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Real Estate Leasing in Illinois Exam Questions and answers
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Real Estate Leasing in Illinois ExamQuestions and answers
One defining difference between real estate (real property) and personal
property is that real estate includes - -A. Land and the rights and interests
inherent in the ownership of land, while personal property includes only air
and mineral rights
B. The trees and air rights, while personal property includes the house and
its contents
C. Land and all things permanently attached, while personal property
includes property that is movable
D. Annual crops, while personal property includes mineral rights
C
-A bookstore owner rents space in a commercial building. The bookstore has
large tables fastened to the walls where customers are encouraged to sit and
read. Shelves create aisles from the front of the store to the back. The
shelves are bolted to both the ceiling and the floor. Which of these BEST
characterizes these tables and shelves? - -A. The shelves and the tables are
trade fixtures and will be sold when the owner sells the building
B. The shelves and the tables are trade fixtures and must be removed before
the bookstore's lease expires; the tenant is responsible to the landlord for
any damage that their removal causes to the premises
C. Because the bookstore is a tenant, the shelves and the tables are fixtures
and may not be removed, except with the owner's permission
D. Because the shelves and the tables are attached to the building, they are
treated the same way as other fixtures
B
-Which of these is considered the MOST important characteristic of land? - -
A. Air rights
B. Permanence
C. Subsurface rights
D. Location
C
-Another term for personal property is - -A. Fixtures
B. Realty
C. Chattels
D. Fructus naturales
,C
-When an owner of real estate sells the property to someone else, which of
the "sticks" in the bundle of legal rights is she using? - -A. Exclusion
B. Legal enjoyment
C. Control
D. Disposition
D
-A man inherited a farm from his uncle. As a new owner, the first thing he
did with the vacant property was to remove all the topsoil, which he sold to a
landscaping company. He then removed a thick layer of limestone and sold it
to a construction company. Finally, he dug 40 feet into the bedrock and sold
it for gravel. When the farm owner died, he left the farm to his daughter.
Which of these statements is True? - -A. The daughter inherits nothing
because the farm no longer exists
B. The daughter owns the gravel, limestone, and topsoil, no matter where it
is.
C. The daughter inherits a large hole in the ground, but it is still a farm, down
to the center of the earth.
D. The man's estate must restore the land to its original condition.
C
-The buyer and the seller of a home are debating whether a certain item is
real or personal property. The buyer says it is real property and should
convey with the house; the seller says it is personal property and would not
convey without a separate bill of sale. In determining whether an item is real
or personal property, a court would NOT consider - -A. Whether its removal
would cause severe damage to the real estate
B. Whether the item is clearly adapted to the real estate.
C. The cost of the item when it was purchased
D. Any relevant agreement of the parties in their contract
C
-Which of these BEST describes the economic characteristics of real estate?
- -A. Scarcity, improvements, and location
B. Location, uniqueness, and indestructibility
C. Scarcity, immobility, and improvements
D. Attatchment, location, and improvements
A
, -An owner decides to sell her house and takes the antique front door with
her when she moves. In the absence of any provision in the contract, is the
owner allowed to remove the door? - -A. No, This act of severance is not
allowed at time of selling because the door is a fixture
B. Yes, the owner can remove the door, and the act is called accession
C. No, this is conversion
D. Yes, the owner can remove the door, and the act is called separation
A
-When moving into a newly purchased home, the buyer discovered that the
seller had taken the electric lighting units that were installed over the vanity
in the bathroom. The seller had not indicated in the sales contract that these
would be removed. Which of these is TRUE? - -A. The lighting fixtures belong
to the seller because he installed them as personal property
B. These lighting fixtures are considered trade fixtures and could be removed
C. Installed lighting units normally are considered real estate fixtures
D. Original lighting fixtures are real property, but replacement lighting
fixtures is personal property and can be taken by the seller
C
-A homeowner is building a new enclosed front porch on his home. A
truckload of lumber has been left in his driveway for use in building the
porch. At this point, the lumber is considered - -A. A fixture, because it will
be permanently affixed to existing real property
B. personal property
C. A chattel that is real property
D. A trade fixture or a chattel fixture
B
-Intent of the parties, method of attachment, adaptation to real estate, and
agreement between the parties are the legal tests for determining whether
an item is - -A. A fixture or personal property
B. A trade fixture or personal property
C. Real property or real estate
D. An improvement
A
-Parking spaced in multi unit buildings, water rights, and other
improvements are classified as - -A. Trade fixtures
B. Emblements
C. Subsurface rights
D. Appurtenances
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