Illinois Real Estate Leasing Agent License Preparation Test Questions Solved Correctly.
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Course
Illinois Leasing Agent
Institution
Illinois Leasing Agent
land - Answer Consists of the surface, subsurface, and airspace.
Surface - Answer what appears or what can be seen
subsurface - Answer Space beneath the surface
What do Subsurface Rights include? - Answer Mineral rights, oil and gas rights and, in some cases, water rights.
W...
Illinois Real Estate Leasing Agent
License Preparation Test Questions
Solved Correctly.
land - Answer Consists of the surface, subsurface, and airspace.
Surface - Answer what appears or what can be seen
subsurface - Answer Space beneath the surface
What do Subsurface Rights include? - Answer Mineral rights, oil and gas rights and, in some cases,
water rights.
What is Airspace? - Answer The space above the surface and extends into infinity.
What are air rights? - Answer The rights to use all of the airspace above the surface.
What is an example of air rights? - Answer 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? - Answer Man-made objects that are directly attached to the land
What are some examples of improvements? - Answer Streets, sewers, gutters, Buildings, a fence, or
landscaping
What is Personal property? - Answer All movable items or objects that are not permanently attached to
land
What is another term for personal property? - Answer Chattel
, What are the 3 characteristics of Real property? - Answer 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? - Answer
Personal property rights
What is a fixture? - Answer Personal property that is permanently attached to real property
What tests determine whether a particular item is a fixture? - Answer Method of attachment,
adaptation to real estate, agreement
What is a trade fixture? - Answer Items attached to real property for a business purpose
What are some examples of trade fixtures? - Answer Sinks in a barbershop or walk-in freezers in a food
store.
What is ownership in severalty? - Answer Ownership by one person or entity
What is concurrent ownership? - Answer Ownership by a group
What are the two most common forms of concurrent ownership? - Answer Tenancy in common and
joint tenancy
What is the difference between joint tenancy and tenancy in common? - Answer 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 "? - Answer A right to a co-owners share of the property if he/ she
dies.
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