Illinois Real Estate Leasing Exam Prep
Questions With Correct Answers
Acceptance /By /Ratification /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /When /all /parties /have /agreed /to /a /change /in
/one /or /more /of /the /terms /of /a /contract
Actual /Eviction /- /correct /answer(s) /✔✔ /Court /action /initiated /by /the /lessor /to /have /a /tenant
/removed /from /the /premises.
Administrative /Law /Judge /(ALJ) /- /correct /answer(s) /✔✔ /A /judge /who /hears /complaints /and
/considers /evidence /regarding /violations /of /the /Fair /Housing /Act.
Agency /- /correct /answer(s) /✔✔ /The /legal /relationship /created /when /one /person /represents
/another.
Air /Rights /- /correct /answer(s) /✔✔ /Rights /to /use /the /space /above /the /surface /of /land /upward
/into /the /sky.
Airspace /- /correct /answer(s) /✔✔ /The /space /above /the /surface /extending /into /infinity.
Americans /With /Disabilities /Act /of /1990 /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /The /act /of /one /party /to /a /contract /allowing /someone
/else /to /assume /all /of /his/her /rights /under /the /contract.!
Bilateral /Contract /- /correct /answer(s) /✔✔ /A /contract /in /which /two /parties /exchange
/promises.
Blockbusting /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /The /action /or /lack /of /action /of /one /party /to /a
/contract /which /violates /the /terms /of /the /agreement
Brokerage /Agreement /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /Personal /property, /or /objects /which /are /not /permanently
/affixed /to /land.
Civil /Rights /Act /of /1866 /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /A /person /who /is /being /represented /by /a /licensee.
, Commingling /- /correct /answer(s) /✔✔ /Depositing /personal /funds /in /a /special /escrow /account
/established /to /hold /funds /belonging /to /others.
Compensation /- /correct /answer(s) /✔✔ /Anything /of /value /that /is /given /in /exchange /for /real
/estate /services.
Compensatory /Damages /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /Parties /to /a /contract /who /are /of /legal /age, /sane
/and /sober.
Conciliation /Agreement /- /correct /answer(s) /✔✔ /An /agreement /proposed /by /HUD /in /order /to
/settle /a /Fair /Housing /complaint
Concurrent /Ownership /- /correct /answer(s) /✔✔ /Ownership /of /property /by /two /or /more
/individuals /or /entities.
Condemnation /Action /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /Information /that /could /harm /the /client's
/negotiating /position.
Consideration /- /correct /answer(s) /✔✔ /The /promise /offered /in /exchange /for /an /action,
/something /of /value /or /another /promise.
Questions With Correct Answers
Acceptance /By /Ratification /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /When /all /parties /have /agreed /to /a /change /in
/one /or /more /of /the /terms /of /a /contract
Actual /Eviction /- /correct /answer(s) /✔✔ /Court /action /initiated /by /the /lessor /to /have /a /tenant
/removed /from /the /premises.
Administrative /Law /Judge /(ALJ) /- /correct /answer(s) /✔✔ /A /judge /who /hears /complaints /and
/considers /evidence /regarding /violations /of /the /Fair /Housing /Act.
Agency /- /correct /answer(s) /✔✔ /The /legal /relationship /created /when /one /person /represents
/another.
Air /Rights /- /correct /answer(s) /✔✔ /Rights /to /use /the /space /above /the /surface /of /land /upward
/into /the /sky.
Airspace /- /correct /answer(s) /✔✔ /The /space /above /the /surface /extending /into /infinity.
Americans /With /Disabilities /Act /of /1990 /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /The /act /of /one /party /to /a /contract /allowing /someone
/else /to /assume /all /of /his/her /rights /under /the /contract.!
Bilateral /Contract /- /correct /answer(s) /✔✔ /A /contract /in /which /two /parties /exchange
/promises.
Blockbusting /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /The /action /or /lack /of /action /of /one /party /to /a
/contract /which /violates /the /terms /of /the /agreement
Brokerage /Agreement /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /Personal /property, /or /objects /which /are /not /permanently
/affixed /to /land.
Civil /Rights /Act /of /1866 /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /A /person /who /is /being /represented /by /a /licensee.
, Commingling /- /correct /answer(s) /✔✔ /Depositing /personal /funds /in /a /special /escrow /account
/established /to /hold /funds /belonging /to /others.
Compensation /- /correct /answer(s) /✔✔ /Anything /of /value /that /is /given /in /exchange /for /real
/estate /services.
Compensatory /Damages /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /Parties /to /a /contract /who /are /of /legal /age, /sane
/and /sober.
Conciliation /Agreement /- /correct /answer(s) /✔✔ /An /agreement /proposed /by /HUD /in /order /to
/settle /a /Fair /Housing /complaint
Concurrent /Ownership /- /correct /answer(s) /✔✔ /Ownership /of /property /by /two /or /more
/individuals /or /entities.
Condemnation /Action /- /correct /answer(s) /✔✔ /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 /- /correct /answer(s) /✔✔ /Information /that /could /harm /the /client's
/negotiating /position.
Consideration /- /correct /answer(s) /✔✔ /The /promise /offered /in /exchange /for /an /action,
/something /of /value /or /another /promise.
