Illinois Real Estate Exam - Question List

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1. Which of the following does the Federal Housing Administration do?
  1. Lends money and plans and constructs housing
  2. Insures residential mortgage loans made by government lenders
  3. Sets standards for construction and underwriting
  4. None of the above

If you purchase a type of insurance called homeowner’s warranty, you would do so because:

  1. It will cover repairs to certain items
  2. It does not cover air conditioning or heating
  3. The seller always pay for it
  4. None
3. A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court is called:
  1. a legal foreclosure
  2. a court-appointed foreclosure
  3. a judicial foreclosure
  4. a civil foreclosure

Which of the following is not part of loan servicing?

  1. Processing payments and sending statements
  2. Managing the escrow account
  3. Handling pay-offs and assumptions
  4. All of these are parts of loan servicing
5. A period payment cap applies to:
  1. any mortgage taken out in the U.S.
  2. adjustable rate mortgages
  3. fixed-rate loans
  4. government loans

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