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Illinois Real Estate Exam

Category - Real Estate

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The term “periodic rate cap” refers to:

an adjustable rate mortgage
a limit on the amount the interest rate can increase or decrease during any one adjustment period
conventional fixed-rate loans
both A and B

Explanation

Answer: D. For an adjustable rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be is called a periodic rate cap.

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Illinois Real Estate Exam

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