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Illinois Real Estate Exam

Category - Real Estate

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________________ is the term applied to a mortgage in which you make the payments every two weeks, thereby making thirteen payments a year rather than twelve. This mortgage is paid off faster than a normal mortgage.

Twice-monthly mortgage
Accelerated mortgage
Bi-weekly mortgage
None of the above

Explanation

Answer: C. A mortgage in which you make payments every two weeks instead of once a month is called a bi-weekly mortgage.

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Illinois Real Estate Exam

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