ILLINOIS REAL ESTATE BROKER EXAM |
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,Abstract written history of a property
Accretion Gradual buildup of soil, person gains title to added land build up on property
Lot individual piece of land intended to be conveyed in its entirety.
Block a group of lots, typically bounded by streets.
Government Survey A method of land description based on townships and sections. (Rectangular survey
system).
Mineral Rights Rights to the subsurface, including rights to oil, gas, coal, and other substances that are
mined, and can be separated from land ownership.
Water Rights For those who live adjacent a body of water, permits rights to use that water and even
sell the water up to the point of dropoff.
Air Rights The right to use, control and occupy the space above a particular parcel of land.
Liens A charge or claim which one person has upon the property of another as security for a
debt or obligation
Easement The right to use the land of another for a particular purpose.
Lisence written or verbal agreement to allow use of one's property to another for specific
purposes.
An example of a liscence is... Your neighbor gives your son permission to park in her driveway while she is in florida for
the winter.
, encroachment intrusion on a person's territory, rights, etc.
encumbrance a burden or impediment, claim against an asset by an entity that is not the owner.
Tenants in Common shared ownership of a single property among two or more persons; interests need not
be equal and no right of survivorship exists
PMI (Private Mortgage Insurance) Insurance that protects the lender in case the borrower defaults and is unable to repay
the loan. Generally a borrower must pay PMI if their equity is less than 20% of the home's
value.
Default failure to pay back a loan
LTV (Loan to Value) Ratio of a loan to the value of an asset purchased
Acting under duress Home owners are forced to sell the house due to unforseen circumstances, eg. divorce,
bankrupcy
Procuring Cause The uninterrupted chain of events, without abandonment or estrangement, which results
in the house being sold (on the seller's terms)
appraisal evaluation or estimation of worth, of this case, for a property or house.
tennancy by the entirety special form of co-ownership used by spouses. the term entirety refers to the fact that
the owners are considered one indivisible unit.
condominium An individually owned housing unit in a building with several such units
condominum ownership -real property ownership.
-deed.
-the owner of each unit holds a fee simple title to the unit and a specified share of the
undivided intrest in the common elements as a tenant in common.
Co-op ownership -personal property
-proprietary lease.
-a corporation holds title to the land and building and offers shares of stock to
prospective tennants.
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,Abstract written history of a property
Accretion Gradual buildup of soil, person gains title to added land build up on property
Lot individual piece of land intended to be conveyed in its entirety.
Block a group of lots, typically bounded by streets.
Government Survey A method of land description based on townships and sections. (Rectangular survey
system).
Mineral Rights Rights to the subsurface, including rights to oil, gas, coal, and other substances that are
mined, and can be separated from land ownership.
Water Rights For those who live adjacent a body of water, permits rights to use that water and even
sell the water up to the point of dropoff.
Air Rights The right to use, control and occupy the space above a particular parcel of land.
Liens A charge or claim which one person has upon the property of another as security for a
debt or obligation
Easement The right to use the land of another for a particular purpose.
Lisence written or verbal agreement to allow use of one's property to another for specific
purposes.
An example of a liscence is... Your neighbor gives your son permission to park in her driveway while she is in florida for
the winter.
, encroachment intrusion on a person's territory, rights, etc.
encumbrance a burden or impediment, claim against an asset by an entity that is not the owner.
Tenants in Common shared ownership of a single property among two or more persons; interests need not
be equal and no right of survivorship exists
PMI (Private Mortgage Insurance) Insurance that protects the lender in case the borrower defaults and is unable to repay
the loan. Generally a borrower must pay PMI if their equity is less than 20% of the home's
value.
Default failure to pay back a loan
LTV (Loan to Value) Ratio of a loan to the value of an asset purchased
Acting under duress Home owners are forced to sell the house due to unforseen circumstances, eg. divorce,
bankrupcy
Procuring Cause The uninterrupted chain of events, without abandonment or estrangement, which results
in the house being sold (on the seller's terms)
appraisal evaluation or estimation of worth, of this case, for a property or house.
tennancy by the entirety special form of co-ownership used by spouses. the term entirety refers to the fact that
the owners are considered one indivisible unit.
condominium An individually owned housing unit in a building with several such units
condominum ownership -real property ownership.
-deed.
-the owner of each unit holds a fee simple title to the unit and a specified share of the
undivided intrest in the common elements as a tenant in common.
Co-op ownership -personal property
-proprietary lease.
-a corporation holds title to the land and building and offers shares of stock to
prospective tennants.
