Illinois Real Estate Licensee Practice Case Questions with Revised Correct Answers Guaranteed Pass
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Course
Illinois
Institution
Illinois
A borrower has a mortgage loan that requires monthly payments of $1,200 for 10 years and a
final payment of $42,257. This type of loan is best described as a
a) reverse annuity loan.
b) balloon loan.
c) graduated payment loan.
d) blanket loan. - CORRECT ANSWER -b) balloon loan.
A broker and...
Illinois Real Estate Licensee Practice Case Questions
with Revised Correct Answers Guaranteed Pass
A borrower has a mortgage loan that requires monthly payments of $1,200 for 10 years and a
final payment of $42,257. This type of loan is best described as a
A fee simple holder of a parcel of real estate grants a life estate to his son and stipulates that
upon the son's death the property will pass to his grandson. The grandson's interest in the
property is called
a) an estate at sufferance.
b) a legal life estate.
c) a remainder estate.
d) a reversionary estate. - CORRECT ANSWER ✔✔ -c) a remainder estate.
A homebuyer obtains a loan to finance the purchase of the house as well as personal property.
This type of loan is called a
a) wraparound loan.
b) package loan.
c) blanket loan.
d) term loan. - CORRECT ANSWER ✔✔ -b) package loan.
A homeowner has made the final mortgage loan payment to the bank. To ensure the bank's
mortgage lien has been released, the homeowner should get a
a) mortgage novation.
b) mortgage rider.
c) lis pendens.
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