Exam (elaborations)
ILLINOIS REAL ESTATE LEASING AGENT LICENSE EXAM (CHAPTER 1- 3)
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ILLINOIS REAL ESTATE LEASING AGENT LICENSE EXAM (CHAPTER 1- 3)
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ILLINOIS REAL ESTATE LEASING AGENT LICENSE EXAM (CHAPTER 1- 3)Real Property - Answer- Real Property is land and any property attached directly to it
3 Characteristics of Real Property - Answer- 1. Permanence 2. Non-homogeneity 3. Immobility
Subsurface - Answer- Is the space beneath the surface and extends to the center of the
Earth
Airspace - Answer- Is the space above the surface and extends into infinity
Personal Property - Answer- Includes all moveable items or objects that are not permanently attached to the land.
Fixture - Answer- Personal property that is permanently attached to real property.
Chattel - Answer- Includes all movable objects that are not permanently attached to the land
4 Things that a fixture includes:
1. How an item is attached
2. Whether the item has been customized to the underlying property.
3. The actual intent if the individual attaching the object.
4. The specific agreement of the parties to the sale or lease - Answer- Joint Tenancy - Answer- The ownership interests of a deceased owner becomes the property of the surviving owners
Tenancy in Common - Answer- Ownership interests of a deceased owner becomes the property of the surviving owners
A lease tranfers _____________ - Answer- right of possession, not right of ownership
Express Contract - Answer- Arise from a specific oral or written agreements of two or more parties
Unilateral Contract - Answer- Is a contract in which one party makes a promise to do something if another party performs a specific act
Bilateral Contract - Answer- Is formed when two partiers exchange promises. Assignment - Answer- Assignment of a contract occurs when a party to a contract allows another individual to assume all of their rights under the contract.
Novation - Answer- 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 - Answer- Indicates that parties have agreed to a change in one
or more of the terms of the contract.
When tenants or buyers want to enter into an agreement to rent of purchase property, they make an __________ explaining the terms they would like the seller or landlord to agree upon. ____________ is accomplished when the seller or landlord agrees to the terms of the offer - Answer- Offer, Acceptance
Counteroffer is considered a ______________ of original offer - Answer- rejection
Oral contract of 1 year or less if ___________ in Illinois - Answer- Enforceable
A ___________ contract allows one person to withdraw from it - Answer- Voidable
Reasons to withdraw from contract - Answer- - Under 18
- Misrepresentation or fraud
- Menace, duress, or undue influence
Specific Performance - Answer- The party who breached the contract must perform as originally agreed
If the tenant signs the contract under duress, menace, or undue influence, the contract is usually: - Answer- Voidable by lessee
Which of the following best describes a contract that is voidable: - Answer- A contract that let's one of the parties withdraw from it
A tenant makes an oral offer to lease a house from an owner for two years. The owner orally accepts the offer. The contract is _________________ - Answer- Unenforceable
If a contract is made under duress, it is: - Answer- Voidable
A person less than 18 years of age has just signed a contract. The legal status of the contract is: - Answer- Voidable
Mutual consent requires: - Answer- No fraud or misrepresentation
Lease is a ________ contract - Answer- bilateral
Tenancy for Years - Answer- Specific time frame, any length no termination notice
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