ILLINOIS REAL ESTATE BROKER PSI TEST PAPER
QUESTIONS AND SOLUTIONS 2026 GRADED
A+
◉Real Estate Licensee . Answer: Point of contact between two or more
people in negotiating the sale, purchase or rental of property
◉Sponsoring Broker . Answer: Broker who has issued a sponsor card
to a licensed broker, managing broker or leasing agent
◉Acceleration Clause . Answer: Clause in a mortgage or deed of trust
that can be enforced to make the entire debt due immediately if the
borrower defaults on an installment or covenant
◉Accretion . Answer: Increase or addition of land by the deposit of
sand or soil washed up naturally from a river, lake or sea
◉Addendum . Answer: Any provision added to an existing contract
without altering the original contract; must be signed by all parties
◉Perimeter . Answer: The sum of the length of all of an objects or
parcels sides
, ◉Frontage . Answer: Length of a property along a street or waterfront
◉Interest . Answer: Cost of using money
◉Net Operating Income (NOI) . Answer: Income projected for an
income-producing property after deducting losses for vacancy, collection
and operating expenses
◉American Land Title Association (ALTA) . Answer: A title insurance
policy that protects the interest in a collateral property of a mortgage
lender who originates a new real estate loan
◉Amortized loan . Answer: A loan in which the principal and interest
is payable in monthly installments over the term of the loan
◉Survey . Answer: Provides information about exact location and size
of the property
◉Affidavit of Title . Answer: Sworn statement in which the seller
assure Title insurance company and buyer that there are no judgements,
bankruptcies or divorces involving the seller since the date of the Title
examination
QUESTIONS AND SOLUTIONS 2026 GRADED
A+
◉Real Estate Licensee . Answer: Point of contact between two or more
people in negotiating the sale, purchase or rental of property
◉Sponsoring Broker . Answer: Broker who has issued a sponsor card
to a licensed broker, managing broker or leasing agent
◉Acceleration Clause . Answer: Clause in a mortgage or deed of trust
that can be enforced to make the entire debt due immediately if the
borrower defaults on an installment or covenant
◉Accretion . Answer: Increase or addition of land by the deposit of
sand or soil washed up naturally from a river, lake or sea
◉Addendum . Answer: Any provision added to an existing contract
without altering the original contract; must be signed by all parties
◉Perimeter . Answer: The sum of the length of all of an objects or
parcels sides
, ◉Frontage . Answer: Length of a property along a street or waterfront
◉Interest . Answer: Cost of using money
◉Net Operating Income (NOI) . Answer: Income projected for an
income-producing property after deducting losses for vacancy, collection
and operating expenses
◉American Land Title Association (ALTA) . Answer: A title insurance
policy that protects the interest in a collateral property of a mortgage
lender who originates a new real estate loan
◉Amortized loan . Answer: A loan in which the principal and interest
is payable in monthly installments over the term of the loan
◉Survey . Answer: Provides information about exact location and size
of the property
◉Affidavit of Title . Answer: Sworn statement in which the seller
assure Title insurance company and buyer that there are no judgements,
bankruptcies or divorces involving the seller since the date of the Title
examination
