IL Leasing License Terms Exam
Questions and Answers 100% Solved
Land/Realty - ✔✔Consists of the surface, subsurface and airspaces along
with anything that is permanently attached to it
Surface - ✔✔is what we can see when we look at the property
Subsurface - ✔✔The space beneath the surface and extends to the center
of the earths
Subsurface rights - ✔✔mineral rights, oil and gas rights, and sometimes
water rights
Airspace - ✔✔the space above the surface and extends into infinity
Air rights - ✔✔the right to use all of the airspace above the surface
(ex. allowing airplanes to fly over someone's land as long as this use does
not interfere with the landowners enjoyment of the property)
Improvements - ✔✔man-made objects that are directly attached to the land
(ex. Building, fence, or landscaping. Also includes man-made, publicly-
owned structures ex. streets, sewers, gutters)
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Real Property is - ✔✔land and improvements that are permanently affixed
to the land
1. permanence
2. non-homogeneity
3. immobility
Non-homogeneity - ✔✔its unlike every other parcel of land
Personal property - ✔✔Includes all movable items, objects, or property not
permanently affixed to the land. Courts consider the rights acquired through
a residential lease to be personal property
Fixture - ✔✔personal property that is permanently attached to real
property. (Once an item of personal property becomes a fixture, it take son
the characteristics of real property and is considered real property)
Trade fixtures - ✔✔an item of personal property that does not become a
fixture because it is attached to real property for a business purpose (ex.
walk-in freezers in a food store)
Identifying a fixture: - ✔✔-How the item is attached
-Whether the item has been customized to the underlying real property
-The actual intent of the individual attaching the object
-The specific agreement of the parties to the sale or lease
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Ownership in severalty - ✔✔ownership by one person or entity
Concurrent ownership - ✔✔ownership by a group
Tenancy in common - ✔✔a form of co-ownership in which ownership
interests of a deceased owner can be passed along to the owners chosen
heirs
Joint tenancy - ✔✔A form of co-ownership
Contracts - ✔✔legal binding promises
Implied contracts - ✔✔A contract that is formed by the actions of the parties
and are not stated orally or in writing. (ex. tenants who live on the 2nd floor
of a 3-flat believe they have the right to use to stairwell in building as does
the landlord, even though this is not written in the lease)
Express contracts - ✔✔Specific oral or written agreements of two or more
parties
Unilateral contracts - ✔✔A contract in which one party makes a promise to
do something if another party performs a specific act. (ex reward offered to
a person who finds a lost dog)
Bilateral contract - ✔✔formed when two parties exchange promises (ex. a
lease)
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers 100% Solved
Land/Realty - ✔✔Consists of the surface, subsurface and airspaces along
with anything that is permanently attached to it
Surface - ✔✔is what we can see when we look at the property
Subsurface - ✔✔The space beneath the surface and extends to the center
of the earths
Subsurface rights - ✔✔mineral rights, oil and gas rights, and sometimes
water rights
Airspace - ✔✔the space above the surface and extends into infinity
Air rights - ✔✔the right to use all of the airspace above the surface
(ex. allowing airplanes to fly over someone's land as long as this use does
not interfere with the landowners enjoyment of the property)
Improvements - ✔✔man-made objects that are directly attached to the land
(ex. Building, fence, or landscaping. Also includes man-made, publicly-
owned structures ex. streets, sewers, gutters)
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Real Property is - ✔✔land and improvements that are permanently affixed
to the land
1. permanence
2. non-homogeneity
3. immobility
Non-homogeneity - ✔✔its unlike every other parcel of land
Personal property - ✔✔Includes all movable items, objects, or property not
permanently affixed to the land. Courts consider the rights acquired through
a residential lease to be personal property
Fixture - ✔✔personal property that is permanently attached to real
property. (Once an item of personal property becomes a fixture, it take son
the characteristics of real property and is considered real property)
Trade fixtures - ✔✔an item of personal property that does not become a
fixture because it is attached to real property for a business purpose (ex.
walk-in freezers in a food store)
Identifying a fixture: - ✔✔-How the item is attached
-Whether the item has been customized to the underlying real property
-The actual intent of the individual attaching the object
-The specific agreement of the parties to the sale or lease
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Ownership in severalty - ✔✔ownership by one person or entity
Concurrent ownership - ✔✔ownership by a group
Tenancy in common - ✔✔a form of co-ownership in which ownership
interests of a deceased owner can be passed along to the owners chosen
heirs
Joint tenancy - ✔✔A form of co-ownership
Contracts - ✔✔legal binding promises
Implied contracts - ✔✔A contract that is formed by the actions of the parties
and are not stated orally or in writing. (ex. tenants who live on the 2nd floor
of a 3-flat believe they have the right to use to stairwell in building as does
the landlord, even though this is not written in the lease)
Express contracts - ✔✔Specific oral or written agreements of two or more
parties
Unilateral contracts - ✔✔A contract in which one party makes a promise to
do something if another party performs a specific act. (ex reward offered to
a person who finds a lost dog)
Bilateral contract - ✔✔formed when two parties exchange promises (ex. a
lease)
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
