer.
Answer: A consumer who is not being represented by a licensee.
◍ Actual Eviction.
Answer: Court action initiated by the lessor to have a tenant removed from
the premises.
◍ Bilateral Contract.
Answer: promise for a promise
◍ Breach of Contract.
Answer: The action or lack of action of one party to a contract which
violates the terms of the agreement.
◍ Competent Parties.
Answer: Parties to a contract who are of legal age, sane and sober
◍ Concurrent Ownership.
Answer: Ownership of property by two or more individuals or entities
◍ Consideration.
Answer: The promise offered in exchange for an action, something of value
or another promise
◍ Administrative Law Judge (ALJ).
Answer: A judge who hears complaints and considers evidence regarding
violations of the Fair Housing Act.
◍ Designated Managing Broker.
Answer: A managing broker who has supervisory responsibilities for
licensees who has been appointed as such by the sponsoring broker.
◍ Discharged Contract.
, Answer: A contract in which all of the terms of have been fulfilled, also
called an "executed contract."
◍ Agency.
Answer: The legal relationship created when one person represents another.
◍ Air Rights.
Answer: Rights to use the space above the surface of land upward into the
sky.
◍ Airspace.
Answer: The space above the surface extending into infinity.
◍ Americans With Disabilities Act of 1990.
Answer: 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.
Answer: The act of one party to a contract allowing someone else to assume
all of his/her rights under the contract.!
◍ Executed Contract.
Answer: A contract in which all of the terms have been fulfilled
◍ Bilateral Contract.
Answer: A contract in which two parties exchange promises.
◍ Executory Contract.
Answer: A contract in which all of the terms have not been fulfilled
◍ Express Contract.
Answer: Specific oral or written agreements of two or more parties.
◍ Blockbusting.
Answer: 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."
PRACTICE EXAMINATION 2026
QUESTIONS WITH ANSWERS GRADED
A+
◍ Accord and Satisfaction.
Answer: When all parties have agreed to a change in one or more of the
terms of a contract.
◍ Actual Eviction.
Answer: The legal process that results in the tenant's being physically
removed from the leased premises.
◍ Acceptance By Ratification.
Answer: 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.
Answer: When all parties have agreed to a change in one or more of the
terms of a contract
◍ Air Rights.
Answer: The right to use the open space above a property, usually allowing
the surface to be used for another purpose.
◍ Airspace.
Answer: The air above the earth, all the way into space.
◍ Americans With Disabilities Act of 1990.
Answer: A law passed in 1990 that requires employers and public facilities
to make "reasonable accommodations" for people with disabilities and
, prohibits discrimination against these individuals in employment.
◍ Assignment.
Answer: The act of one party to a contract allowing someone else to assume
all of his/her rights under the contract.
◍ Customer.
Answer: A consumer who is not being represented by a licensee.
◍ Actual Eviction.
Answer: Court action initiated by the lessor to have a tenant removed from
the premises.
◍ Bilateral Contract.
Answer: promise for a promise
◍ Breach of Contract.
Answer: The action or lack of action of one party to a contract which
violates the terms of the agreement.
◍ Competent Parties.
Answer: Parties to a contract who are of legal age, sane and sober
◍ Concurrent Ownership.
Answer: Ownership of property by two or more individuals or entities
◍ Consideration.
Answer: The promise offered in exchange for an action, something of value
or another promise
◍ Administrative Law Judge (ALJ).
Answer: A judge who hears complaints and considers evidence regarding
violations of the Fair Housing Act.
◍ Designated Managing Broker.
Answer: A managing broker who has supervisory responsibilities for
licensees who has been appointed as such by the sponsoring broker.
◍ Discharged Contract.
, Answer: A contract in which all of the terms of have been fulfilled, also
called an "executed contract."
◍ Agency.
Answer: The legal relationship created when one person represents another.
◍ Air Rights.
Answer: Rights to use the space above the surface of land upward into the
sky.
◍ Airspace.
Answer: The space above the surface extending into infinity.
◍ Americans With Disabilities Act of 1990.
Answer: 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.
Answer: The act of one party to a contract allowing someone else to assume
all of his/her rights under the contract.!
◍ Executed Contract.
Answer: A contract in which all of the terms have been fulfilled
◍ Bilateral Contract.
Answer: A contract in which two parties exchange promises.
◍ Executory Contract.
Answer: A contract in which all of the terms have not been fulfilled
◍ Express Contract.
Answer: Specific oral or written agreements of two or more parties.
◍ Blockbusting.
Answer: 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."
