- Official section
- National III: Valuation
- Broker weight
- 8% of the national broker portion
- Expected scored items
- Valuation accounts for about 8 of 100 items
Illinois exam glossary
Comparative market analysis
A good CMA does more than print three nearby sales. It tells a client where the property competes, what buyers are choosing instead, why certain sales deserve weight, and how price, condition, timing, and exposure work together. It also says plainly what the report is not: an appraisal.
Last updated: August 1, 2026
What does this exam area cover?
Short answer: A comparative market analysis is an Illinois broker or managing broker's written analysis or opinion about pricing, marketing, or financial aspects of a specified real estate interest. It can use comparable market data, broker expertise, property and transaction facts, and market conditions. A statutory CMA must state its purpose, subject interest, method, assumptions, the broker's interest, preparer identity and license, signature, and the required non-appraisal disclaimer.
This guide follows the PSI Illinois Candidate Information Booklet effective June 24, 2026, sections 1-10 and 10-45 of the Real Estate License Act, section 5-5 of the Appraiser Licensing Act, and current broker and advertising rules checked through August 1, 2026. Illinois's technical definition also says ordinary-course brokerage activity is not considered a CMA when no separate compensation is paid beyond compensation based on the sale or rental. Because real documents and brokerage policies vary, use the statutory disclosures whenever the work is provided as a CMA.
What is on the official outline?
- Topic
- Define the CMA purpose
- What to know
- Potential listing, seller pricing, buyer offer, lessor rent, lessee negotiation, acquisition, option, lease, due diligence, lienholder use, estate planning support, marketing update, and permitted limitation
- Best exam move
- Write the exact intended purpose before choosing data or recommending a price.
- Topic
- Identify the real estate interest
- What to know
- Address, parcel, legal interest, fee simple, leased fee, leasehold, condominium, cooperative, land, one-to-four units, multiunit, commercial interest, partial interest, included personal property, and use rights
- Best exam move
- A price opinion is meaningful only when the interest and assets being compared are clear.
- Topic
- Identify client and relationship
- What to know
- Seller, buyer, landlord, tenant, prospect, client, customer, third party, agency agreement, ministerial contact, compensation, confidentiality, loyalty, material facts, conflict, and written disclosure
- Best exam move
- Preparing a CMA does not by itself answer whom the broker represents or which agency duties apply.
- Topic
- Verify subject facts
- What to know
- Ownership, assessor data, legal description, lot, living area, rooms, units, age, construction, quality, condition, updates, permits, zoning, taxes, association, lease, income, expenses, easements, restrictions, flood, and utilities
- Best exam move
- Separate verified facts, seller statements, public records, broker observations, and unresolved discrepancies.
- Topic
- Observe condition and presentation
- What to know
- Interior, exterior, deferred maintenance, updates, functional utility, curb appeal, photography, staging, repair options, as-is strategy, safety red flag, inspection referral, and access limitation
- Best exam move
- A broker can discuss market reaction without claiming an engineering, inspection, code, or appraisal conclusion.
- Topic
- Define the competitive market
- What to know
- Property type, buyer pool, price tier, school boundary, commute, amenities, design, age, size, condition, site, view, waterfront, association, new construction, substitute neighborhoods, and search behavior
- Best exam move
- Use buyer competition and property characteristics, never protected-class composition, to define the market.
- Topic
- Study active competition
- What to know
- Active listings, price changes, days on market, seller concessions, builder incentives, new inventory, condition, showing competition, listing quality, overpricing, underpricing, and buyer alternatives
- Best exam move
- Active listings show the choices and upper-price pressure the subject faces, not completed proof of value.
- Topic
- Study pending contracts
- What to know
- Pending status, contract secrecy, list price, market time, multiple offers, contingency, financing, anticipated closing, verification, uncertainty, and current buyer response
- Best exam move
- Pending listings can reveal current direction but receive cautious weight until price and terms are verified after closing.
- Topic
- Study closed sales
- What to know
- Sale price, contract date, closing date, property rights, financing, concessions, relationship, motivation, exposure, condition at sale, renovations, personal property, cash equivalence, and verification
- Best exam move
- Closed price is historical evidence, and its transaction conditions determine how comparable it is.
- Topic
- Study expired and withdrawn listings
- What to know
- Original price, final price, market time, condition, access, marketing, seller motivation, cancellation, relist, seasonality, feedback, and no-sale signal
- Best exam move
- A failed listing can reveal what the market rejected, but price may not be the only reason it failed.
- Topic
- Select comparable properties
- What to know
- Competitive substitute, proximity, recency, property rights, use, site, design, age, area, rooms, quality, condition, utility, amenities, sale terms, and data reliability
- Best exam move
- Choose the best market substitutes rather than the three closest addresses or highest prices.
- Topic
- Analyze material differences
- What to know
- Time, location, lot, view, area, bedroom, bathroom, garage, basement, condition, quality, renovation, accessory unit, pool, association, lease, solar, and market reaction
- Best exam move
- Explain only differences buyers recognize, and avoid false precision when adjustment evidence is thin.
- Topic
- Read supply and demand
- What to know
- Inventory, new listings, pendings, sales, absorption, months of supply, marketing time, price reductions, sale-to-list ratio, concessions, competing new construction, seasonality, interest rates, and segment trend
- Best exam move
- Use the subject's market segment because a countywide headline can hide opposite local patterns.
- Topic
- Develop the indicated range
- What to know
- Adjusted sale indications, listing competition, pending signals, data confidence, condition scenarios, as-is range, repaired range, likely sale range, exposure, negotiation, and uncertainty
- Best exam move
- Reconcile the strongest evidence into a supportable range before discussing list strategy.
- Topic
- Recommend list-price strategy
- What to know
- Market-entry price, search brackets, competitive position, aspirational price, auction effect, multiple-offer risk, appraisal risk, price-reduction plan, net proceeds, seller priorities, and review date
- Best exam move
- Distinguish the evidence-based range from the seller's chosen marketing strategy.
- Topic
- Support a buyer-offer strategy
- What to know
- List price, market range, competition, concessions, financing, appraisal contingency, inspection, escalation, personal property, closing date, earnest money, probability, and buyer limit
- Best exam move
- Price is only one offer term and a CMA does not determine what a buyer must pay.
- Topic
- State assumptions and limitations
- What to know
- Data date, source reliability, no title search, no survey, no inspection, unknown defects, permits, measurements, confidential pendings, changing market, repair assumption, included property, no financing guarantee, and no tax advice
- Best exam move
- Disclose the limits that a reasonable user needs to interpret the conclusion correctly.
- Topic
- Disclose broker interest
- What to know
- Existing ownership, contemplated purchase, listing opportunity, compensation, referral, relationship, beneficial interest, conflict, agency, informed consent, and written record
- Best exam move
- The CMA must disclose the broker's existing or contemplated interest in the subject real estate interest.
- Topic
- Include Illinois formalities
- What to know
- Paper or electronic writing, intended purpose, subject-interest description, methodology, assumptions, broker-interest disclosure, name, license number, signature, substantially prescribed disclaimer, and optional items
- Best exam move
- Treat the seven required content areas as a completion checklist, not optional boilerplate.
- Topic
- Update and communicate
- What to know
- New listing, new pending, closing, price change, market shift, condition discovery, feedback, showing activity, weekly review, revised range, version date, client instruction, accurate advertisement, and record retention
- Best exam move
- A CMA is a dated market snapshot, so refresh it when new evidence could change the decision.
Which distinctions produce the most mistakes?
- Terms
- CMA vs. appraisal
- Difference
- A CMA is an Illinois brokerage pricing, marketing, or financial analysis. An appraisal is a separately licensed and standards-governed value assignment.
- Question cue
- Broker product versus appraiser product.
- Terms
- CMA vs. BPO
- Difference
- A CMA can address broader pricing, marketing, or financial aspects. A BPO is statutorily framed as an estimate or analysis of probable selling price.
- Question cue
- Broader analysis versus probable selling-price opinion.
- Terms
- CMA vs. AVM
- Difference
- A CMA combines broker expertise, property facts, market context, and selected evidence. An AVM applies a mathematical model to data for an automated estimate.
- Question cue
- Broker judgment versus model output.
- Terms
- CMA range vs. list price
- Difference
- The range summarizes supported market evidence. List price is a marketing decision selected by the seller with strategic advice.
- Question cue
- Evidence conclusion versus asking strategy.
- Terms
- List price vs. probable sale price
- Difference
- List price is what the seller asks. Probable sale price estimates what the property may sell for under stated exposure, condition, and market assumptions.
- Question cue
- Ask versus expected transaction result.
- Terms
- Active listing vs. closed sale
- Difference
- An active listing shows current competition and seller aspiration. A closed sale records a completed transaction whose terms still need verification.
- Question cue
- Competition versus completed evidence.
- Terms
- Pending listing vs. closed sale
- Difference
- A pending listing signals recent buyer response but its contract price and terms may be confidential or change. A closed sale provides a completed result.
- Question cue
- Current but uncertain versus completed but historical.
- Terms
- Expired listing vs. market value
- Difference
- An expired listing shows that the property did not sell under its particular price, condition, access, timing, and marketing. It does not prove a single value by itself.
- Question cue
- Rejected offering package versus value conclusion.
- Terms
- Market adjustment vs. seller concession
- Difference
- A market adjustment explains a comparable difference. A seller concession is an economic benefit within the transaction that may affect cash equivalence.
- Question cue
- Analytical change versus deal term.
- Terms
- Client vs. CMA recipient
- Difference
- A client is represented by the licensee. A permitted third party can receive a CMA without automatically becoming an agency client.
- Question cue
- Representation versus report receipt.
- Terms
- Broker capacity vs. appraiser capacity
- Difference
- A dual licensee preparing a CMA acts and identifies as a broker. A separate appraisal assignment uses the appraiser role and applicable appraisal standards.
- Question cue
- State the professional hat.
- Terms
- Separate CMA fee vs. transaction compensation
- Difference
- Illinois definitions distinguish a compensated statutory CMA from ordinary-course broker activity when no separate compensation is paid beyond sale or rental compensation.
- Question cue
- Technical statutory product versus ordinary brokerage work.
The C-O-M-P-S market story
- Client, capacity, and purpose: identify the recipient, representation, real estate interest, intended decision, permitted purpose, broker interest, compensation, and required Illinois disclosures.
- Observe and verify: inspect or describe the property-data method, compare ownership, area, condition, permits, zoning, lease, taxes, improvements, restrictions, and other material facts across reliable sources.
- Market and competition: define the buyer or tenant segment, analyze active, pending, closed, expired, withdrawn, and new-construction evidence, and measure inventory, absorption, marketing time, concessions, and direction.
- Price the differences: choose genuine substitutes, explain or support adjustments for time, location, site, design, quality, condition, size, utility, amenities, rights, financing, and sale conditions.
- Strategy and range: reconcile an evidence-based range, separate list or offer strategy from the range, explain exposure and negotiation tradeoffs, state assumptions, set a review date, and update when the market moves.
- Evidence
- Active listings
- What it says
- What buyers can choose now
- Main caution
- Seller asking prices are not completed results
- Evidence
- Pending listings
- What it says
- What recently attracted an accepted offer
- Main caution
- Price and terms may be unknown or change
- Evidence
- Closed sales
- What it says
- What buyers and sellers completed
- Main caution
- Verify terms, condition, rights, and concessions
- Evidence
- Expired or withdrawn
- What it says
- What failed under a particular offering package
- Main caution
- Failure may involve more than price
How do the rules work in scenarios?
The closest sale is the wrong substitute
Scenario: The subject is a renovated three-bedroom home. The sale next door is a two-unit conversion with unresolved zoning, while a similar renovated single-family home sold one mile away.
- Distance is only one comparison factor.
- Use, legal status, layout, buyer pool, and financing differ for the two-unit conversion.
- The farther single-family sale competes more directly with the subject.
Answer: Give greater weight to the genuine market substitute, not the nearest address.
An active listing sets competition, not value
Scenario: A seller points to an active home listed at $650,000. It has been on the market 140 days, reduced twice, and has not received an acceptable offer. Similar closed sales range from $570,000 to $590,000.
- The active listing shows current seller aspiration and competition.
- Long exposure and price reductions show the market has not accepted the current offering.
- Verified closed sales provide stronger evidence of completed buyer behavior.
Answer: Do not use the $650,000 ask as proof that the subject should sell at that amount.
The concession changes the comparison
Scenario: A comparable closed at $505,000 with a $20,000 seller credit and rate buydown. The subject is expected to sell without comparable incentives.
- The recorded price includes economic terms that may differ from typical cash-equivalent conditions.
- The broker verifies the concession and how buyers reacted to similar incentives.
- The analysis should not treat $505,000 as automatically equivalent to a no-credit sale.
Answer: Explain and support the concession treatment before relying on the sale.
Condition creates two useful ranges
Scenario: A dated home needs flooring, paint, and kitchen work. As-is sales support $380,000 to $395,000. Renovated competition supports $445,000 to $465,000, and documented work would cost about $55,000 plus time and risk.
- As-is and renovated properties appeal to different buyer responses.
- The difference is not pure profit because renovation has cost, time, financing, holding, and execution risk.
- The seller can compare an as-is strategy with a supported post-improvement scenario.
Answer: Present both scenarios with costs and limitations instead of promising the renovated price.
Search brackets shape list strategy
Scenario: Supported sale evidence centers near $499,000. The seller wants to list at $510,000, while many buyer searches end at $500,000.
- The evidence range and asking strategy are related but different decisions.
- A $510,000 price may miss buyers whose portal filter ends at $500,000.
- The broker explains exposure, negotiation room, days-on-market risk, and a review date rather than declaring one perfect answer.
Answer: Discuss the $500,000 search threshold as a marketing tradeoff, not a legal pricing rule.
A CMA cannot replace a mortgage appraisal
Scenario: A financial institution asks an Illinois broker to prepare a CMA as the primary basis for determining market value for a new mortgage loan secured by the property.
- Section 10-45 expressly excludes that use from the lienholder and third-party purpose permission.
- The institution must determine whether an appraisal or authorized evaluation is required under the governing rules.
- Calling the CMA detailed or independent does not remove the statutory limit.
Answer: Decline the prohibited CMA use and route the valuation through the institution's lawful process.
A dual licensee must choose a role
Scenario: A person holds both an Illinois managing broker license and a certified residential appraiser license. The person prepares a seller CMA under section 10-45.
- The assignment is a brokerage CMA, not an appraisal.
- Rule 1450.790 requires the initial page to identify the broker capacity and broker license number.
- Using the appraiser credential number could blur the statutory disclaimer and professional role.
Answer: Identify and sign in the managing broker capacity for the CMA.
What are the common exam traps?
- Trap
- Calling a CMA an appraisal
- Correction
- Illinois expressly classifies a CMA as a non-appraisal brokerage product and requires a clear disclaimer.
- Trap
- Giving a CMA verbally only
- Correction
- A section 10-45 CMA must be in writing, on paper or electronically, with all required provisions.
- Trap
- Omitting intended purpose
- Correction
- Purpose controls permitted use, methodology, evidence, assumptions, and the reader's interpretation.
- Trap
- Describing only the building
- Correction
- Identify the real estate interest, rights, lease status, included assets, and other factors that define what is priced.
- Trap
- Choosing the three nearest sales
- Correction
- Select the best competitive substitutes based on use, market, rights, date, location, design, quality, condition, size, utility, and terms.
- Trap
- Treating list price as sale evidence
- Correction
- An asking price shows competition or strategy, while a closed sale shows a completed transaction.
- Trap
- Ignoring expired listings
- Correction
- Failed offerings can reveal price resistance, but verify condition, access, marketing, motivation, and withdrawal reasons.
- Trap
- Adjusting every feature dollar for dollar
- Correction
- Adjustments should reflect buyer behavior and market evidence, not cost or intuition alone.
- Trap
- Guaranteeing the sale price
- Correction
- A CMA supports a decision but cannot guarantee buyer behavior, timing, financing, appraisal, inspection, or closing.
- Trap
- Hiding broker interest
- Correction
- Disclose any existing or contemplated broker interest in the real estate interest that is the CMA subject.
- Trap
- Using a CMA for primary mortgage origination value
- Correction
- Illinois section 10-45 excludes that financial-institution purpose from authorized lienholder use.
- Trap
- Assuming the CMA creates agency
- Correction
- Determine representation from the brokerage relationship and agreements, not the report label alone.
- Trap
- Using confidential client facts as market data
- Correction
- Protect confidential information and use only data the broker may lawfully disclose and support.
- Trap
- Defining market by protected classes
- Correction
- Use property and buyer-competition evidence without discriminatory descriptions, preferences, steering, or coded demographic claims.
- Trap
- Letting an old CMA stand forever
- Correction
- Update the analysis when inventory, closings, concessions, rates, condition, or market response materially changes.
Can you answer these original practice questions?
These questions are original study items aligned to the published outline. They are not copied, recalled, or predicted PSI questions.
1. How does Illinois classify a comparative market analysis?
- A non-appraisal brokerage analysis
- A certified appraisal
- A title opinion
- A home inspection
Show answer and explanation
Answer: A non-appraisal brokerage analysis
A CMA can address pricing, marketing, or financial aspects but is expressly not an appraisal.
2. Who may prepare a statutory CMA under Illinois section 10-45?
- A real estate broker or managing broker
- Any unlicensed assistant
- Only a home inspector
- Only a tax assessor
Show answer and explanation
Answer: A real estate broker or managing broker
The section identifies those license categories and requires the preparer's license number and signature.
3. Which item must appear in an Illinois CMA?
- The intended purpose
- A guaranteed closing price
- The appraiser's certification
- A structural warranty
Show answer and explanation
Answer: The intended purpose
Purpose is one of the express written content requirements in section 10-45.
4. Which evidence shows current competition but not a completed transaction?
- Active listing
- Closed sale
- Recorded deed
- Settlement statement
Show answer and explanation
Answer: Active listing
The asking price shows a seller's offering and the alternatives buyers face.
5. What should control comparable selection?
- Competitive similarity and reliable transaction evidence
- Distance alone
- The highest available price
- The seller's preferred conclusion
Show answer and explanation
Answer: Competitive similarity and reliable transaction evidence
A comparable should appeal to a similar buyer pool and have verifiable, relevant characteristics and terms.
6. Can a CMA be the primary basis for a financial institution's mortgage-origination market value?
- No
- Yes, in every case
- Only when the seller agrees
- Only if no comparables exist
Show answer and explanation
Answer: No
Section 10-45 expressly excludes that use from its lienholder and third-party authorization.
7. What must a dual Illinois broker and appraiser show on the first page of a CMA?
- Broker capacity and broker license number
- Only the appraiser credential number
- No professional capacity
- A lender's license number
Show answer and explanation
Answer: Broker capacity and broker license number
Current rule 1450.790 keeps the brokerage CMA role distinct from appraisal practice.
8. Why should a broker analyze expired listings?
- They can show what the market rejected under specific offering conditions
- They always prove market value
- They guarantee a lower sale price
- They replace closed sales
Show answer and explanation
Answer: They can show what the market rejected under specific offering conditions
The broker still investigates price, condition, access, marketing, timing, and seller motivation.
9. Which conclusion is usually more honest when market evidence is mixed?
- A supported range with assumptions and strategy
- A guaranteed exact closing price
- The highest active list price
- An unexplained county average
Show answer and explanation
Answer: A supported range with assumptions and strategy
A range can communicate uncertainty while still supporting a list or offer recommendation.
10. When should a CMA be updated?
- When new material market or property evidence changes the decision
- Never after delivery
- Only after five years
- Only if the list price increases
Show answer and explanation
Answer: When new material market or property evidence changes the decision
A CMA is time-sensitive because listings, contracts, closings, concessions, inventory, and condition can change.
How should you study this area?
- Session
- Session 1
- Focus
- Memorize Illinois authority
- Proof you are ready
- Write the four permitted recipient or purpose groups and the seven required written content areas from section 10-45 without notes.
- Session
- Session 2
- Focus
- Build the subject file
- Proof you are ready
- For 12 properties, verify ownership, interest, area, condition, quality, improvements, zoning, permits, taxes, association, lease, restrictions, and data conflicts.
- Session
- Session 3
- Focus
- Read the full market
- Proof you are ready
- Analyze active, pending, closed, expired, withdrawn, and new-construction evidence for 10 cases, stating what each status proves and cannot prove.
- Session
- Session 4
- Focus
- Select and compare
- Proof you are ready
- Choose the best substitutes from 18 mixed datasets and explain time, location, site, design, quality, condition, size, utility, rights, and term differences.
- Session
- Session 5
- Focus
- Turn evidence into strategy
- Proof you are ready
- Produce 12 supported ranges and separate each from list-price or offer strategy, exposure, concessions, search brackets, net, and review timing.
- Session
- Session 6
- Focus
- Run C-O-M-P-S
- Proof you are ready
- Score at least 90 percent and explain every miss through client and capacity, observation, market, pricing differences, or strategy.
Do not count recognition as mastery. Close the notes and explain the rule, apply it to a new fact pattern, and identify why each distractor fails.
Practice the topic in Pass Illinois
From concept to decision
Drill this topic, then review the explanation
Pass Illinois gives you original national and Illinois questions, topic-by-topic study, clear explanations, timed practice, flashcards, progress tracking, and Math Coach. Start free, find the weak distinction, and focus the next session there.
Questions students ask about What Is a CMA? Illinois Real Estate Exam Guide
What is a comparative market analysis in Illinois?
Illinois defines a comparative market analysis, or CMA, as an analysis or opinion about pricing, marketing, or financial aspects of a specified real estate interest. It may use comparative market data, the broker's expertise, and other factors the broker or managing broker considers appropriate. A CMA is a brokerage product, not an appraisal.
Who can prepare a CMA in Illinois?
Section 10-45 authorizes a real estate broker or managing broker to prepare or provide a CMA for permitted purposes. A residential leasing agent is not included in that section's authorization. A sponsored broker must also work within the sponsoring broker's supervision, company policy, agency duties, and compensation rules.
When can an Illinois broker provide a CMA?
Permitted recipients and purposes include existing or potential buyers, sellers, lessors, and lessees; third parties making decisions or doing due diligence about a potential listing, offering, sale, option, lease, or acquisition price; and lienholders or other third parties, except as the primary basis for a financial institution's mortgage-loan-origination market value.
What must a written Illinois CMA contain?
Section 10-45 requires the intended purpose, a brief description of the real estate interest, a brief description of methodology, assumptions or limiting conditions, disclosure of the broker's existing or contemplated interest, the preparer's name, license number, and signature, and a substantially prescribed statement that the CMA is not an appraisal and the preparer was not acting as a state-certified appraiser.
Is a CMA the same as an appraisal?
No. Illinois definitions expressly say a CMA is not an appraisal under the Real Estate Appraiser Licensing Act. A CMA helps with brokerage pricing, marketing, acquisition, lease, or due-diligence decisions. An appraisal is a separately regulated value assignment performed by a properly credentialed appraiser under the applicable standards.
Is a CMA the same as a broker price opinion?
They overlap but the statutory definitions are not identical. A BPO is an estimate or analysis of probable selling price and may include varying detail about condition, market, neighborhood, and comparable sales. A CMA can address pricing, marketing, or financial aspects of one or more specified real estate interests using comparable data, broker expertise, and other appropriate factors.
How does a broker prepare a useful CMA?
The broker identifies the purpose and property interest, verifies subject facts, defines the competitive market, studies listings, pendings, expired or withdrawn listings, and closed sales, verifies transaction terms, adjusts or explains important differences, analyzes supply and demand, and presents a supportable price range and marketing strategy with assumptions and limitations.
Should a CMA give one exact price?
Not necessarily. A supported range can better express market uncertainty, property condition, competing inventory, buyer reaction, and different marketing strategies. A recommended list price can sit inside or occasionally outside the analytical range when the broker clearly explains the strategy, likely tradeoffs, and need to update the analysis as the market responds.
Can an Illinois CMA be used to originate a mortgage?
Section 10-45 does not permit a CMA or BPO to serve as the primary basis for determining market value for a financial institution's mortgage loan origination secured by the real estate. Other uses by a lienholder may be permitted, but the actual transaction, federal rule, lender policy, and appraisal or evaluation requirements must be checked.
What if an Illinois broker also holds an appraiser credential?
When that person prepares a CMA or BPO under the Real Estate License Act, current rule 1450.790 requires the initial page to show the broker or managing broker capacity and broker license number, not the appraiser credential number. Dual licensing does not allow the preparer to blur which professional role produced the report.
Are these official PSI questions or a CMA for a property?
No. The practice questions are original, and the primary sources were checked through August 1, 2026. A real CMA requires current property data, a defined purpose, the broker's actual inspection or data limitations, local market evidence, agency and confidentiality analysis, sponsoring-broker procedures, and all required Illinois disclosures.
Primary sources
- PSI Illinois Candidate Information Booklet effective June 24, 2026
- 225 ILCS 454/1-10, current Illinois definitions of CMA, BPO, client, brokerage agreement, compensation, and broker activity
- 225 ILCS 454/10-45, current Illinois CMA and BPO purposes, written requirements, disclosures, and mortgage limit
- 68 Ill. Adm. Code 1450.790, effective July 7, 2025, dual broker and appraiser capacity and license-number rule
- 225 ILCS 458/5-5, current Illinois appraisal-license rule and compliant CMA or BPO exemption
- 225 ILCS 454/10-30, current Illinois accurate, direct, comprehensible, and nonmisleading advertising requirements
- 225 ILCS 454/15-10, current Illinois duties when working with clients and customers
- 225 ILCS 454/15-15, current Illinois confidentiality duties and limits
- Illinois Department of Financial and Professional Regulation, current real estate brokerage licensing, laws, rules, and exam resources
- 12 CFR 34.42, current federal market-value conditions used to separate a value definition from CMA strategy
- U.S. Department of Housing and Urban Development, current Fair Housing Act protected-class overview
The current official outline controls the tested scope. Statutes, regulations, and official agency materials control when a general study rule and a jurisdiction-specific rule differ.
Editorial status
Checked against primary sources
The Pass Illinois editorial team last checked this guide on August 1, 2026. Every practice question is an original study item, and the source links above let you verify the rules that support the lesson.