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.

New Broker Exam - Instruction Methods

Vince DePaul, the dean of our real estate school, YourHouseAcademy, has just returned from a seminar in Springfield where at least part of the focus was on methods to teach to the new broker exam. That's the simulation type exam and I've been ranting about its difficulty, at least from the examples I've taken at the AMP website. I'm hoping we can get Vince to post some of what he learned down there and am using this blog entry as a sort of prod. Stay tuned.

Word Association Keys

Mike Petran, a fellow instructor, and I are going to post a series of association keys for folks preparing to take the State exam. These will be entries like Statute of Frauds -- "Think must be in writing, " or my favorite Riparian -- "River rights." We're working on the list right now, but if you would like a copy before it's posted just email me.