Illinois Real Estate Leasing Agent 2024 Exam Marking Scheme

Illinois Real Estate Leasing Agent 2024 Exam Marking Scheme Chattels - Answer -items of personal property (chairs, tables, trade fixtures, etc.) Manufactured Housing - Answer -dwellings built off-site and trucked to a lot to be assembled (ex: mobile homes) Plants that fall under "Real Estate" - Answer -Trees, permanent shrubbery, etc. that are attached to the land Plants that fall under "Personal Property" - Answer -Annually cultivated crops (emblements) Severance - Answer -When real property turns into personal property (ex: if an owner cuts a tree down on his/her property. The tree is now personal property because it's not attached to the land) Annexation - Answer -When personal property turns into real property (ex: a landowner turns cement into a sidewalk. The sidewalk is now real property because it's attached to the land) Fixture - Answer -Personal property that has been affixed to a building and becomes real property by law (ex: heating, elevators, radiators, kitchen cabinets, lights, doors, plumbing, etc.) Testing methods of Fixtures: - Answer -1. Method of attachment (can the item be removed without damage?) 2. Adaptation to real estate (is this real or personal property?) 3. Agreement (have both parties agreed to real or personal property?) Trade Fixtures - Answer -property used in the course of business (article owned by tenant and attached to rented space; bowling alleys, store shelves, bars, etc.) Accession - Answer -trade fixtures that aren't removed become real property of the landlord Attachment - Answer -personal property that turns into real property Contract - Answer -a voluntary agreement between legally competent parties to perform some legal act A contract must be: - Answer -1. Voluntary 2. An agreement/promise 3. Made by legally competent parties 4. Be supported by legal consideration 5. Have to do with a legal act Express contract - Answer -When parties state the terms and show their intentions in words (oral or written) Implied Contract - Answer -The agreement of the parties is demonstrated by acts and conduct (buying food at a restaurant and expected to pay the bill at the end) Bilateral Contract - Answer -Both parties promise to do something (real estate is bilateral) Unilateral Contract - Answer -One-sided agreement (an open listing contract) Executed Contract - Answer -All parties have fulfilled their promises (the contract has been performed) Executory Contract - Answer -One or both parties still have an act to perform (sales contract) Contract Formation Steps - Answer -1. Preformation 2. Formation 3. Postformation Preformation of Contract Elements - Answer -1. Offer 2. Acceptance 3. Consideration 4. Legal Purpose 5. Legal Capacity Formation of Contracts Classification - Answer -1. Valid 2. Void 3. Voidable 4. Enforceable 5. Unenforceable 6. Express 7. Implied 8. Uni/bilateral 9. Executed 10. Executory