Illinois leasing agent chapter 4 Exam With Complete Solutions

Illinois leasing agent chapter 4 Exam With Complete Solutions Improvement - answerAny structure, usually privately owned, erected on parcel os such as buildings, fences, and driveways. Also publicly owned structures such as curbs, sidewalks, streets, or sewers. Real Property - answerThe earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interest, benefits and rights inherent in the ownership. Non-homogeneity - answerA lack of uniformity, dissimilarity. A physical characteristic of land that no two parcels are exactly alike. Subsurface Rights - answerOwnership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property. Fixture - answerAn article of personal property that has become part of the real property, because it has been permanently affixed to the real property. Chattel - answerAn item of personal property permanently affixed to the real property. Trade Fixture - answerAn article installed by a business tenant under the terms of a lease that is removable by the tenant before the lease expires. Such items remain personal property and are not considered true fixtures. Personal Property - answerItems that do not fit into the definition of real property and are usually not permanent objects, such as a mirror or lamp. Land - answerEarth's surface extending downward to the center of the earth and upward to infinity, including things attached by nature.