MODERN REAL ESTATE PRACTICE IN ILLINOIS EXAMS WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS ALREADY GRADED A+ GUARANTEED PASS

MODERN REAL ESTATE PRACTICE IN ILLINOIS EXAMS WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS ALREADY GRADED A+ GUARANTEED PASS blanket loan a mortgage covering more than on parcel of real estate, providing for each parcel's partial release from the mortgage lien on repayment of a definite portion of the debt. blind ad an advertisement whereby the sponsoring broker's name is not identified in t he advertisement. blockbusting the illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood. boot money or property given to make up any difference in value or equity between two properties in an exchange . branch office a secondary place of business apart from the principal or main office from which real estate business is conducted. a bran office usua lly must be run by a licensed managing broker working an behalf of the sponsoring broker. branch office license in Illinois, a separate license that must be obtained for each branch office a sponsoring broker wished to establish. breach of contract violati on of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due. broker one who acts as an intermediary on behalf of othersfor a fee or commission broker's price opinion (BPO) a less -expensive alterna tive of valuating properties often used by lenders working with home equity lines, refinancing, portfolio management, loss mitigation, and collections. many BPO simply consist of a "drive by" that verifies the existence of the property, along with a listin g of comparable sales. brokerage the bringing together of parties interested in making a real estate transaction. brokerage agreement a written or oral agreement between a sponsoring broker and a consumer for licensed activities to be provided to a consume r in return for compensation or the right to receive compensation from another. they may constitute either a bilateral or unilateral agreement between the sponsoring broker and the sponsoring broker's client depending upon the content of the brokerage agre ement. all exclusive brokerage agreements must be in writing. brownfield defunct, derelict, or abandoned commercial or industrial sites; many have toxic wastes. Brownfields Legislation provides federal funding to states and localities to clean up brownfields sites buffer zone a strip of land, usually used as a park or designated for a similar use, separating land dedicated to one use from land dedicated to another use (e.g., residential from commerical). building code an ordinance that specifies minimum standards of construction for buildings to protect public safety and health. building permit written governmental permission for the construction, alteration, or demolition of an improveme nt, showing compliance with building codes and zoning ordinances. bundle of legal rights the concept of land ownership that includes ownership of all legal rights to the land. for example, possession, control within the law and enjoyment. buydown