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Illinois Real Estate Exam

Category - Vocab

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A period payment cap applies to:

any mortgage taken out in the U.S.
adjustable rate mortgages
fixed-rate loans
government loans

Explanation

Answer: B. The period payment cap applies to an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another. It is a limit on the amount that payments can increase or decrease during any one adjustment period.

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Illinois Real Estate Exam

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