Illinois Leasing Agent Exam with accurate detailed solutions

Illinois Leasing Agent Exam with accurate detailed solutions || || || || || || ||




Personal Property - ✔✔Property that is movable and not affixed to or associated with the land; all
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property except real property. || || ||




Chattels - ✔✔Items of personal property: including tangibles such as chairs, tables, clothing,
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money, bonds, bank accounts, including trade fixtures.
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Manufactured Housing - ✔✔Dwellings that are built off site and trucked to a building lot where || || || || || || || || || || || || || || || ||




they are installed or assembled.
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Emblements - ✔✔Refers to crops which require annual planting. || || || || || || || ||




Classifications of Property - ✔✔Real or personal || || || || || ||




Severance - ✔✔When an item of real property can become personal property
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Deed - ✔✔When property is transferred from one owner to another. Real property is conveyed by
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a deed.
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Bill of Sale - ✔✔A written instrument given to pass title of personal property from vendor to
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vendee.


Fixture - ✔✔personal property that has been so affixed to land or a building that, by law, it
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becomes part of the real property || || || || ||




In determining intent, courts use three basic tests: - ✔✔1. Method of attachment
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2. Adaptation to real estate
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3.Agreement

, Trade Fixture - ✔✔An article owned by a tenant and attached to a rented space or building for use
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in conducting a business.
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Attachment - ✔✔Personal property that "turns into" real property does so by attachment
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Accession - ✔✔When trade fixtures are not removed and become the property of the landlord.
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Economic Characteristics of Real Estate - ✔✔(1) Scarcity, (2) Improvements, (3) Permanence of
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investment, (4) Location || ||




Contract - ✔✔A voluntary agreement or promise between legally competent parties, supported
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by legal consideration, to perform (or refrain from performing) some legal act..
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Express Contact - ✔✔When the parties state the terms and show their intentions in words; may be
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written or oral.
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Statute of Frauds - ✔✔A state statute under which certain types of contracts must be in writing to
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be enforceable.
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Implied Contract - ✔✔the agreement of the parties is demonstrated by their acts and conduct
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Illinois Frauds Act - ✔✔requires that any contracts for the sale of land/leases that won't be
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fulfilled w/in 1 yr. from the date they are entered into, must be in writing to be enforceable in
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court.


Real Estate License Act of 2000 - ✔✔State law enacted to protect the public from fraud,
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dishonesty, and incompetence in the purchase and sale of real estate. It was amended in 2011.
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Certain contracts must be in writing.
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