- Official section
- National III: Valuation and market value
- Broker weight
- 8% of the national broker portion
- Expected scored items
- The current PSI outline assigns Valuation about 8 of the 100 scored national broker items
Real estate glossary and exam guide
Market value: the most probable price under normal market conditions
The seller's number is not automatically value. Neither is the tax bill, renovation budget, mortgage balance, online estimate, or last offer. Market value is a dated, property-right-specific opinion built from market evidence and a defined set of conditions. The most useful exam habit is to ask five questions first: value of what interest, for what purpose, under which definition, as of what date, and supported by which market participants and data?
Last updated: August 1, 2026
What does this exam area cover?
Short answer: Market value is the most probable price a specified property interest should bring as of a stated date under the market conditions in the applicable definition. A standard definition assumes a competitive open market, typically motivated and informed parties, reasonable exposure, cash or comparable financing, and normal consideration without special financing or concessions. Market value is an opinion, while price is a transaction fact and cost is an expenditure.
This guide follows the PSI Illinois Candidate Information Booklet effective June 24, 2026, current federal bank-appraisal regulations, Illinois appraisal regulation, Illinois Property Tax Code, and The Appraisal Foundation materials checked through August 1, 2026. The 2024 USPAP edition remains current with no end date, while the 2026 Guidance and Reference Manual contains current advisory material. Advisory Opinion 41 on technology use was adopted April 23, 2026. The federal market-value definition is quoted only in short fragments here and otherwise paraphrased. An assignment may require a different defined value premise, so use its exact definition and conditions.
What is on the official outline?
- Topic
- Market-value definition
- What to know
- Most probable price, property interest, competitive market, open market, fair sale, effective date, typical motivation, informed parties, reasonable exposure, cash equivalent, normal consideration, and no undue stimulus
- Best exam move
- Choose most probable price, not highest imaginable price or average price.
- Topic
- Property interest valued
- What to know
- Fee simple, leased fee, leasehold, life estate, easement, partial interest, undivided interest, condominium unit, common elements, development rights, air rights, mineral rights, restrictions, and encumbrances
- Best exam move
- Value belongs to a defined ownership interest, not merely to a street address and building shell.
- Topic
- Effective date
- What to know
- Current date, retrospective date, prospective date, inspection date, contract date, closing date, death date, taking date, tax lien date, market conditions, data cutoff, and report date
- Best exam move
- The effective date answers when the opinion applies; the report date answers when the report was completed.
- Topic
- Market participants
- What to know
- Typical buyer, typical seller, user, investor, developer, tenant, lender, owner-occupant, motivation, knowledge, best interest, risk, return, substitutes, preferences, and purchasing power
- Best exam move
- Analyze the participants who create the relevant market rather than one unusual party's personal preference.
- Topic
- Exposure time
- What to know
- Open-market offering, adequate marketing, reasonable period, before effective date, property type, price, condition, market velocity, supply, demand, days on market, and seller strategy
- Best exam move
- Reasonable exposure supports market value; a forced immediate sale can indicate a different premise.
- Topic
- Financing and concessions
- What to know
- Cash, cash equivalent, market financing, seller credit, rate buydown, below-market loan, points, repair credit, personal property, closing cost, special terms, adjustment, and normal consideration
- Best exam move
- Extract nonmarket financing and concessions before using a price as direct market evidence.
- Topic
- DUST elements
- What to know
- Demand, desire, purchasing power, utility, usefulness, scarcity, supply limitation, transferability, marketable title, legal rights, buyer pool, and economic benefit
- Best exam move
- All four elements must support exchange value. Desire without purchasing power is not effective demand.
- Topic
- Highest and best use
- What to know
- Legally permissible, zoning, covenant, physically possible, site size, access, utilities, financially feasible, market support, maximally productive, vacant, improved, demolition, conversion, interim use, and reasonably probable
- Best exam move
- Test legal and physical possibility before financial feasibility and maximum productivity.
- Topic
- Market area and neighborhood
- What to know
- Competitive area, boundaries, access, employment, schools without demographic steering, transportation, amenities, land uses, supply, demand, price range, rents, vacancy, growth, decline, and external influence
- Best exam move
- Define the area from participant behavior and property competition, not an arbitrary radius alone.
- Topic
- Physical characteristics
- What to know
- Site, size, shape, frontage, topography, utilities, access, view, design, quality, age, condition, room count, gross living area, parking, energy features, accessibility, deferred maintenance, and environmental condition
- Best exam move
- Measure market reaction to a characteristic rather than assuming cost equals contribution.
- Topic
- Legal characteristics
- What to know
- Zoning, legal use, nonconforming use, building code, permit, deed restriction, easement, lease, rent restriction, environmental law, flood rule, tax status, title, and development entitlement
- Best exam move
- A legal limitation can change use, risk, buyer pool, income, and therefore value.
- Topic
- Economic characteristics
- What to know
- Rent, vacancy, expenses, lease terms, credit, absorption, interest rates, financing availability, employment, income, construction cost, operating cost, cap rate, return, inflation, and risk
- Best exam move
- Use market-supported income and risk, not merely the owner's current budget or target return.
- Topic
- Social and governmental influences
- What to know
- Household patterns, preferences, remote work, infrastructure, services, taxes, zoning, development policy, permits, transit, environmental regulation, interest-rate policy, subsidies, and public projects
- Best exam move
- Analyze lawful market influences without using protected-class composition as a value factor.
- Topic
- Sales comparison approach
- What to know
- Comparable sale, competitive substitute, verification, arm's-length transaction, property rights, financing, conditions of sale, market conditions, location, physical features, adjustments, units of comparison, and indicated value
- Best exam move
- Adjust the comparable to the subject. If the comparable is superior, adjust its price downward.
- Topic
- Cost approach
- What to know
- Land value, replacement cost, reproduction cost, direct cost, indirect cost, entrepreneurial incentive, physical deterioration, functional obsolescence, external obsolescence, depreciation, site improvements, and indicated value
- Best exam move
- Use land value plus depreciated improvement value, not historical cost plus every repair bill.
- Topic
- Income approach
- What to know
- Potential gross income, vacancy, collection loss, effective gross income, operating expenses, net operating income, direct capitalization, capitalization rate, gross rent multiplier, discounted cash flow, market rent, risk, and indicated value
- Best exam move
- Match the income method to how typical buyers price the property and keep debt service out of NOI.
- Topic
- Reconciliation
- What to know
- Relevance, reliability, data quality, property type, buyer behavior, approach applicability, result range, weighting, judgment, consistency, final opinion, and report support
- Best exam move
- Reconciliation is reasoned weighting, not automatically averaging three indications.
- Topic
- Value principles
- What to know
- Anticipation, substitution, contribution, supply and demand, competition, conformity, change, balance, increasing returns, decreasing returns, progression, regression, plottage, assemblage, and externalities
- Best exam move
- Name the principle from the market behavior in the facts rather than from a memorized keyword alone.
- Topic
- Bias-free valuation
- What to know
- Fair housing, protected class, race, color, religion, national origin, sex, disability, familial status, demographic proxy, objective evidence, consistent methodology, comparable selection, reconciliation, quality control, and complaint
- Best exam move
- Use property and market evidence. Protected characteristics and discriminatory assumptions are not valuation factors.
- Topic
- Transaction use
- What to know
- Listing strategy, offer analysis, appraisal contingency, lender appraisal, appraisal gap, renegotiation, down payment, loan-to-value, tax appeal, estate, divorce, condemnation, insurance, investment, inspection, and market change
- Best exam move
- Identify the intended use and user before treating any value figure as fit for the transaction decision.
Which distinctions produce the most mistakes?
- Terms
- Market value vs. market price
- Difference
- Market value is a dated opinion under stated conditions. Market price is the amount actually paid or agreed to in a transaction.
- Question cue
- Opinion versus transaction fact.
- Terms
- Market value vs. cost
- Difference
- Market value reflects participant judgment about property benefits. Cost is the amount spent to create or acquire an item.
- Question cue
- Economic worth versus expenditure.
- Terms
- Market value vs. investment value
- Difference
- Market value reflects typical market participants under its definition. Investment value reflects worth to a particular investor using individual objectives and assumptions.
- Question cue
- Typical market versus specific investor.
- Terms
- Market value vs. use value
- Difference
- Market value reflects exchange under market conditions. Use value reflects value of the property for a specific use or user, which can differ from exchange value.
- Question cue
- Exchange value versus value in a particular use.
- Terms
- Market value vs. assessed value
- Difference
- Market value is the value conclusion or fair-cash benchmark. Assessed value is the tax-system figure produced by applying the relevant assessment level and procedures.
- Question cue
- Value base versus tax assessment figure.
- Terms
- Market value vs. equalized assessed value
- Difference
- Market value concerns the property's full market benchmark. EAV is assessed value after an equalization factor and before applicable exemptions are subtracted to reach taxable EAV.
- Question cue
- Full-value concept versus equalized tax base.
- Terms
- Market value vs. insurable value
- Difference
- Market value includes the valued property interest and land influence. Insurable value usually focuses on covered improvements and policy terms rather than land market value.
- Question cue
- Exchange value versus covered-loss basis.
- Terms
- Market value vs. liquidation value
- Difference
- Market value assumes reasonable exposure and typical motivation. Liquidation value uses a constrained sale period or compelled disposition premise defined by the assignment.
- Question cue
- Normal exposure versus accelerated sale.
- Terms
- Effective date vs. report date
- Difference
- The effective date is when the value opinion applies. The report date is when the appraiser completed or transmitted the report.
- Question cue
- Valued when versus reported when.
- Terms
- Exposure time vs. marketing time
- Difference
- Exposure time is a retrospective opinion about the period before the effective date needed to achieve the value conclusion. Marketing time looks forward from the effective date toward a sale under stated conditions.
- Question cue
- Before value date versus after value date.
- Terms
- Appraisal vs. CMA
- Difference
- An appraisal develops a defined value opinion under appraisal standards and credential rules. A CMA is a brokerage pricing analysis used for listing or buying decisions within brokerage authority.
- Question cue
- Value assignment versus brokerage price analysis.
- Terms
- Value indication vs. final opinion
- Difference
- An approach produces an indicated value. Reconciliation weighs the relevant indications and evidence into the final opinion.
- Question cue
- Method result versus reconciled conclusion.
The V-A-L-U-E market analysis
- Value definition: quote or identify the required market-value definition, premise, intended use, intended users, assignment conditions, and whether another value type is requested.
- Asset and interest: describe the real estate, property rights, leases, easements, restrictions, personal property, business components, condition, legal use, and highest and best use.
- Location and participants: define the competitive market area, typical buyers and sellers, supply, demand, substitutes, exposure, financing, concessions, and effective-date trends.
- Useful evidence: verify comparable sales, listings, rents, expenses, land data, construction costs, depreciation, cap rates, and market interviews for relevance and reliability.
- Estimate and explain: apply relevant approaches, reconcile without mechanical averaging, report the dated conclusion, disclose limitations, and keep price, cost, tax value, loan amount, and insurance value separate.
- Approach
- Sales comparison
- Core market question
- What are buyers paying for competitive substitutes?
- Often most useful for
- Owner-occupied property with reliable comparable sales
- Approach
- Cost
- Core market question
- What would land plus equivalent improvements cost after depreciation?
- Often most useful for
- Newer, special-use, or low-transaction properties when cost data are credible
- Approach
- Income
- Core market question
- What are anticipated income benefits worth to market investors?
- Often most useful for
- Income-producing property purchased for returns
How do the rules work in scenarios?
A family sale is price evidence, not automatic market value
Scenario: A parent sells a house to a child for $260,000 without public marketing. Verified competitive sales cluster near $330,000, and the parent intended to provide a substantial gift.
- The $260,000 price is a transaction fact.
- The parties and exposure are not typical of the standard market-value definition.
- The appraiser analyzes the family transaction but gives greater weight to verified market evidence for a market-value assignment.
Answer: The family price does not automatically establish market value.
A renovation costs more than it contributes
Scenario: An owner spends $120,000 on a highly personalized basement theater. Comparable buyers pay about $45,000 more for houses with similar theaters.
- Cost records what the owner spent.
- Contribution measures how much the feature adds to the whole property's market value.
- The market evidence supports a contribution below cost.
Answer: The improvement's cost is $120,000, but its indicated contribution is about $45,000.
A superior comparable is adjusted down
Scenario: A comparable sale has a renovated kitchen that market evidence shows contributes $30,000 more than the subject's older kitchen.
- The sale price reflects the comparable's superior feature.
- The analysis adjusts the comparable to the subject's condition.
- A $30,000 downward adjustment removes the superior contribution from the comparable price.
Answer: Adjust the comparable sale price downward by the market-supported difference.
Highest and best use can differ from current use
Scenario: A small house sits on a legally assemblable downtown parcel where verified demand supports a feasible mixed-use project. The land value for redevelopment exceeds the value of continued residential use after demolition and project costs.
- The mixed-use option must pass legal and physical tests first.
- Market evidence must support financial feasibility.
- If it produces the highest supported residual land value, redevelopment can be the highest and best use as though vacant.
Answer: Current residential use is not automatically the maximally productive legal use.
A seller credit changes comparable analysis
Scenario: A house sells for $410,000 with a $15,000 seller credit that is above what competing sales typically include. The credit helped buy down the purchaser's rate.
- The recorded price includes a financing concession.
- Market value assumes normal consideration unaffected by special concessions.
- The analyst verifies the credit and measures the market-supported cash-equivalent adjustment rather than blindly subtracting every dollar.
Answer: Analyze the concession before treating $410,000 as cash-equivalent market evidence.
Assessed value is not an appraisal conclusion
Scenario: A property outside a classifying county has a $100,000 assessed value before equalization. A buyer claims its market value must be $100,000.
- Illinois generally assesses covered property at one-third of fair cash value in non-classifying counties.
- The assessment figure is part of a tax system and may also undergo equalization and exemptions.
- A rough implied fair-cash figure may be calculated for tax analysis, but it is not a substitute for a current appraisal.
Answer: Assessed value and market value are different figures serving different functions.
An appraisal does not set the loan amount
Scenario: An appraiser concludes $500,000. The buyer expects the lender to finance the full amount despite a program requiring an 80% loan-to-value ratio and separate borrower underwriting.
- The appraisal addresses collateral value for its assignment.
- The lender separately applies loan-to-value, credit, income, asset, and program rules.
- At an 80% ratio, the value supports no more than a $400,000 base loan before considering other limiting factors.
Answer: A $500,000 value opinion does not guarantee a $500,000 loan.
What are the common exam traps?
- Trap
- Calling asking price market value
- Correction
- An asking price is an offer to sell and must be tested against market evidence and motivation.
- Trap
- Calling every sale price market value
- Correction
- Verify exposure, relationship, motivation, financing, concessions, property rights, and transaction conditions.
- Trap
- Using highest price instead of most probable price
- Correction
- Market value reflects the most probable result under the definition, not an exceptional outlier.
- Trap
- Equating cost and value
- Correction
- Measure market contribution because an improvement can add more or less value than it costs.
- Trap
- Valuing the address without defining rights
- Correction
- Identify fee simple, leased fee, leasehold, partial interest, easements, restrictions, and included assets.
- Trap
- Ignoring the effective date
- Correction
- Value applies as of a stated date and can change as markets, income, condition, or law changes.
- Trap
- Using current use as highest and best use automatically
- Correction
- Test legal permissibility, physical possibility, financial feasibility, and maximum productivity.
- Trap
- Adjusting the subject instead of the comparable
- Correction
- In sales comparison, adjust comparable prices to reflect the subject's characteristics.
- Trap
- Averaging three approaches
- Correction
- Reconcile by relevance and reliability rather than assigning equal weight without analysis.
- Trap
- Treating assessed value as market value
- Correction
- Tax assessment, equalized assessed value, taxable EAV, and appraisal market value are distinct.
- Trap
- Treating appraised value as loan approval
- Correction
- Lenders apply separate borrower, collateral, program, and loan-to-value standards.
- Trap
- Ignoring concessions
- Correction
- Verify seller credits, buydowns, personal property, repair allowances, and creative financing for cash equivalence.
- Trap
- Using protected-class composition in valuation
- Correction
- Use objective property and market evidence, never discriminatory assumptions or protected-characteristic proxies.
- Trap
- Calling a lender appraisal a home inspection
- Correction
- A value assignment and a private condition inspection have different purposes, scopes, and users.
- Trap
- Calling these official PSI questions
- Correction
- These are original items aligned to the current public outline and primary valuation sources.
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. What is market value?
- The most probable price under the conditions of the applicable definition
- The highest asking price
- The owner's construction cost
- The mortgage balance
Show answer and explanation
Answer: The most probable price under the conditions of the applicable definition
The standard concept includes a stated date, competitive market, typical motivation, information, exposure, and normal financing.
2. What is market price?
- The amount actually paid or agreed to in a transaction
- Every appraiser's opinion
- A tax assessment ratio
- Replacement cost less depreciation
Show answer and explanation
Answer: The amount actually paid or agreed to in a transaction
Price is a fact, while market value is an opinion that may or may not equal that price.
3. What does DUST represent?
- Demand, utility, scarcity, and transferability
- Debt, underwriting, security, and taxes
- Depreciation, use, sales, and title
- Demand, uniformity, size, and time
Show answer and explanation
Answer: Demand, utility, scarcity, and transferability
These four economic elements support real estate exchange value.
4. Which is the correct order for highest and best use testing?
- Legally permissible, physically possible, financially feasible, maximally productive
- Most expensive, newest, largest, closest
- Price, cost, tax, loan
- Rent, vacancy, debt, depreciation
Show answer and explanation
Answer: Legally permissible, physically possible, financially feasible, maximally productive
A use that fails a legal or physical test does not advance to financial comparison.
5. A comparable is superior to the subject. How is its price generally adjusted?
- Downward
- Upward
- Not at all under any circumstance
- To the mortgage balance
Show answer and explanation
Answer: Downward
The analyst removes the value of the comparable's superiority to make it more like the subject.
6. Which approach converts anticipated income benefits into value?
- Income approach
- Cost approach
- Sales tax approach
- Title approach
Show answer and explanation
Answer: Income approach
Direct capitalization and discounted cash flow are common income-approach techniques.
7. Should three approach indications always be averaged?
- No, they should be reconciled by relevance and reliability
- Yes, without exception
- Yes, but only the highest two
- No, because only cost may be used
Show answer and explanation
Answer: No, they should be reconciled by relevance and reliability
Different properties and assignments produce different approach quality and market relevance.
8. Is Illinois assessed value ordinarily the same as full market value?
- No, assessed value is a tax-system figure based on an assessment level and other procedures
- Yes, in every county and class
- Yes, after every exemption
- No, because property has no market value
Show answer and explanation
Answer: No, assessed value is a tax-system figure based on an assessment level and other procedures
Fair cash value, assessed value, EAV, and taxable EAV are separate steps.
9. What does the effective date of an appraisal answer?
- When the value opinion applies
- When the mortgage must be paid
- When the deed was first recorded in every case
- When the report must be destroyed
Show answer and explanation
Answer: When the value opinion applies
The report can be completed later than the date to which the value conclusion applies.
10. Does an appraised value guarantee the loan amount?
- No, lender underwriting and program rules are separate
- Yes, dollar for dollar
- Yes, if the seller agrees
- No, because lenders never use appraisals
Show answer and explanation
Answer: No, lender underwriting and program rules are separate
Value is one collateral input among loan-to-value, credit, income, assets, eligibility, and other requirements.
How should you study this area?
- Session
- Session 1
- Focus
- Separate value, price, and cost
- Proof you are ready
- Classify 30 figures as market value, market price, asking price, cost, investment value, use value, assessed value, EAV, taxable EAV, insurance value, or loan amount.
- Session
- Session 2
- Focus
- Memorize definition conditions
- Proof you are ready
- Explain most probable price, property interest, effective date, typical motivation, information, exposure, cash equivalence, concessions, and normal consideration without notes.
- Session
- Session 3
- Focus
- Test highest and best use
- Proof you are ready
- Analyze 18 sites and improvements for legal permissibility, physical possibility, financial feasibility, maximum productivity, current use, interim use, and redevelopment.
- Session
- Session 4
- Focus
- Apply the three approaches
- Proof you are ready
- Match 24 properties to sales comparison, cost, or income evidence and explain comparable adjustments, depreciation, capitalization, and approach limitations.
- Session
- Session 5
- Focus
- Audit market evidence
- Proof you are ready
- Verify 15 sales for rights, financing, concessions, motivation, relationship, exposure, conditions, market date, location, and physical differences.
- Session
- Session 6
- Focus
- Run the V-A-L-U-E analysis
- Proof you are ready
- Score at least 90 percent and explain every miss through definition, asset, location, useful evidence, or estimate and explanation.
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.
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Questions students ask about What Is Market Value? Illinois Real Estate Exam Guide
What is market value in real estate?
Market value is an opinion of the most probable price a specified property interest should bring as of a stated date in a competitive, open market under the conditions built into the assignment's value definition. The familiar federal definition assumes typically motivated, informed parties, reasonable market exposure, cash or equivalent financing, and a price unaffected by special financing or concessions.
Is market value the same as market price?
No. Market value is an opinion developed under stated assumptions and an effective date. Market price is the amount actually paid or agreed to in a transaction. A sale price can be strong evidence of value, but it may reflect unusual motivation, limited exposure, family terms, personal property, concessions, creative financing, distress, or facts not typical of the market.
Is market value the same as cost?
No. Cost is the amount required or spent to create or acquire something. Value is the market's economic judgment about the benefits of ownership. A costly improvement can contribute less than its construction cost, while a scarce location or development right can have substantial value without a matching recent construction cost.
What conditions are assumed in a standard market-value definition?
The widely used federal definition assumes a competitive and open market, typically motivated buyer and seller, informed or well-advised parties acting in their own interests, reasonable exposure time, payment in cash or comparable financing, and normal consideration unaffected by special financing or concessions. Always use the exact definition supplied by the assignment or exam question.
What creates real estate value?
A common exam memory aid is DUST: demand, utility, scarcity, and transferability. Buyers must desire the property or benefit, it must serve a useful purpose, supply must be limited relative to demand, and the ownership interest must be transferable. Market value also reflects location, rights, condition, income, financing, risk, supply, demand, and legal use.
What is highest and best use?
Highest and best use is the reasonably probable legal use of land or an improved property that is physically possible, appropriately supported, financially feasible, and produces the highest value. Exam questions often use the four tests: legally permissible, physically possible, financially feasible, and maximally productive. The current use is not automatically the highest and best use.
How do appraisers estimate market value?
They define the assignment and property interest, analyze market and property data, determine highest and best use, apply relevant valuation approaches, and reconcile the evidence. The sales comparison approach analyzes comparable transactions, the cost approach considers land value plus improvement cost less depreciation, and the income approach converts anticipated benefits into value.
Is assessed value the same as market value in Illinois?
No. Illinois defines fair cash value for property-tax purposes as the amount a property can sell for in the due course of business and trade, without duress, between a willing buyer and seller. In counties that do not classify property, the statutory assessment level is generally one-third of fair cash value before equalization and exemptions. Assessed value, equalized assessed value, taxable value, and an appraisal's market-value opinion are distinct figures.
Does an appraisal guarantee the sale price or loan amount?
No. An appraisal is an opinion for an identified assignment and effective date. A buyer and seller can agree to another price, and a lender applies separate underwriting, collateral, program, and loan-to-value rules. Markets and property conditions can also change after the effective date.
Where is market value tested on the Illinois broker exam?
The PSI Illinois Candidate Information Booklet effective June 24, 2026 places market value within National III, Valuation, which represents 8% of the 100 scored national broker questions. The outline covers appraisals, valuation approaches and principles, and CMA, BPO, appraisal, and AVM distinctions.
Are these official PSI questions or an appraisal?
No. The practice questions are original, and the sources were checked through August 1, 2026. A real value opinion requires a defined intended use, value definition, property interest, effective date, scope of work, credible data, analysis, qualified appraiser where required, and a compliant report.
Primary sources
- PSI Illinois Candidate Information Booklet effective June 24, 2026
- 12 CFR 34.42, current federal appraisal and market-value definitions through July 27, 2026
- Illinois Department of Financial and Professional Regulation, current real estate appraisal licensing
- 225 ILCS 458, Illinois Real Estate Appraiser Licensing Act of 2002
- The Appraisal Foundation, 2024 USPAP current edition and April 2026 Advisory Opinion 41 update
- The Appraisal Foundation, confirmation that 2024 USPAP has no end date and 2026 guidance materials apply
- 35 ILCS 200/1-50, Illinois property-tax definition of fair cash value
- 35 ILCS 200/9-145, Illinois statutory one-third assessment level outside classifying counties
- IDFPR Division of Real Estate, 2026 valuation bias and fair-housing education update
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.