Exam (elaborations)
Illinois Real Estate Leasing Agent Exam with Accurate Solutions
Illinois Real Estate Leasing Agent Exam with Accurate Solutions
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Illinois Real Estate Leasing Agent Exam withAccurate 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)
-Unilateral Contract - -One-sided agreement (an open listing contract)
-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)
-Contract Formation Steps - -1. Preformation
2. Formation
3. Postformation
-Preformation of Contract Elements - -1. Offer
2. Acceptance
3. Consideration
4. Legal Purpose
5. Legal Capacity
-Formation of Contracts Classification - -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 - -1. Performance
, 2. Breach
3. Remedies (damages, specific performance, recission)
-Offer of a Contract - -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 - -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 - -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: - -1. Have legal capacity
(legal age, mental capacity)
-Reality of Consent of a Contract - -Contract must be entered into as free
and voluntary for both parties
-Legal Purpose of a Contract - -Must be for a legal purpose (nothing illegal)
-Valid Contract - -Meets all essential elements that make it legally
sufficient/enforceable and binding in a court of law
-Void Contract - -Has no legal force or effect because it lacks some of the
essential elements
-Voidable contract - -Appears to be valid but may be rescinded or
disaffirmed by one or both parties based on some legal principle
-Unforceable Contract - -May seem valid, however neither party can sue the
other to force performance (ex. not in writing or ambiguous)
-Assignment - -Substitution of parties; the transfer of rights/duties under a
contract
-Novation - -Substitution of contracts
-Anti-Trust Laws - -These laws prohibit monopolies and any contracts,
combinations, and conspiracies that unreasonably restrain trade
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