Illinois Real Estate Leasing Agent
Exam Questions and All Correct
Answers 2026 Updated.
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
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
2. Must be immediate with offers, acceptances, or other responses to avoid problems, delays, or
possible charges.
Consideration of a Contract - Answer 1. Something of legal value offered by one party and
accepted by another as an inducement to perform/refrain from performing some act
Legally Competent Parties in a Contract must: - Answer 1. Have legal capacity (legal age,
mental capacity)
Reality of Consent of a Contract - Answer Contract must be entered into as free and
voluntary for both parties
Legal Purpose of a Contract - Answer Must be for a legal purpose (nothing illegal)
Exam Questions and All Correct
Answers 2026 Updated.
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
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
2. Must be immediate with offers, acceptances, or other responses to avoid problems, delays, or
possible charges.
Consideration of a Contract - Answer 1. Something of legal value offered by one party and
accepted by another as an inducement to perform/refrain from performing some act
Legally Competent Parties in a Contract must: - Answer 1. Have legal capacity (legal age,
mental capacity)
Reality of Consent of a Contract - Answer Contract must be entered into as free and
voluntary for both parties
Legal Purpose of a Contract - Answer Must be for a legal purpose (nothing illegal)
