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Illinois Real Estate Exam

Category - Real Estate

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If you are buying a piece of property and have someone else who is obligated on the loan and is on the title to the property, that person is called a:

spouse
family member or friend who shares the property and payments with you
co-borrower
none of the above

Explanation

Answer: An additional individual who is both obligated on the loan and is on the title to the property is called a co-borrower.

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Illinois Real Estate Exam

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