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Illinois Real Estate Leasing Agent License Preparation Exam Questions & Answers
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Illinois Real Estate Leasing Agent LicensePreparation Exam Questions & Answers
land - -Consists of the surface, subsurface, and airspace.
-Surface - -what appears or what can be seen
-subsurface - -Space beneath the surface
-What do Subsurface Rights include? - -Mineral rights, oil and gas rights
and, in some cases, water rights.
-What is Airspace? - -The space above the surface and extends into infinity.
-What are air rights? - -The rights to use all of the airspace above the
surface.
-What is an example of air rights? - -Airplanes being allowed to fly over
someone's land as long as this use does not unreasonably interfere with the
landowners enjoyment of the property.
-What are improvements? - -Man-made objects that are directly attached to
the land
-What are some examples of improvements? - -Streets, sewers, gutters,
Buildings, a fence, or landscaping
-What is Personal property? - -All movable items or objects that are not
permanently attached to land
-What is another term for personal property? - -Chattel
-What are the 3 characteristics of Real property? - -Permanence
(indestructible), non-homogeneity (uniqueness) and immobility
(unmovable)or difficult to move.
-Are the rights required through a lease personal property rights or rights to
real property? - -Personal property rights
-What is a fixture? - -Personal property that is permanently attached to real
property
-What tests determine whether a particular item is a fixture? - -Method of
attachment, adaptation to real estate, agreement
, -What is a trade fixture? - -Items attached to real property for a business
purpose
-What are some examples of trade fixtures? - -Sinks in a barbershop or
walk-in freezers in a food store.
-What is ownership in severalty? - -Ownership by one person or entity
-What is concurrent ownership? - -Ownership by a group
-What are the two most common forms of concurrent ownership? - -
Tenancy in common and joint tenancy
-What is the difference between joint tenancy and tenancy in common? - -
With joint tenancy, co-owners would receive "right to survivorship" if a fellow
owner were to die.
With Tenancy in common, "right of survivorship" would go to a chosen heir
( spouse, eldest son, sibling, etc.)
-What is the "right of survivorship "? - -A right to a co-owners share of the
property if he/ she dies.
-What are contracts? - -Legally binding promises
-What are implied contracts? - -Terms that the parties understand and
accept even though they are not specifically stated in the written document
-What is an example of an implied contract? - -The tenants assuming that
the landlord will grant access to the stairway.
-What is an express contract? - -A written agreement between two or more
parties that specifically states the duration of a lease
-What is an unilateral contract? - -A contract in which one party makes a
promise to do something if another party performs a specific act.
-What is a bilateral contract? - -When two parties exchange promises.
-What is the difference between bilateral and unilateral contracts? - -In a
unilateral contract, only one party (the one who makes the promise) is
obligated to act
-What is an executory contract? - -a contract that has NOT been fully
performed by either or both sides
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