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