Practice Quiz

Illinois Real Estate Exam - Question List

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26. In simple terms, a sum of borrowed money (principal) usually repaid with interest is called a:
  1. mortgage
  2. loan
  3. conventional loan
  4. alternative mortgage
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27. A schedule that shows how much of each payment will be applied to principal and how much toward interest over the life of the loan is called a/n:
  1. amortization schedule
  2. annual percentage rate
  3. assumption
  4. both A and C
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28. A title search of a property would show the following to be true:
  1. the seller is the legal owner of the property
  2. there are no liens or other claims against the property
  3. the previous owners came over on the Mayflower
  4. both A and B
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29.

If a lender agrees to make a loan to a specific borrower on a specific property, they have made a:

  1. Decision to make the loan
  2. Statement that both the buyer and the property pass inspection
  3. Firm commitment
  4. All of the above
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30. The security of a loan made on real property depends upon:
  1. The borrower’s credit
  2. The value of the property being liened
  3. The stability and value of money
  4. All of the above
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