Illinois Real Estate License Exam Review

Passing the Illinois real estate license exam just might be easier for you if you read and memorize the review we've written and posted to prudentcareers.com. Here's a excerpt:

General Concepts: Types of real property include residential, commercial, industrial, agricultural, special purpose. The most critical economic characteristic of land is area preference: location, location, location. Physical characteristics are immobility, indestructibility, and uniqueness. Real property includes air rights and mineral rights and the bundle of legal rights: possession, control, enjoyment, exclusion and right to sell.
What distinguishes personal property (or chattels) from fixtures is that personal property is moveable and by removing it the property would not be damaged. A fixture is personal property that has become part of the real estate by attachment, like a light fixture. Tests of a fixture include intent and method of attachment.When you own a home, mortgage interest and property taxes are deductible expenses; principal paid, insurance premiums and private mortgage insurance are not deductible items.

Simple Math?

A math type question often seen on school finals as well as the State exam, involves calculating a purchase price given a loan amount and down payment percentage. The question may be slightly compounded by stating that the purchaser paid points amounting to some amount without giving the loan figure. Take a question like, "The buyer paid two points totalling $1,400 and had an 80% loan to value ratio. What was the purchase price?" Well, since we know that one point is 1% of the loan amount, we can calculate that the loan was equal to $70,000. Now since the buyer put down 20%, we would want to add that amount to the $70,000. This is done by dividing the loan amount by .80. In other words, if you want to add a percentage to something, divide by the residual. Another typical example is, "A seller tells an agent he wants to gross $100,000 after the brokerage fee. What selling price would be needed?" If the brokerage fee was 6%, you would need to divide $100,000 by .94 to add the .06 to it.

How to Calculate Property Size from Legal - The Easy Way

Suppose you have a legal description reading something like "...the S 1/2 of the NW 1/4 of the S 1/2 of the NE 1/2 ....of Section 17, T12N, R3E..." and the State exam asks you to calculate the size of that piece of property. Well, you DO know that a section has 640 acres, right? So, instead of drawing out the problem just divide backwards, in other words, 640 divided by 2, divided by 2, divided by 4, divided by 2, and you'll have the answer: 20 acres. The only catch is that if the description you get has an "and" in it, you need to calculate two amounts and add them. So, S 1/2 of the NW 1/4 and the S 1/2 of the NE 1/2 would be much larger and amount to 240 acres (640 divided by 2, divided by 2 plus 640 divided by 2 divided by 4).

AMP Web Site Offers Sample Questions

After looking at Bill's last post, I went to the AMP site, goamp.com, and tried the simulated test questions. To put it as gently as I can, the new format can be brutal. Anyone preparing to take the new test should practice before sitting. We'll do some research and try to determine who has the best material currently available and let you know.

Audio Review for State of Illinois RE Exam

The material will prepare you to succesfully pass your Illinois State License examination.
The primary presenter is Vince DePaul, known to many as “Mr. Real Estate.” Vince is a Real Estate Broker and a licensed real estate instructor. For ten years he hosted a weekly, live, call-in radio broadcast called “Your House.” He has taught real estate at College of DuPage for several decades and is the Dean of The Your House Real Estate Academy.

This material comes in the form of audio CD's and includes review questions.
It can be ordered from YourHouseAcademy.com for $25.95.

Illinois License Test Review Material

At the Prudential Starck Realtors' career web site, prudentcareers.com, I've posted some review material that might help those of you preparing to take the State of Illinois licensing exam. We're still working on the "word association" list and we'll post that soon. If anyone wants the partial list, just let us know and we'll email it.