We study the learnability of monotone term decision lists in the exact model of equivalence and membership queries. We show that, for any constant k>0, k-term monotone decision lists are exactly and properly learnable with n^O(k) membership queries in O(n^(k^3)) time. We also show n^Omega(k) membership queries are necessary for exact learning. In contrast, both k-term monotone decision lists (k>1) and general monotone decision lists are not learnable with equivalence queries alone.