Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link When a mortgage loan with level period payments has been completely repaid by its maturity date, it is said to be A. depreciated B. capitalized C. fully amortized D. refinanced Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The clause in a mortgage that allows the lender to call the entire balance due and payable in advance of the fixed payment date is A. an acceleration clause B. an escalation clause C. a pay-off clause D. a satisfaction clause Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In preparing a seller's net proceeds estimate, which of the following would be considered as a cost to the seller? A. anticipated property tax increase B. commission paid to the broker C. mortgage application fee D. mortgage title insurance Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In Illinois, can a licensee ever legally act on behalf of a lessor and lessee in a transaction? A. Yes, if the licensee has the approval of the sponsoring broker B. Yes, if the licensee has the informed written consent of all parties involved in the transaction C. No, because Illinois is a designated agency state D. No, because the Illinois Real Estate License Law prohibits such an arrangement Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link In Illinois, a licensee is subject to disciplinary action for FAILING to A. have all papers notarized B. pay Illinois state income tax C. maintain a separate escrow account for each sale D. have the escrow account audited by an accountant Submit Answer