Illinois Leasing Agent Exam Questions
Answered Correctly.
Personal Property - Answer Property that is movable and not affixed to or associated with
the land; all property except real property.
Chattels - Answer Items of personal property: including tangibles such as chairs, tables,
clothing, money, bonds, bank accounts, including trade fixtures.
Manufactured Housing - Answer Dwellings that are built off site and trucked to a building lot
where they are installed or assembled.
Emblements - Answer Refers to crops which require annual planting.
Classifications of Property - Answer Real or personal
Severance - Answer When an item of real property can become personal property
Deed - Answer When property is transferred from one owner to another. Real property is
conveyed by a deed.
Bill of Sale - Answer A written instrument given to pass title of personal property from
vendor to vendee.
Fixture - Answer personal property that has been so affixed to land or a building that, by law,
it becomes part of the real property
In determining intent, courts use three basic tests: - Answer 1. Method of attachment
2. Adaptation to real estate
3.Agreement
Trade Fixture - Answer An article owned by a tenant and attached to a rented space or
building for use in conducting a business.
Attachment - Answer Personal property that "turns into" real property does so by
attachment
, Accession - Answer When trade fixtures are not removed and become the property of the
landlord.
Economic Characteristics of Real Estate - Answer (1) Scarcity, (2) Improvements, (3)
Permanence of investment, (4) Location
Contract - Answer A voluntary agreement or promise between legally competent parties,
supported by legal consideration, to perform (or refrain from performing) some legal act..
Express Contact - Answer When the parties state the terms and show their intentions in
words; may be written or oral.
Statute of Frauds - Answer A state statute under which certain types of contracts must be in
writing to be enforceable.
Implied Contract - Answer the agreement of the parties is demonstrated by their acts and
conduct
Illinois Frauds Act - Answer requires that any contracts for the sale of land/leases that won't
be fulfilled w/in 1 yr. from the date they are entered into, must be in writing to be enforceable
in court.
Real Estate License Act of 2000 - Answer State law enacted to protect the public from fraud,
dishonesty, and incompetence in the purchase and sale of real estate. It was amended in 2011.
Certain contracts must be in writing.
Bilateral Contract - Answer both parties promise to do something; one promise is given in
exchange for another
Unilateral Contract - Answer A one-sided contract wherein one party makes a promise so as
to induce a second party to do something. The second party is not legally bound to perform;
however, if the second party does comply, the first party is obligated to keep the promise.
Executed Contract - Answer one in which all parties have fulfilled their promises; the
contract has been performed
Executory Contract - Answer when one or both parties still have an act to perform
Elements of a Contract - Answer 1. Offer and acceptance
Answered Correctly.
Personal Property - Answer Property that is movable and not affixed to or associated with
the land; all property except real property.
Chattels - Answer Items of personal property: including tangibles such as chairs, tables,
clothing, money, bonds, bank accounts, including trade fixtures.
Manufactured Housing - Answer Dwellings that are built off site and trucked to a building lot
where they are installed or assembled.
Emblements - Answer Refers to crops which require annual planting.
Classifications of Property - Answer Real or personal
Severance - Answer When an item of real property can become personal property
Deed - Answer When property is transferred from one owner to another. Real property is
conveyed by a deed.
Bill of Sale - Answer A written instrument given to pass title of personal property from
vendor to vendee.
Fixture - Answer personal property that has been so affixed to land or a building that, by law,
it becomes part of the real property
In determining intent, courts use three basic tests: - Answer 1. Method of attachment
2. Adaptation to real estate
3.Agreement
Trade Fixture - Answer An article owned by a tenant and attached to a rented space or
building for use in conducting a business.
Attachment - Answer Personal property that "turns into" real property does so by
attachment
, Accession - Answer When trade fixtures are not removed and become the property of the
landlord.
Economic Characteristics of Real Estate - Answer (1) Scarcity, (2) Improvements, (3)
Permanence of investment, (4) Location
Contract - Answer A voluntary agreement or promise between legally competent parties,
supported by legal consideration, to perform (or refrain from performing) some legal act..
Express Contact - Answer When the parties state the terms and show their intentions in
words; may be written or oral.
Statute of Frauds - Answer A state statute under which certain types of contracts must be in
writing to be enforceable.
Implied Contract - Answer the agreement of the parties is demonstrated by their acts and
conduct
Illinois Frauds Act - Answer requires that any contracts for the sale of land/leases that won't
be fulfilled w/in 1 yr. from the date they are entered into, must be in writing to be enforceable
in court.
Real Estate License Act of 2000 - Answer State law enacted to protect the public from fraud,
dishonesty, and incompetence in the purchase and sale of real estate. It was amended in 2011.
Certain contracts must be in writing.
Bilateral Contract - Answer both parties promise to do something; one promise is given in
exchange for another
Unilateral Contract - Answer A one-sided contract wherein one party makes a promise so as
to induce a second party to do something. The second party is not legally bound to perform;
however, if the second party does comply, the first party is obligated to keep the promise.
Executed Contract - Answer one in which all parties have fulfilled their promises; the
contract has been performed
Executory Contract - Answer when one or both parties still have an act to perform
Elements of a Contract - Answer 1. Offer and acceptance
