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Illinois Real Estate Exam

Category - Vocab

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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:

a capital improvements fund
a replacement reserve fund
a savings fund
a contingency fund

Explanation

Answer: B. The fund set aside for replacement of common property in a condominium, PUD or cooperative project is called a replacement reserve fund.

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Illinois Real Estate Exam

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