Practice Quiz

Illinois Real Estate Exam - Question List

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6. The commitment issued by a lender to borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost is called:
  1. a rate lock
  2. under lock and key
  3. a promissory note
  4. a deed of trust
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7. A fund set aside for replacement of common property in a condominium, PUD, or cooperative project, particularly that which has a short life expectancy, such as carpet or furniture is called:
  1. a capital improvements fund
  2. a replacement reserve fund
  3. a savings fund
  4. a contingency fund
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8. The term “servicing” describes:
  1. the collection of mortgage payments from borrowers
  2. what the mechanic does to your car
  3. duties of a loan servicer
  4. both A and C
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9.

A two- to-four family property:

  1. Consists of a structure that provides living space for two to four families and ownership is evidenced by two to four deeds
  2. Consists of a structure that provides living space for two to four families and ownership is evidenced by a single deed
  3. Is not a deeded property
  4. Is an illegal form of ownership
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10. A home inspection is:
  1. a thorough inspection by a professional which evaluates the structural and mechanical condition of a property
  2. not required by law
  3. often a contingency in a contract that it turns out satisfactorily
  4. both A and C
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