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Illinois Real Estate Exam

Category - Real Estate

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The amount paid by a mortgagor for mortgage insurance, either government or private is called:

Mortgage insurance premium
Private mortgage insurance premium
FHA insurance premium
VA insurance premium

Explanation

Answer: A - The mortgage insurance premium is paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.

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Illinois Real Estate Exam

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