Illinois real estate exam glossary
Owner financing: follow the credit, title and buyer protections
A seller can accept part of the price over time instead of receiving the entire price at closing. That simple idea can produce very different arrangements. Start with who owes the money, when the deed passes and what secures the unpaid price. Then check the rules that apply to that seller and that transaction.
Last reviewed:
The short answer
Owner financing, also called seller financing, means the property seller extends purchase credit to the buyer. In a seller-held note and mortgage arrangement, the buyer receives the deed and gives the seller a repayment promise secured by a mortgage lien. In a typical contract for deed, the seller keeps legal title until the agreed conditions are met. Neither arrangement eliminates existing liens or applicable consumer protections. Illinois installment-contract coverage and federal loan-originator exclusions are separate questions.
Reviewed for October 2026. PSI lists owner financing at national IV.B.5. Financing as a whole accounts for ten of the 100 scored national broker questions; there is no published owner-financing quota. The scenarios below are original exam exercises. They explain selected rules rather than approve a lending arrangement, draft contract terms or determine an actual buyer's remedies.
Read an owner-financing question in this order
- Identify the credit and documents. Who extends the deferred purchase price? Separate the deed, the note stating the debt and the mortgage securing it. A contract for deed commonly postpones delivery of the deed; it is not simply a rental because the seller retains title.
- Identify coverage before applying a deadline. Illinois section 5 defines the contract, residential property and statutory seller. Federal sections 1026.36(a)(4) and (5) address a different question: whether a qualifying seller financer is excluded from the loan-originator definition.
- Read the actual payment schedule. Distinguish principal, interest, taxes, insurance, fees, amortization and a balloon. A smaller monthly payment can leave a substantial balance at maturity. A plan to refinance does not guarantee that refinancing will be available.
- Follow the existing debt and title. A prior lien does not disappear when the buyer starts paying the seller. Check the existing lender's contract, consent and applicable transfer exceptions before assuming that a wraparound or retained-title arrangement avoids acceleration.
- For a covered Illinois installment contract, track the pre-signing protections, executed copies, recording and payment-default rules separately. A recording violation and a payment default do not share one universal 90-day clock. Retained title does not create an automatic right to change the locks.
| Rule | What it asks | What it does not decide |
|---|---|---|
| Illinois Installment Sales Contract Act | Do the section 5 contract, property and seller definitions apply? | Whether every federal credit or licensing rule is satisfied |
| Regulation Z one-property exclusion | Is the qualifying seller a natural person, estate or trust, with the required ownership, construction and financing conditions? | That every one-property seller or every balloon is lawful |
| Regulation Z three-property exclusion | Are the seller, count, ownership, construction, full amortization, repayment ability and rate conditions satisfied? | That two or three sales alone create an exemption |
| Illinois mortgage foreclosure provision | Does the qualifying residential installment contract meet the statutory unpaid-amount test? | That an estimated equity percentage or principal reduction alone answers the question |
| Existing lender's due-on-sale clause | Does a transfer permit acceleration under the contract and applicable law? | That keeping the old loan current releases the original borrower or prevents acceleration |
The distinctions that matter
| Distinction | How it works | What to notice |
|---|---|---|
| Note and mortgage versus contract for deed | The first arrangement conveys the deed and secures the seller's debt with a mortgage. A typical contract for deed retains legal title pending the buyer's performance. | Read the actual structure and statutory definitions. A document label alone does not decide coverage, priority or remedies. |
| Promissory note versus deed versus mortgage | The note is the repayment promise, the deed conveys ownership and the mortgage supplies real-property security. | Signing or recording a note alone is not a substitute for conveying the deed or creating and properly recording the intended security. |
| Interest-only versus fully amortizing versus negative amortization | Interest-only payments do not reduce principal. Full amortization pays off the balance through the scheduled repayment term. Negative amortization increases principal when unpaid interest is added to it. | A schedule can avoid negative amortization yet leave a balloon. That distinction matters between the two federal exclusions. |
| Illinois seller threshold versus federal property counts | The current Illinois definition uses more than three qualifying installment contracts during a 12-month period and aggregates specified interests held through multiple entities. The federal exclusions use their own seller types, property counts and other conditions. | Do not turn a federal three-property limit into the Illinois threshold or assume the first three contracts necessarily remain outside every duty once a seller qualifies. |
| Pre-signing cooling-off period versus payment-default cure | The Illinois Act protects deliberation before execution and separately delays an action under the contract following a payment default. | The three-business-day protection is not an unrestricted right to cancel any owner-financed sale for three days after signing. |
| Retained title versus immediate possession remedy | A contract seller can retain title while the buyer has contractual and equitable interests. Applicable statutes and court procedures constrain enforcement. | A seller cannot settle the remedy question simply by pointing to the name on the deed. |
Work through the facts
The seller takes a note instead of all cash
A home sells for $300,000. The buyer pays $60,000 toward the price, receives the deed and signs a $240,000 note secured by a mortgage to the seller. Ignore other financing and costs.
- The seller extends $240,000 of purchase credit.
- The deed conveys ownership; the note states the debt and the mortgage supplies security.
- The $60,000 down payment does not show that title is clear or establish mortgage priority.
Answer: This is owner financing through a seller-held note and mortgage, not a contract that necessarily delays the deed until payoff.
The first payment is not all principal
The $240,000 balance carries 6% annual interest. The exercise specifies one month's interest as annual interest divided by 12 and a $1,800 payment applied first to that interest, then principal. No fees, taxes or insurance are included.
- Interest is $240,000 × 0.06 ÷ 12 = $1,200.
- Principal reduction is $1,800 - $1,200 = $600.
- The resulting principal balance is $239,400. Actual loan documents can specify different accrual and allocation conventions.
Answer: Only $600 reduces principal in this supplied first-month model.
The deed comes later
Under a stated residential contract for deed, the buyer takes possession and makes installment payments for ten years. The seller is to deliver the deed after the contractual conditions are met.
- The buyer is purchasing rather than merely choosing whether to exercise an option.
- The seller retains legal title under these terms, while the buyer can have contractual and equitable interests.
- Check the full Illinois definitions and other applicable protections; retained title is not an exemption from law.
Answer: Classify the structure as a contract for deed. Do not infer an automatic lockout remedy or treat every deferred-payment arrangement identically.
A short cooling-off period cannot be waived
The facts stipulate a covered Illinois installment sale. The parties accept the unexecuted contract in full and final form on Monday and the seller delivers the Attorney General disclosure that day. The seller demands execution Tuesday and a waiver of the waiting period.
- Section 70 says neither party is bound for three full business days after that acceptance of the unexecuted final form.
- Section 10(c)(27) requires the disclosure date to be at least three full business days before execution.
- Business days under this Act exclude Saturdays, Sundays and State or federal holidays. Tuesday is too early without needing to resolve a close calendar boundary.
Answer: The demanded waiver does not cure the timing violation. This is a pre-execution protection, not a generic post-signing cancellation rule.
Recording the memorandum is a distinct obligation
Both parties have their notarized executed copies of a covered Illinois contract. The seller waits 25 business days after both signed, without recording either the contract or a compliant memorandum.
- The date of sale is when both parties signed.
- Section 20 requires recording within ten business days and before a subsequent seller transfer of an interest in the property or contract.
- A clause forbidding the buyer to record is unenforceable. Failure to record can give the buyer a separate statutory rescission right.
Answer: The seller missed the recording deadline; providing executed copies did not satisfy recording.
Interest-only is not full amortization
An LLC finances two owned properties in a 12-month period. Each loan requires payments that cover only interest and leaves the entire principal due at maturity. The LLC seeks the three-property loan-originator exclusion.
- Two properties satisfy only the count component.
- Section 1026.36(a)(4) also requires fully amortizing financing, a good-faith reasonable-repayment-ability determination and the other listed conditions.
- The separate one-property route is limited to a natural person, estate or trust, not every LLC.
Answer: The described financing fails the full-amortization condition of the three-property exclusion. Do not conclude that every seller-financed loan is prohibited; assess the applicable rules separately.
A balloon can remain without negative amortization
In a simplified note, a $200,000 balance bears 6% annual interest. The borrower pays $1,000 of interest each month for 60 months, then owes the unchanged $200,000 principal. There are no financed fees or unpaid-interest additions.
- The monthly interest is $200,000 × 0.06 ÷ 12 = $1,000.
- Paying interest alone leaves principal unchanged rather than increasing it.
- The note is not fully amortizing. Avoiding negative amortization satisfies only one condition of the one-property exclusion, not every condition or every other law.
Answer: The schedule is interest-only with a principal balloon, not full amortization and not negative amortization on these facts.
Principal reduction alone does not answer foreclosure
For a qualifying residential installment contract executed in 2026, the original stated price is $200,000. At filing, unpaid principal is $158,000 and due, unpaid interest at the pre-default rate is $3,000.
- Eighty percent of the original price is $160,000.
- The specified unpaid amount includes principal and due, unpaid interest at the pre-default rate: $161,000.
- That amount is not less than $160,000, even though principal has fallen by more than 20% of the price. Section 15-1106(c) separately permits an eligible seller to elect foreclosure when it is not mandatory under (a)(2).
Answer: These numbers do not meet the mandatory less-than-80% test in section 15-1106(a)(2). This does not authorize self-help or determine the only lawful remedy.
Mistakes to avoid
- The seller carries the loan, so no lending rules apply. Test the relevant law's coverage. A seller-financer loan-originator exclusion does not itself determine TILA creditor status, all ability-to-repay obligations or state licensing compliance.
- More than three means three. The current Illinois statutory seller definition says more than three qualifying contracts in a 12-month period. Read the definitions and the multiple-entity rule; do not infer that only the fourth and later contracts can ever have duties.
- A qualifying one-property exclusion makes any balloon legal. That exclusion prohibits negative amortization rather than requiring full amortization. Other exclusion conditions and applicable federal and state restrictions still need their own analysis.
- A monthly payment is principal reduction. Separate interest, principal and any taxes, insurance or charges. A low payment can leave a large maturity balance.
- The Illinois contract can omit taxes and repairs because the buyer lives there. Section 10 requires responsibility disclosures. In circumstances not defined by the specified disclosure, the seller has the stated responsibility for taxes and insurance, and financial responsibility for repairs required under the contract. Section 65 separately forbids the specified default term for unrepaired pre-sale conditions.
- The recording deadline is ten calendar days. It is ten business days under the Act's definition, and recording must also precede a subsequent seller transfer of an interest. A compliant memorandum has specified contents and notarized signatures.
- After day 90 the seller may immediately take possession. Section 40 delays an action under a covered contract after payment default and allows a cure before the period expires. It does not erase required procedures, authorize an instant lockout or grant the property automatically.
- Payments on the old mortgage prevent due-on-sale acceleration. The transfer, not just late payment, can matter. A contractual option, prior written consent and actual statutory exceptions must be examined. Owner financing is not a blanket protected-transfer category.
Check your understanding
These are original teaching questions, not recalled or predicted PSI questions. Answer first, then explain why the other choices fail.
1. The seller delivers the deed and accepts a buyer's note secured by a mortgage for part of the price. What makes this owner financing?
- The seller keeps legal title until payoff
- The county guarantees the debt
- The seller extends purchase credit
- The buyer has no repayment obligation
Show answer and explanation
Answer: C. The seller extends purchase credit
The seller carries deferred purchase credit. Delivery of the deed with a mortgage securing the debt does not require retained legal title, a county guarantee or forgiveness of the debt.
2. Which instrument primarily states the buyer's repayment promise in a seller-held note-and-mortgage arrangement?
- The promissory note
- The appraisal report
- The mortgage release
- The deed
Show answer and explanation
Answer: A. The promissory note
The note states the payment obligation. The deed conveys ownership, the mortgage supplies security and a release addresses the security after satisfaction. An appraisal is not a repayment promise.
3. A typical contract for deed provides possession now but deed delivery after the stated performance. Which conclusion follows?
- The seller retains legal title under those terms, subject to the buyer's rights and applicable law
- The seller may lock out the buyer upon any late payment
- Every consumer-credit rule is inapplicable
- The buyer is necessarily only a tenant
Show answer and explanation
Answer: A. The seller retains legal title under those terms, subject to the buyer's rights and applicable law
The retained-title structure does not erase the buyer's contractual or equitable interests, decide every statute's coverage or authorize self-help.
4. Which statement correctly distinguishes the Illinois statutory seller definition from the federal seller-financer exclusions?
- All use exactly the same three-sale exemption
- The Illinois definition refers to more than three qualifying installment contracts in 12 months; federal exclusions have their own conditions
- Any one-property LLC fits the federal natural-person route
- The Illinois Act exempts a seller from every federal law
Show answer and explanation
Answer: B. The Illinois definition refers to more than three qualifying installment contracts in 12 months; federal exclusions have their own conditions
Different provisions answer different questions. The Illinois definitions, aggregation and contract coverage remain relevant; the federal exclusions do not become blanket legal immunity.
5. In a covered Illinois sale, the final unexecuted contract and Attorney General disclosure are accepted or provided Monday. The seller demands signing Tuesday with a waiting-period waiver. What is correct?
- The buyer automatically has three unrestricted days after any signing instead
- Signing must wait until the applicable three-full-business-day protection is satisfied
- The rule applies only after default
- The waiver removes every timing requirement
Show answer and explanation
Answer: B. Signing must wait until the applicable three-full-business-day protection is satisfied
Sections 10(c)(27) and 70 establish the identified pre-execution protections and disallow waiver. The facts are plainly too early; no close holiday-boundary calculation is needed.
6. For a covered Illinois contract, what must the seller record?
- Only the buyer's payment receipts
- A private, unsigned note that cannot be recorded by the buyer
- The contract or a compliant memorandum, within ten business days of the date of sale and before a subsequent seller transfer of an interest
- Nothing until the price is paid
Show answer and explanation
Answer: C. The contract or a compliant memorandum, within ten business days of the date of sale and before a subsequent seller transfer of an interest
Section 20 allows the contract or its prescribed memorandum and imposes both timing requirements. The date of sale is when both parties have signed. An anti-recording clause cannot prohibit the buyer from recording.
7. A covered buyer defaults in payment. Which statement follows from Illinois section 40?
- The debt is forgiven after 90 days
- An action under the contract must wait until the 90-day period expires; before expiration the buyer can cure by paying amounts, fees and charges currently due
- The seller gets possession without court process on day 91
- The buyer must always pay the full remaining principal to cure
Show answer and explanation
Answer: B. An action under the contract must wait until the 90-day period expires; before expiration the buyer can cure by paying amounts, fees and charges currently due
Cure concerns the payments, fees and charges currently due, not automatic loan forgiveness or necessarily full payoff. The waiting period is not a substitute for other required enforcement procedures.
8. Which condition belongs to the federal three-property seller-financer exclusion?
- A property count alone, with any loan terms
- A loan for an unowned property that supplies no security
- Fully amortizing financing and a good-faith reasonable-repayment-ability determination, along with the other required conditions
- Mandatory negative amortization
Show answer and explanation
Answer: C. Fully amortizing financing and a good-faith reasonable-repayment-ability determination, along with the other required conditions
Section 1026.36(a)(4) includes the stated amortization and repayment-ability conditions, ownership and security, the ordinary-course construction limitation and prescribed rate terms. A count alone is insufficient.
9. Which seller type can use the federal one-property route if all other required conditions are met?
- Only a federally insured bank
- Any corporation, merely because it sells one home
- Any unlicensed broker who arranges the credit for another seller
- A natural person, estate or trust
Show answer and explanation
Answer: D. A natural person, estate or trust
Section 1026.36(a)(5) identifies a natural person, estate or trust. It does not make every entity selling one property eligible or approve another person's loan-origination activity.
10. An exercise gives a $180,000 balance, 6% annual interest divided by 12 for one month and a $1,400 payment applied to interest before principal. No other charges apply. What is the new principal balance?
- $179,100
- $178,600
- $180,900
- $179,500
Show answer and explanation
Answer: D. $179,500
Monthly interest is $900. The $1,400 payment reduces principal by $500, leaving $179,500. Subtracting the entire payment ignores interest; subtracting only interest also uses the wrong allocation.
11. An interest-only note has no unpaid-interest additions and leaves its original principal due at maturity. Which description fits?
- A completed payoff because all monthly interest was paid
- Fully amortizing because payments are timely
- Automatically compliant with every federal and Illinois law
- Not fully amortizing; principal remains, but the stated schedule does not create negative amortization
Show answer and explanation
Answer: D. Not fully amortizing; principal remains, but the stated schedule does not create negative amortization
Interest-only payments can avoid increasing principal while failing to repay it. The schedule distinction does not itself establish an exclusion, legal compliance or payoff.
12. A covered Illinois installment-contract buyer elects early principal payoff. What does section 60 prohibit?
- Collection of outstanding principal
- Every lawful interest charge for all periods
- Every county recording charge in every financing structure
- A prepayment penalty or similar fee or finance charge for that early payment
Show answer and explanation
Answer: D. A prepayment penalty or similar fee or finance charge for that early payment
Section 60 targets the described early-payment penalty or similar charge under a covered contract. It does not cancel principal, decide every accrued amount or govern every different structure identically.
13. The seller keeps an existing mortgage while transferring the home to an unrelated buyer under owner financing. What is the sound conclusion?
- Timely payments necessarily prevent acceleration
- The original borrower is automatically released from liability
- The transfer may permit due-on-sale acceleration; check the existing contract, consent and actual exceptions
- The original mortgage is automatically released
Show answer and explanation
Answer: C. The transfer may permit due-on-sale acceleration; check the existing contract, consent and actual exceptions
The lender's contractual option can turn on a transfer. Retaining or continuing to pay the old loan does not itself prove consent, a statutory exception, a release or a safe lien position.
14. A qualifying residential installment contract was executed in 2026 for $200,000. At filing, principal is $157,000 and due, unpaid interest at the pre-default rate is $2,000. Does this meet section 15-1106(a)(2)'s unpaid-amount test?
- No: every contract must also run more than five years
- No: only current appraised value matters
- Yes: the seller may therefore use an immediate lockout
- Yes: $159,000 is less than $160,000
Show answer and explanation
Answer: D. Yes: $159,000 is less than $160,000
The included unpaid amount is $157,000 + $2,000 = $159,000. Eighty percent of the original $200,000 price is $160,000, so the strict less-than test is satisfied on the stipulated qualifying facts. Exactly $160,000 would not satisfy that test. The current provision does not impose the proposed distractor's five-year term, and mandatory foreclosure is not permission for self-help.
Common questions
Is owner financing the same as seller financing?
In this context, yes: the property seller extends purchase credit. The seller can carry all or part of the deferred price. The term does not identify one universal document, transfer schedule or exemption.
Does the buyer get the deed with owner financing?
It depends on the arrangement. A seller-held note and mortgage commonly accompanies deed delivery at closing. A typical contract for deed postpones the deed until the agreed performance. Read the documents and legal requirements rather than deciding from the phrase owner financing.
Does the Illinois Installment Sales Contract Act cover every seller?
Section 5 defines a statutory seller as an individual or legal entity with a legal or beneficial real-estate interest entering qualifying installment contracts more than three times during a 12-month period. Specified interests under multiple entity names count as the same seller. The contract and property definitions matter too. Being outside this Act does not establish an exemption from other laws. Do not assume the count alone settles application to earlier contracts once a seller qualifies.
What kinds of property and contracts does the Illinois Act describe?
Section 5 generally describes residential real estate with one to four dwelling units, installment consideration for at least one year after the date both parties sign, and a continuing seller interest or security. It excludes the specified property sold as part of a tract of four or more agriculturally zoned acres and the defined qualifying religious or cultural financing arrangement. A document's name alone does not replace those definitions. The Act applies to contracts executed on or after its January 1, 2018 effective date.
What are the Illinois disclosure and cooling-off requirements?
For a covered contract, sections 10, 70 and 75 require the Attorney General educational disclosure, its dated acknowledgment and the identified three-full-business-day pre-execution protections. Neither party is bound for three full business days after acceptance of the unexecuted contract in full and final form. The disclosure must be provided at least three full business days before execution. The Act excludes Saturdays, Sundays and State or federal holidays from business days. This protection cannot be waived.
What must a covered Illinois installment contract disclose?
Section 10(c) has 28 numbered items, including property identity, price, down payment, resulting principal, payments, APR, term, balloons, tax and insurance responsibilities, prior tax information, title interests and known liens, repair responsibilities, fees and an amortization schedule. It also prescribes code-condition information and specified inspection, condemnation, disclosure and cure notices. This summary is not a compliant replacement form. Section 10(b) separately gives either party a rescission right until both have the described notarized executed copies, with a refund of money paid to the seller upon that rescission.
Who pays taxes, insurance and repairs under a covered contract?
The required disclosures must describe responsibility and the specified changes over time or principal repayment. For circumstances not defined by the relevant disclosure, section 10 assigns taxes and insurance to the seller, and financial responsibility for repairs required under the contract to the seller. Section 65 separately prohibits a term placing the buyer in default for failure to improve or repair conditions that existed before the sale. Do not replace these rules with an assumption that possession makes every expense the buyer's responsibility.
What happens if the seller fails to record?
Section 20 requires the contract or a compliant memorandum within ten business days of the date of sale and before a subsequent seller transfer of an interest. Ordinarily, failure-to-record rescission runs until the seller records. A separate rule applies if the seller failed to record and a title cloud may affect conveyance of marketable title: the buyer may rescind within 90 days after discovering that title problem, not merely before recording. Rescission under this section requires a refund of all money paid to the seller. This is a distinct trigger from the 90-day payment-default rule, and other remedies remain available.
Can a seller take back an Illinois contract-for-deed home immediately after default?
Retained title does not supply that answer. For a covered contract, section 40 requires waiting until 90 days after payment default before initiating an action under the contract and allows the stated cure before expiration. Separately, section 15-1106 governs qualifying foreclosure procedures. Other contract, possession, notice and court rules still matter. None of these provisions authorizes a lockout simply because the seller remains the titled owner.
What is the Illinois less-than-80% foreclosure test?
For the qualifying residential installment contracts described in section 15-1106(a)(2), compare the amount unpaid at filing, including principal and due, unpaid interest at the pre-default rate, with 80% of the original purchase price stated in the contract. The amount must be less than that threshold, not equal to it. Do not substitute current appraised value, estimated equity or principal paid alone. Section 15-1106(c) separately permits an eligible seller to elect foreclosure for a contract not required to be foreclosed under that provision.
Do the federal one-property and three-property exclusions remove all mortgage obligations?
No. Sections 1026.36(a)(4) and (5) exclude qualifying seller financers from the loan-originator definition under the specified conditions. They do not themselves decide every other credit, disclosure, servicing, licensing or state-law issue. Where section 1026.43 applies, the creditor must make the required reasonable, good-faith repayment-ability determination. The separate three-property exclusion also has its own good-faith repayment-ability condition; the collateral's value alone is not evidence of that ability. Failure to meet an exclusion is not, by itself, proof that the entire transaction is illegal; it means that exclusion cannot supply the claimed result.
Can either federal exclusion use an adjustable rate?
Both permit a fixed rate or a rate adjustable only after five or more years, with the specified index-plus-margin structure and reasonable annual and lifetime increase limits. The official commentary identifies increases of two percentage points annually and six percentage points over the life as reasonable safe harbors, subject to the stated floor and applicable usury ceiling. These are percentage points, not percentages of the prior rate. They do not override another applicable law or establish that a particular note qualifies.
Does owner financing avoid an existing mortgage's due-on-sale clause?
No general exception exists just because the seller carries the new buyer's debt. Federal law generally permits the contractual due-on-sale option, subject to its limits and protected transfers. For example, the subordinate-lien protection for the specified residential loans requires that the lien not relate to a transfer of occupancy rights. That is different from assuming that a new buyer's purchase and occupancy are protected merely because the seller takes a junior note. Review the actual transaction and existing loan.
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Official sources and scope
The Illinois provisions and current CFPB regulations were checked for this October 2026 review. Illinois HB5250 remains a proposal in the official status reviewed, not the current rule. The CFPB closing article is a general explanation last reviewed in 2024; the statutory provisions control coverage. The due-on-sale source displays laws through September 10, 2026. These are exam explanations and original questions, not approved lending documents or a transaction-specific compliance determination.
- 765 ILCS 67/5: covered contract, property and seller definitions
- 765 ILCS 67/10: required terms, copies and disclosures
- 765 ILCS 67/20: recording and distinct rescission rights
- 765 ILCS 67: cure, nonwaiver, prepayment and pre-sale defects
- 735 ILCS 5/15-1106: mandatory and elected foreclosure
- Regulation Z 1026.36(a)(4)-(5): two seller-financer exclusions
- Regulation Z 1026.43: separate covered-transaction repayment duty
- HB5250, 104th General Assembly: proposed change, not current law
- CFPB mortgage closing explanation: deed, note and security instrument
- 12 USC1701j-3(d)(8): qualifying inter vivos trust transfer
- PSI Illinois Candidate Information Booklet effective June 24, 2026
This is exam preparation, not advice for a specific transaction. State law and the applicable facts control. Our editorial and corrections process explains how to report an issue.