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IL Leasing License Terms Exam/156 Q’s and A’s A+ Rated
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IL Leasing License Terms Exam/156 Q’s andA’s A+ Rated
Land/Realty - -Consists of the surface, subsurface and airspaces along with
anything that is permanently attached to it
-Surface - -is what we can see when we look at the property
-Subsurface - -The space beneath the surface and extends to the center of
the earths
-Subsurface rights - -mineral rights, oil and gas rights, and sometimes water
rights
-Airspace - -the space above the surface and extends into infinity
-Air rights - -the right to use all of the airspace above the surface
(ex. allowing airplanes to fly over someone's land as long as this use does
not interfere with the landowners enjoyment of the property)
-Improvements - -man-made objects that are directly attached to the land
(ex. Building, fence, or landscaping. Also includes man-made, publicly-owned
structures ex. streets, sewers, gutters)
-Real Property is - -land and improvements that are permanently affixed to
the land
1. permanence
2. non-homogeneity
3. immobility
-Non-homogeneity - -its unlike every other parcel of land
-Personal property - -Includes all movable items, objects, or property not
permanently affixed to the land. Courts consider the rights acquired through
a residential lease to be personal property
-Fixture - -personal property that is permanently attached to real property.
(Once an item of personal property becomes a fixture, it take son the
characteristics of real property and is considered real property)
-Trade fixtures - -an item of personal property that does not become a
fixture because it is attached to real property for a business purpose (ex.
walk-in freezers in a food store)
-Identifying a fixture: - --How the item is attached
,-Whether the item has been customized to the underlying real property
-The actual intent of the individual attaching the object
-The specific agreement of the parties to the sale or lease
-Ownership in severalty - -ownership by one person or entity
-Concurrent ownership - -ownership by a group
-Tenancy in common - -a form of co-ownership in which ownership interests
of a deceased owner can be passed along to the owners chosen heirs
-Joint tenancy - -A form of co-ownership
-Contracts - -legal binding promises
-Implied contracts - -A contract that is formed by the actions of the parties
and are not stated orally or in writing. (ex. tenants who live on the 2nd floor
of a 3-flat believe they have the right to use to stairwell in building as does
the landlord, even though this is not written in the lease)
-Express contracts - -Specific oral or written agreements of two or more
parties
-Unilateral contracts - -A contract in which one party makes a promise to do
something if another party performs a specific act. (ex reward offered to a
person who finds a lost dog)
-Bilateral contract - -formed when two parties exchange promises (ex. a
lease)
-Executory contract - -Not all of the promises or terms of the contract have
been fufilled
-Executed/Discharged contract - -All of its promises or terms have been
fulfilled
-Assignment - -The act of one party to a contract allowing someone else to
assume all of his/her rights under the contract
-Novation - -Occurs when all parties to the contract agree to a substitution
of one of the parties to the contract by creating a new agreement
-Accord and satisfaction - -indicates that the parties have agreed to a
change in one or more of the terms of the contract
-Valid - -Fulfills all the requirements of the law and contains:
, -Consideration
-Legal purpose
-Offer
-Acceptance
-Competent Parties
-Consideration - -The promise offered in exchange for an action/something
of value
-Counteroffer - -A rejection of the original offer but with modifications
-Competent parties - -Must be of a legal age (18), sane, sober and have the
authority to take action regarding the property
-Statute of frauds - -determines whether a valid contract is enforceable in a
court of law; requires that real estate contracts be in writing if they are to be
enforceable by a court with the exception of leases with terms of one year or
less
-Parol evidence rule - -prohibits courts from letting oral evidence change
the terms of a written contract
-Statute of limitations - -limits the amount of time a party has to bring
action against another party who has committed fraud or violated the terms
of a contract
-Void contract - -Lacks the necessary provisions required by law, binds
neither party and is considered to be not a contract at all
-Voidable contract - -Has the elements required of a valid contract but
allows one of the parties to withdraw from it. usually arises from a case in
which one party has been wronged and may choose to void the contract
-Real consent/mutual consent - -when parties mutually agree to specific
terms and conditions and the parties knowledge of the terms and conditions
of the contract is accurate
-Misrepresentation - -the omission or distortion of facts in the transaction. It
creates a voidable contract and allows the other party to withdraw from it
-Fraud - -occurs when one party intentionally misrepresents or conceals
facts that are relevant to the contract
-Duress - -the actual use of force to induce another against his or her will.
-Menace - -The threat to use force
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