12/3/25, 8:58 AM Illinois Leasing Agent Exam Practice Exam comprehensive questions | FREQUENTLY MOST TESTED QUESTIONS AND VERIFIE…
Illinois Leasing Agent Exam Practice Exam
comprehensive questions | FREQUENTLY MOST
TESTED QUESTIONS AND VERIFIED
SOLUTIONS/GET IT 100% ACCURATE!! 2025!!
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Terms in this set (79)
Property that is movable and not affixed to or
Personal Property
associated with the land
Items of personal property, including such tangibles
Chattels as chairs, tables, money, clothes, bonds and bank
accounts. Trade Fixtures Also.
Dwellings that are built off site and trucked to a
building lot where they are installed or assembled.
Manufactured Housing
Considered personal property unless it's permanently
affixed to the land.
Annexation Changing personal property into real property.
Personal property that has been affixed to land or a
Fixture
building.
Any article owned by a tenant and attached for
Trade Fixture
conducting business.
(1) Scarcity, (2) Improvements, (3) Permanence of
Economic Characteristics
investment, (4) Location
A voluntary agreement between two parties in which
Contract
specific promises are made for a legal consideration.
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, 12/3/25, 8:58 AM Illinois Leasing Agent Exam Practice Exam comprehensive questions | FREQUENTLY MOST TESTED QUESTIONS AND VERIFIE…
Exists when the parties state the terms and show their
Expressed Contract
intentions in words, it can be written or oral.
Certain types of contracts, including those for the sale
Statute of Frauds of real property, that must be in writing to be
enforceable in a court of law.
The agreement of the parties is demonstrated by their
Implied Contract
acts and conduct.
Both parties promise to do something; one promise is
Bilateral Contract
given in exchange for another
One sided contract agreement. One party makes a
Unilateral Contract promise to induce a second party to do something.
The second party is not legally obligated to act.
Exclusive Right to Sell This agreement is considered a Bilateral Contract.
Listing
Open Listing This agreement is an Unilateral Contract.
All parties have fulfilled their promises; the contract
Executed Contract
has been performed.
Executory Contract When one or both parties still have an act to perform
Essential Elements of Offer, Acceptance, Consideration, Legal Purpose,
Contract Legal Capacity.
Valid, Void, Voidable, Enforceable, Unenforceable,
Classificaton of Contract Express, Implied, Unilateral, Bilateral, Executory,
Executed.
Performance, Breach, Remedies(Damages, Specific
Discharge of Contract
Performance, Rescissoon)
Offeror The person who makes an offer.
Offeree The person who accepts an offer.
A promise made by one party, requesting something
Offer
in exchange for that promise.
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Illinois Leasing Agent Exam Practice Exam
comprehensive questions | FREQUENTLY MOST
TESTED QUESTIONS AND VERIFIED
SOLUTIONS/GET IT 100% ACCURATE!! 2025!!
Save
Terms in this set (79)
Property that is movable and not affixed to or
Personal Property
associated with the land
Items of personal property, including such tangibles
Chattels as chairs, tables, money, clothes, bonds and bank
accounts. Trade Fixtures Also.
Dwellings that are built off site and trucked to a
building lot where they are installed or assembled.
Manufactured Housing
Considered personal property unless it's permanently
affixed to the land.
Annexation Changing personal property into real property.
Personal property that has been affixed to land or a
Fixture
building.
Any article owned by a tenant and attached for
Trade Fixture
conducting business.
(1) Scarcity, (2) Improvements, (3) Permanence of
Economic Characteristics
investment, (4) Location
A voluntary agreement between two parties in which
Contract
specific promises are made for a legal consideration.
https://quizlet.com/1116375251/illinois-leasing-agent-exam-practice-exam-comprehensive-questions-frequently-most-tested-questions-and-verified-sol… 1/9
, 12/3/25, 8:58 AM Illinois Leasing Agent Exam Practice Exam comprehensive questions | FREQUENTLY MOST TESTED QUESTIONS AND VERIFIE…
Exists when the parties state the terms and show their
Expressed Contract
intentions in words, it can be written or oral.
Certain types of contracts, including those for the sale
Statute of Frauds of real property, that must be in writing to be
enforceable in a court of law.
The agreement of the parties is demonstrated by their
Implied Contract
acts and conduct.
Both parties promise to do something; one promise is
Bilateral Contract
given in exchange for another
One sided contract agreement. One party makes a
Unilateral Contract promise to induce a second party to do something.
The second party is not legally obligated to act.
Exclusive Right to Sell This agreement is considered a Bilateral Contract.
Listing
Open Listing This agreement is an Unilateral Contract.
All parties have fulfilled their promises; the contract
Executed Contract
has been performed.
Executory Contract When one or both parties still have an act to perform
Essential Elements of Offer, Acceptance, Consideration, Legal Purpose,
Contract Legal Capacity.
Valid, Void, Voidable, Enforceable, Unenforceable,
Classificaton of Contract Express, Implied, Unilateral, Bilateral, Executory,
Executed.
Performance, Breach, Remedies(Damages, Specific
Discharge of Contract
Performance, Rescissoon)
Offeror The person who makes an offer.
Offeree The person who accepts an offer.
A promise made by one party, requesting something
Offer
in exchange for that promise.
https://quizlet.com/1116375251/illinois-leasing-agent-exam-practice-exam-comprehensive-questions-frequently-most-tested-questions-and-verified-sol… 2/9
