Illinois Real Estate Practice Exam

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Prepare for the Illinois Real Estate Test. Practice with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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What is physical curable depreciation in real estate?

Decrease in property value due to natural disasters
Adjustment of property taxes based on local regulations
Broken windows, potholes in the driveway, and peeling paint are examples of
Gradual increase of property value over time

The correct answer is: Broken windows, potholes in the driveway, and peeling paint are examples of

Physical curable depreciation refers to the loss of value in a property due to physical issues that are repairable. This type of depreciation typically involves problems that, if addressed, could restore the property to its original condition or enhance its market value. When considering the examples provided, broken windows, potholes in the driveway, and peeling paint are all specific physical issues that can be remedied through repairs. These conditions negatively impact the property's appeal and value, but they are not permanent. This is why they are categorized as "curable"—the necessary repairs can be undertaken to rectify these issues and thus potentially restore the property's value. In contrast, the other choices revolve around factors such as natural disasters, adjustments in property taxes, and the concept of gradual property value increase, none of which pertain to the specific definition of physical curable depreciation.