Illinois Security Contractor Licensing
Actual Exam And Practice Tests Newest
With Complete Questions And Correct
Detailed Answers| Brand New Version!
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.
Open Listing - <<<<answer>>>>This agreement is an Unilateral Contract.
Executed Contract - <<<<answer>>>>All parties have fulfilled their promises; the
contract has been performed.
Executory Contract - <<<<answer>>>>When one or both parties still have an act to
perform
Essential Elements of Contract - <<<<answer>>>>Offer, Acceptance, Consideration,
Legal Purpose, Legal Capacity.
Classificaton of Contract - <<<<answer>>>>Valid, Void, Voidable, Enforceable,
Unenforceable, Express, Implied, Unilateral, Bilateral, Executory, Executed.
Discharge of Contract - <<<<answer>>>>Performance, Breach, Remedies(Damages,
Specific Performance, Rescissoon)
Offeror - <<<<answer>>>>The person who makes an offer.
Offeree - <<<<answer>>>>The person who accepts an offer.
Offer - <<<<answer>>>>A promise made by one party, requesting something in
exchange for that promise.
Counter Offer - <<<<answer>>>>Original offer ceases to exist because one party
disagreed on something. So the new offer(Counter offer) is made.
Acceptance - <<<<answer>>>>If the seller agrees to the original offer or a later counter
offer exactly as is and signs the document.
Consideration - <<<<answer>>>>Something of legal value offered by one party and
accepted by another as an inducement to perform or refrain from performing some act.
"Good & Valuable" "Love & Affection" "Payment"
Legally Competent Parties - <<<<answer>>>>All parties to the contract must be of legal
age and have enough mental capacity to understand the nature or consequences of
their actions of the contract.
Actual Exam And Practice Tests Newest
With Complete Questions And Correct
Detailed Answers| Brand New Version!
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.
Open Listing - <<<<answer>>>>This agreement is an Unilateral Contract.
Executed Contract - <<<<answer>>>>All parties have fulfilled their promises; the
contract has been performed.
Executory Contract - <<<<answer>>>>When one or both parties still have an act to
perform
Essential Elements of Contract - <<<<answer>>>>Offer, Acceptance, Consideration,
Legal Purpose, Legal Capacity.
Classificaton of Contract - <<<<answer>>>>Valid, Void, Voidable, Enforceable,
Unenforceable, Express, Implied, Unilateral, Bilateral, Executory, Executed.
Discharge of Contract - <<<<answer>>>>Performance, Breach, Remedies(Damages,
Specific Performance, Rescissoon)
Offeror - <<<<answer>>>>The person who makes an offer.
Offeree - <<<<answer>>>>The person who accepts an offer.
Offer - <<<<answer>>>>A promise made by one party, requesting something in
exchange for that promise.
Counter Offer - <<<<answer>>>>Original offer ceases to exist because one party
disagreed on something. So the new offer(Counter offer) is made.
Acceptance - <<<<answer>>>>If the seller agrees to the original offer or a later counter
offer exactly as is and signs the document.
Consideration - <<<<answer>>>>Something of legal value offered by one party and
accepted by another as an inducement to perform or refrain from performing some act.
"Good & Valuable" "Love & Affection" "Payment"
Legally Competent Parties - <<<<answer>>>>All parties to the contract must be of legal
age and have enough mental capacity to understand the nature or consequences of
their actions of the contract.
