ILLINOIS LEASING AGENT ACTUAL
EXAMINATION TEST 2026 QUESTIONS WITH
VERIFIED ANSWERS
● Chattels. Answer: Items of personal property, including such tangibles
as chairs, tables, money, clothes, bonds and bank accounts. Trade
Fixtures Also.
● Manufactured Housing. Answer: Dwellings that are built off site and
trucked to a building lot where they are installed or assembled.
Considered personal property unless it's permanently affixed to the land.
● Annexation. Answer: Changing personal property into real property.
● Fixture. Answer: Personal property that has been affixed to land or a
building.
● Trade Fixture. Answer: Any article owned by a tenant and attached
for conducting business.
● Economic Characteristics. Answer: (1) Scarcity, (2) Improvements,
(3) Permanence of investment, (4) Location
, ● Contract. Answer: A voluntary agreement between two parties in
which specific promises are made for a legal consideration.
● Expressed Contract. Answer: Exists when the parties state the terms
and show their intentions in words, it can be written or oral.
● Statute of Frauds. Answer: Certain types of contracts, including those
for the sale of real property, that must be in writing to be enforceable in
a court of law.
● Implied Contract. Answer: The agreement of the parties is
demonstrated by their acts and conduct.
● Bilateral Contract. Answer: Both parties promise to do something;
one promise is given in exchange for another
● Unilateral Contract. Answer: One sided contract agreement. One
party makes a promise to induce a second party to do something. The
second party is not legally obligated to act.
● Exclusive Right to Sell Listing. Answer: This agreement is considered
a Bilateral Contract.
EXAMINATION TEST 2026 QUESTIONS WITH
VERIFIED ANSWERS
● Chattels. Answer: Items of personal property, including such tangibles
as chairs, tables, money, clothes, bonds and bank accounts. Trade
Fixtures Also.
● Manufactured Housing. Answer: Dwellings that are built off site and
trucked to a building lot where they are installed or assembled.
Considered personal property unless it's permanently affixed to the land.
● Annexation. Answer: Changing personal property into real property.
● Fixture. Answer: Personal property that has been affixed to land or a
building.
● Trade Fixture. Answer: Any article owned by a tenant and attached
for conducting business.
● Economic Characteristics. Answer: (1) Scarcity, (2) Improvements,
(3) Permanence of investment, (4) Location
, ● Contract. Answer: A voluntary agreement between two parties in
which specific promises are made for a legal consideration.
● Expressed Contract. Answer: Exists when the parties state the terms
and show their intentions in words, it can be written or oral.
● Statute of Frauds. Answer: Certain types of contracts, including those
for the sale of real property, that must be in writing to be enforceable in
a court of law.
● Implied Contract. Answer: The agreement of the parties is
demonstrated by their acts and conduct.
● Bilateral Contract. Answer: Both parties promise to do something;
one promise is given in exchange for another
● Unilateral Contract. Answer: One sided contract agreement. One
party makes a promise to induce a second party to do something. The
second party is not legally obligated to act.
● Exclusive Right to Sell Listing. Answer: This agreement is considered
a Bilateral Contract.
