ILLINOIS REAL ESTATE LEASING AGENT EXAM NEWEST 2024 COMPLETE 100 QUESTIONS AND CORRECT ANSWERS

ILLINOIS REAL ESTATE LEASING AGENT EXAM NEWEST 2024 COMPLETE 100 QUESTIONS AND CORRECT
ANSWERS

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

,ILLINOIS REAL ESTATE LEASING AGENT EXAM NEWEST 2024 COMPLETE 100 QUESTIONS AND CORRECT
ANSWERS



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

, ILLINOIS REAL ESTATE LEASING AGENT EXAM NEWEST 2024 COMPLETE 100 QUESTIONS AND CORRECT
ANSWERS



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



Postformation of Contracts Discharges - (answer) 1. Performance

2. Breach

3. Remedies (damages, specific performance, recission)



Offer of a Contract - (answer) 1. Must be an offer by one party that's accepted by the other (offeror
and offeree)

2. Mutual assent: meeting of the minds; complete agreement of the purpose and terms

3. Any offer or counteroffer may be withdrawn before acceptance



Acceptance of a Contract - (answer) 1. Not considered accepted until offeror has been notified of the
other party's acceptance