ILLINOIS REAL ESTATE BROKER PSI ACTUAL
EXAM PAPER 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
◉Factors Affecting Supply . Answer: Labor force and Construction
Costs
Government Controls and Financial Policies
◉Factors Affecting Demand . Answer: Population
Demographics
Decisions
◉Land . Answer: The earths surface extending downward to the center
of the earth and upward to infinity.
Incudes not only surface of earth but underlying soil as well
◉The person who is the purchaser in a Installment Land Contract is
known as the . Answer: Vendee
, ◉The sale contract stated that buyers would not bring in the earnest
money within five days. It is now the sixth day and the buyers have not
brought in the money. This is legally referred to as: . Answer: Breach
◉In dealing with the public, a broker MAY . Answer: Negotiate
different commissions with different owners
◉Property is fully owned by a person having full power to dispose of
the property as he sees fit. He then dies without a will and without heirs.
This property will transfer through . Answer: Escheat
◉The co-insurance clause in a homeowner's policy requires the insured
to . Answer: maintain insurance in an amount to that is at least 80% of
the replacement cost
◉The most complete ownership of an estate is known as . Answer: Fee
simple absolute
◉Escrow monies: . Answer: could include security deposits as well as
earnest money
◉The measurement to determine one parcel of land is called . Answer:
a survey
EXAM PAPER 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
◉Factors Affecting Supply . Answer: Labor force and Construction
Costs
Government Controls and Financial Policies
◉Factors Affecting Demand . Answer: Population
Demographics
Decisions
◉Land . Answer: The earths surface extending downward to the center
of the earth and upward to infinity.
Incudes not only surface of earth but underlying soil as well
◉The person who is the purchaser in a Installment Land Contract is
known as the . Answer: Vendee
, ◉The sale contract stated that buyers would not bring in the earnest
money within five days. It is now the sixth day and the buyers have not
brought in the money. This is legally referred to as: . Answer: Breach
◉In dealing with the public, a broker MAY . Answer: Negotiate
different commissions with different owners
◉Property is fully owned by a person having full power to dispose of
the property as he sees fit. He then dies without a will and without heirs.
This property will transfer through . Answer: Escheat
◉The co-insurance clause in a homeowner's policy requires the insured
to . Answer: maintain insurance in an amount to that is at least 80% of
the replacement cost
◉The most complete ownership of an estate is known as . Answer: Fee
simple absolute
◉Escrow monies: . Answer: could include security deposits as well as
earnest money
◉The measurement to determine one parcel of land is called . Answer:
a survey
