Illinois Leasing Agent Exam Notes
2025
Personal Property - correct answerProperty that is movable and not affixed to or
associated with the land; all property except real property.
Chattels - correct answerItems of personal property: including tangibles such as chairs,
tables, clothing, money, bonds, bank accounts, including trade fixtures.
Manufactured Housing - correct answerDwellings that are built off site and trucked to a
building lot where they are installed or assembled.
Emblements - correct answerRefers to crops which require annual planting.
Classifications of Property - correct answerReal or personal
Severance - correct answerWhen an item of real property can become personal
property
Deed - correct answerWhen property is transferred from one owner to another. Real
property is conveyed by a deed.
Bill of Sale - correct answerA written instrument given to pass title of personal property
from vendor to vendee.
Fixture - correct answerpersonal 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: - correct answer1. Method of
attachment
2. Adaptation to real estate
3.Agreement
Trade Fixture - correct answerAn article owned by a tenant and attached to a rented
space or building for use in conducting a business.
Attachment - correct answerPersonal property that "turns into" real property does so by
attachment
Accession - correct answerWhen trade fixtures are not removed and become the
property of the landlord.
, Economic Characteristics of Real Estate - correct answer(1) Scarcity, (2)
Improvements, (3) Permanence of investment, (4) Location
Contract - correct answerA voluntary agreement or promise between legally competent
parties, supported by legal consideration, to perform (or refrain from performing) some
legal act..
Express Contact - correct answerWhen the parties state the terms and show their
intentions in words; may be written or oral.
Statute of Frauds - correct answerA state statute under which certain types of contracts
must be in writing to be enforceable.
Implied Contract - correct answerthe agreement of the parties is demonstrated by their
acts and conduct
Illinois Frauds Act - correct answerrequires 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 - correct answerState 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 - correct answerboth parties promise to do something; one promise is
given in exchange for another
Unilateral Contract - correct answerA 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 - correct answerone in which all parties have fulfilled their promises;
the contract has been performed
Executory Contract - correct answerwhen one or both parties still have an act to perform
Elements of a Contract - correct answer1. Offer and acceptance
2. Consideration
3. Legally competent parties
4. Consent
5. Legal purpose
Offer and Acceptance - correct answerMust be in writing; must express all the agreed-
on terms and must be clearly understood by the parties.
2025
Personal Property - correct answerProperty that is movable and not affixed to or
associated with the land; all property except real property.
Chattels - correct answerItems of personal property: including tangibles such as chairs,
tables, clothing, money, bonds, bank accounts, including trade fixtures.
Manufactured Housing - correct answerDwellings that are built off site and trucked to a
building lot where they are installed or assembled.
Emblements - correct answerRefers to crops which require annual planting.
Classifications of Property - correct answerReal or personal
Severance - correct answerWhen an item of real property can become personal
property
Deed - correct answerWhen property is transferred from one owner to another. Real
property is conveyed by a deed.
Bill of Sale - correct answerA written instrument given to pass title of personal property
from vendor to vendee.
Fixture - correct answerpersonal 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: - correct answer1. Method of
attachment
2. Adaptation to real estate
3.Agreement
Trade Fixture - correct answerAn article owned by a tenant and attached to a rented
space or building for use in conducting a business.
Attachment - correct answerPersonal property that "turns into" real property does so by
attachment
Accession - correct answerWhen trade fixtures are not removed and become the
property of the landlord.
, Economic Characteristics of Real Estate - correct answer(1) Scarcity, (2)
Improvements, (3) Permanence of investment, (4) Location
Contract - correct answerA voluntary agreement or promise between legally competent
parties, supported by legal consideration, to perform (or refrain from performing) some
legal act..
Express Contact - correct answerWhen the parties state the terms and show their
intentions in words; may be written or oral.
Statute of Frauds - correct answerA state statute under which certain types of contracts
must be in writing to be enforceable.
Implied Contract - correct answerthe agreement of the parties is demonstrated by their
acts and conduct
Illinois Frauds Act - correct answerrequires 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 - correct answerState 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 - correct answerboth parties promise to do something; one promise is
given in exchange for another
Unilateral Contract - correct answerA 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 - correct answerone in which all parties have fulfilled their promises;
the contract has been performed
Executory Contract - correct answerwhen one or both parties still have an act to perform
Elements of a Contract - correct answer1. Offer and acceptance
2. Consideration
3. Legally competent parties
4. Consent
5. Legal purpose
Offer and Acceptance - correct answerMust be in writing; must express all the agreed-
on terms and must be clearly understood by the parties.
