Illinois Real Estate Practice Exam

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What is the official valuation process of real estate for tax purposes conducted by county or township assessors or appraisers?

Assessment
Equitable Lien
Subordination Agreements
Appropriation

The correct answer is: Assessment

The official valuation process of real estate for tax purposes conducted by county or township assessors or appraisers is known as Assessment. Assessors or appraisers evaluate the property to determine its worth for tax assessment purposes. They consider factors such as the property's location, size, condition, and market value to arrive at an assessment value. This process helps determine the property taxes that the property owner will need to pay. The other options are unrelated to the official valuation process for tax purposes. Equitable Lien refers to a legal claim against a property to secure payment for a debt or obligation. Subordination Agreements are contracts that determine the priority of liens on a property. Appropriation refers to the act of taking private property for public use, often with compensation to the owner. In the context of tax valuation, Assessment is the correct choice as it specifically relates to the valuation process conducted by assessors or appraisers.