ILLINOIS REAL ESTATE LEASING
AGENT LICENSE EXAM (CHAPTER 1-
CHAPTER3) QUESTIONS AND
ANSWERS GUARANTEED
SUCCESS!!!
Three Characteristics of Real Property – Answer ✔✔
1. Permanence (does not easily change or move)
2. Non-homogeneity (no two parcels are exactly the same)
3. Immobility (cannot be physically moved from one place to another)
Subsurface – Answer ✔✔
The area located below the ground surface, extending downward toward the
Earth’s center
Airspace – Answer ✔✔
The space above land that extends upward indefinitely
Personal Property – Answer ✔✔
Items that can be moved and are not permanently fixed to land or buildings
Fixture -ANSWER ✔✔Personal property that is permanently attached to real
property.
Chattel -ANSWER ✔✔Includes all movable objects that are not permanently
attached to the land
, 4 Things that a fixture includes:
1. How an item is attached
2. Whether the item has been customized to the underlying property.
3. The actual intent if the individual attaching the object.
4. The specific agreement of the parties to the sale or lease -ANSWER ✔✔
Joint Tenancy -ANSWER ✔✔The ownership interests of a deceased owner
becomes the property of the surviving owners
Tenancy in Common -ANSWER ✔✔Ownership interests of a deceased owner
becomes the property of the surviving owners
A lease tranfers _____________ -ANSWER ✔✔right of possession, not right of
ownership
Express Contract -ANSWER ✔✔Arise from a specific oral or written agreements
of two or more parties
Unilateral Contract -ANSWER ✔✔Is a contract in which one party makes a
promise to do something if another party performs a specific act
Bilateral Contract -ANSWER ✔✔Is formed when two partiers exchange promises.
Assignment -ANSWER ✔✔Assignment of a contract occurs when a party to a
contract allows another individual to assume all of their rights under the contract.
AGENT LICENSE EXAM (CHAPTER 1-
CHAPTER3) QUESTIONS AND
ANSWERS GUARANTEED
SUCCESS!!!
Three Characteristics of Real Property – Answer ✔✔
1. Permanence (does not easily change or move)
2. Non-homogeneity (no two parcels are exactly the same)
3. Immobility (cannot be physically moved from one place to another)
Subsurface – Answer ✔✔
The area located below the ground surface, extending downward toward the
Earth’s center
Airspace – Answer ✔✔
The space above land that extends upward indefinitely
Personal Property – Answer ✔✔
Items that can be moved and are not permanently fixed to land or buildings
Fixture -ANSWER ✔✔Personal property that is permanently attached to real
property.
Chattel -ANSWER ✔✔Includes all movable objects that are not permanently
attached to the land
, 4 Things that a fixture includes:
1. How an item is attached
2. Whether the item has been customized to the underlying property.
3. The actual intent if the individual attaching the object.
4. The specific agreement of the parties to the sale or lease -ANSWER ✔✔
Joint Tenancy -ANSWER ✔✔The ownership interests of a deceased owner
becomes the property of the surviving owners
Tenancy in Common -ANSWER ✔✔Ownership interests of a deceased owner
becomes the property of the surviving owners
A lease tranfers _____________ -ANSWER ✔✔right of possession, not right of
ownership
Express Contract -ANSWER ✔✔Arise from a specific oral or written agreements
of two or more parties
Unilateral Contract -ANSWER ✔✔Is a contract in which one party makes a
promise to do something if another party performs a specific act
Bilateral Contract -ANSWER ✔✔Is formed when two partiers exchange promises.
Assignment -ANSWER ✔✔Assignment of a contract occurs when a party to a
contract allows another individual to assume all of their rights under the contract.
