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Illinois Leasing Agent Exam > Definition > Flashcards

Definition Flashcards

1
Q

Acceptance of Ratification

A

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.

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2
Q

Accord and satisfaction

A

When all parties have agreed to a change in one or more of the terms of the contract.

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3
Q

Actual evection

A

Court action initiated by the lesser to have a tenant removed from the premises

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4
Q

Administrative law judge

A

A judge who hears complaints and considers evidence regarding violations of the fair housing act

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5
Q

Agency

A

The legal relationship created when one person represents another

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6
Q

Air Rights

A

Rights to use the space above the surface of land upward into the sky

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7
Q

Air space

A

The space above the surface extending to infinity

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8
Q

Americans with disabilities act of 1990

A

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.

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9
Q

Assignment

A

The active one party to a contract allowing someone else to assume all of his or her rights under the contract

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10
Q

Bilateral contract blockbusting

A

Inducing an Owner to sell or rent a dwelling by making representations regarding entry of persons of a protected class also referred to as a panic peddling

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11
Q

Breach of contract

A

The action or lack of action of one party to a contract which violates the terms of the agreement

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12
Q

Brokerage agreement

A

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 sponsored licensees

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13
Q

Chattel

A

Personal property or objects which are not permanently affixed to the land

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14
Q

Civil rights act of 1866

A

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

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15
Q

Client

A

A person who is being represented by a licensee

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16
Q

Commingling

A

Depositing personal funds and a special escrow account established a whole funds belonging to others

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17
Q

Compensation

A

Anything of value that is given an exchange for real estate services

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18
Q

Compensatory damages

A

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

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19
Q

Competent parties

A

Parties to a contract to her of legal age sane and sober

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20
Q

Concurrent ownership

A

Ownership of property by two or more individuals or entities

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21
Q

Condemnation action

A

The court action used to exercise the power of eminent domain allowing the government to purchase property against the wishes of the owner

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22
Q

Confidential information

A

Information that could harm the clients negotiating position

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23
Q

Consideration

A

The promise offered an exchange for an action something of value or another promise

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24
Q

Constructive evection

A

A defense used by the leasee to avoid paying rent and vacate the property when the lessor allows the premises to become uninhabitable for an unreasonable amount of time in violation of the lease agreement

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25
Q

Consumer

A

A person or entity seeking or receiving real estate brokerage services

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26
Q

Contract

A

A legally binding promise or set up promises generally setting the terms of a business arrangement like an apartment lease

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27
Q

Customer

A

A consumer who is not being represented by a licensee

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28
Q

Designated agency

A

Representation of either the purchaser/lessee or the seller/lessor as a sign by the license is sponsoring broker

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29
Q

Designated managing broker

A

We managing broker who has supervisory responsibilities for licensees who has been appointed as such by the sponsoring broker

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30
Q

Destruction clause

A

At least clause that describes what rights and responsibilities the lessor unless he have if the promises is partially or completely destroyed

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31
Q

Discharge contract

A

A contract in which all of the terms of have been fulfilled also called an executed contract

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32
Q

Dual agency

A

The practice of representing both the buyer/lessee and the seller/lessor in a real estate transaction

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33
Q

Duress

A

The use of force to induce another to act against his or her will

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34
Q

Eminent domain

A

Government police power that allows taking a private property to public purpose

35
Q

Exclusive brokerage agreement

A

A written agreement between a sponsoring broker and a client who receive exclusive representation

36
Q

Executed contract

A

A contract in which all the terms have been fulfilled

37
Q

Executory contract

A

A contract in which all of the terms have not been fulfilled

38
Q

Express contract

A

Specific oral or written agreements of two or more parties

39
Q

Fair housing act

A

Civil rights act of 1968 title VIII. This act vans discrimination on the basis of race, color, sex, religion, national origin, disability and familiar status

40
Q

Fair housing amendments act of 1988

A

Enacted to expand coverage of the fair housing act into enhance its enforcement. The two major additions to the act include the protection of families with children and handicap person’s in real estate activities. This act Also modified HUD complaint procedure, remove the cap for punitive damages and increasing available damages and civil penalties penalties

41
Q

Fraud

A

When one party intentionally misrepresents or conceals fax relevant to the contract. When fraud is committed, the contractors enforceable or voidable by only the injured party

42
Q

Hold over tenancy

A

At least that is created when I lessor except for rent from a tenant who’s lease Has terminated

43
Q

IDFPR

A

The Illinois Department of financial and professional regulation

44
Q

Implied contract

A

A contract that is formed by the actions of the parties and has not written

45
Q

Improvement clause

A

At least clause that states which rights to lessor will have to enter the premises to make improvements. It will also say what the tenant is allowed to do with regard to improve it to the property

46
Q

Improvements

A

Man-made objects directly attached to the land

47
Q

Injunction

A

A court order that force someone to stop during a specific act

48
Q

Involuntary termination

A

The cancellation of the lease against the tenants wishes through actually evection, constructive evection, eminent domain, mortgage foreclosure or bankruptcy proceedings

49
Q

Joint Tenacy

A

A form of co-owenership in which ownership interests of a deceased owner become the property of the surviving owners.

50
Q

Land

A

The surface, subsurface, and airspace, along with that which is permanently attached.

51
Q

Lease

A

A bilateral contract in which the lessor (landlord) promises to provide exclusive possession of the property in return for the leesee’s (tenants) promise to pay rent

52
Q

Leasehold Estate or interest

A

The rights a tenant acquires in the lessors property, also known as a “tenacy”

53
Q

Legal Purpose

A

An act or use that is allowed by law

54
Q

Lessee

A

The person receiving the lease, also known as the tenant

55
Q

Lessor

A

The owner or landlord providing the lease

56
Q

Menace

A

The threat to use force to induce another to act against his/her will

57
Q

Misrepresentation

A

The omission or distortion of facts

58
Q

Monetary Damages

A

Money Awarded to the injured party of a breached contract by the court system

59
Q

Novation

A

All parties to the contract agree to a substitution of one of the parties to the contract by creating a new agreement

60
Q

Offer and Acceptance

A

The parties agreement to the terms of a contract. A “meeting of the minds”

61
Q

Offeree

A

A person receiving the offer

62
Q

Offeror

A

A person making an offer

63
Q

Option

A

A contract to hold an offer open for a specified period of time

64
Q

Ownership in Severalty

A

Individual ownership of property by one person or entity with no co-owners

65
Q

Panic Peddling

A

Inducing an owner to sell or rent a dwelling by making representations regarding entry of persons of a protected class. Also referred to as “blockbusting”

66
Q

Parol evidence Rule

A

The legal rule that prohibits courts from allowing oral evidence to change the terms of a written contract

67
Q

Periodic Tenancy

A

A lease that has no specific ending date, will automatically renew itself, and goes from period to period, as in month-to-month.

68
Q

Personal Property

A

Property not permanently affixed to the land, also called “chattel” or “personality”

69
Q

Place of Public Accommodation

A

A privately owned business or facility that affects commerce and falls within atleast one of several specified categories from the Americans with disabilities Act

70
Q

Protected Class

A

A group of individuals protected under the fair housing act

71
Q

Provisions of Law

A

Statements required by local, state and federal laws. Fair housing and human rights provisions would be part of these laws.

72
Q

Punitive Damages

A

Money Awarded by the court to an injured party of a breached contract to punish the party who caused the breach

73
Q

Purchase option

A

A lease clause that gives the lessee the right to purchase the property under certain conditions

74
Q

Real Estate

A

Land and All leaseholds and other interest in land

75
Q

Real Property

A

Land and improvements that are permanently attached to the land

76
Q

Renewal Option

A

A lease clause that gives the lessee the right to extend the lease term under certain conditions

77
Q

Rent

A

Money Paid for use of leased property

78
Q

Repair and maintenance

A

a lease clause that clearly states which repairs and maintenance tasks are the responsibility of the lessor and of the lessee

79
Q

Rescind

A

An agreement between parties that a contract is to be cancelled and treated as if it never existed

80
Q

Security Deposit

A

Money deposited for or by the tenant with the lessor to be forfeited if the lessee defaults or damages the property

81
Q

Specific Performance

A

Legal remedy for breach of contract that forces the party who defaulted on the contract o perform as originally agreed

82
Q

Statute of Fauds

A

Law requiring that all real estate contracts be in writing in order to be enforceable by the courts. In Illinois, leases of one year or less are an exception to this law and can be enforced through the courts even if oral

83
Q

Statute of Limitations

A

A law limiting the amount of time a party can wait before bringing action against another party who has committed fraud or violated the terms of the contract

84
Q

Steering

A

The action of an agent/licensee to direct a prospective toward or away from specific neighborhoods and units within a housing complex or building

Illinois Leasing Agent Exam (1 decks)

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