Illinois Real Estate Exam

Category - Real Estate

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:
  1. spouse
  2. family member or friend who shares the property and payments with you
  3. co-borrower
  4. 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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