Real Estate Express Final Exam Questions With Correct Answers

At least that goes month to month is known as - Answer an state from period to period Madison Davidson negotiate it for a $30,000 loan with $200 monthly payments, plus 9% interest. in this case what is the monthly interest in the first month - Answer $225 1st you take $30000 in multiply it by 9% for the total annual interest paid or $2700. Divide that by 12 months for the total of $225 per month entries payment Typically a listing broker is usually considered to be? - Answer a fiduciary (agent) of the seller. A section - Answer []A square normally 1 mile on a side. []The Land Ordinance of 1785 divided townships in the United States into 36 sections. An owner of a 12 unit apartment building lived in one of the apartments. The owner refused to rent to a person because of his national origin. Based on Federal Fair Housing Laws, does the prospective tenant have a valid complaint? - Answer Yes because it was a 12 unit apartment building Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied through the sale of the debtor's property. Which of the following is not one of the steps in the process - Answer Writ of persecution Property owner of Livia does not like how much she pays in property taxes what may she object to( and have a chance of winning)? - Answer The assess value of her property A point, line, or surface from which elevations are major is known as the - Answer Datum A loan company was loan applicants a particular insurance company, which in turn paid the loan company a referral fee. This is: - Answer illegal, since the Real Estate Procedures Act prohibits kickbacks A property was assessed at 25% of value with a text rate of $12 per hundred. If the taxes totalled $11400 what was the value? - Answer $380,000 Divide the total taxes ($11400) by the rate per hundred ($12) for a total of 950. Multiply that by $100 for the total of $95000, which is 25% of the value. Then divideby $95000 by 25% to obtain a 100% value of $38,000 If a borrower must pay $6000 for points on a $150,000 loan how many points is the lender charging for this loan? - Answer 4 points $6,000÷$150,000=.04 or 4 point A 3 year straight note was obtained at 10% per year interest pay first two years was $42,000. The loan on the house was 75% of the value. What was the total value of the property? - Answer $280,000 -if 2yrs=$42,000 then 1yr=$21,000. -At 10% the principal balance is $210,000 -since the loan is for 75% of the home divide $210,000 by 0.75%=$280,000 A brokerage was paid a commission of 6% of the 1st $ of the sales price and 4% of everything over a $120,000 what would the sell price be if the total commission was $9000? - Answer $165,000 @6% commission was $7,200 (0.06×$120,000). sub %9,000 from total commission...leaving $1,800. Since rate was at 4%, divide by $1,800, yielding $45,000. Then add $120,000; totalling $165,000 Broker Aubrey has a listing agreement with the seller Scarlett. one of Aubrey's salesperson commits a license law by violation while interacting with Scarlett. Aubrey - Answer Could be responsible due to vicarious liability Red lining deals with the conduct of? - Answer Lending institutions - Answer A person who dies without leaving a will is known as having died: - Answer intestate What is the principal federal statute that covers competition and is one of the most important pieces of anti-trust legislation - Answer The Sherman antitrust act of 1890 A house so for $350,000 the buyer made a 20% down payment. Monthly interest on the loan was $1400 what was the interest rate on the loan? - Answer 6% The current value of a property is $40,000. The property is assessed at 40% of its current value for real estate tax purposes, with the equalization factor of 1.5 apply to assessed value. If the tax rate is $4 per $100 of assessed what is the amount of tax due on the property? - Answer $960 First take $40,000 × 0.40 = 16,000 × 1.5 = 24,000 then 24,000 / 100 = 240 then, 240 × 4= $960 A lending institution will allow is borrowers to spend 28% percent of their income for housing expense what will be the maximum monthly payment allow for a family with an annual income of $57,000 and no other debts? - Answer $1,330 To find out of families in com divide $57,000 by 12 which = $4750 a month income take $4750×.28 which = $1330 mortgage payment The seller under a sell contract is known as: - Answer The vendor Kate and Bill secure a loan with a 75% percent loan to value ratio. The interest rate was 7.125% and the term was for 30 years the 1st month's interest payment was $477.82. What was the appraised value of the property - Answer $107,300 1st let's figure out the annual interest paid by multiplying $477.82 × 12= $5,733.84 next divide $5,733.84 by 7.125% interest rate = $80,475 Next taje $80,475 ÷ 75= $107,300 If Taylor property valued at $35,000 is assessed at 40% of its value in the mill Levy is 83, then what is Taylor's annual tax on the property? - Answer $1,162 Take the property value ($35000) multiplied by the percentage taxed (40%) for the percent for the assessed value ($14,000) and then multiply that number by the mill levy (0.83) for the total of annual taxes which will be $1162 Buyer Mike is applying for FHA mortgage on a house priced at $108,000. The maximum loan to value ratio is 97.75. What is the minimum down payment? - Answer $2430 1st take a $108,0000 multiplied by 97.75% (Max loan amount) which equals $105,570 then take $108,000-$105,570=$2,340 minimum down payment A trust deed gives the lender a right to request that the trustee perform certain tasks in order to fulfill the terms of the trust. The trustee may take action in those circumstances because he holds - Answer Naked title When a listing on a residential properties signed which type of agency relationship is usually created - Answer Special agency A claim or interest revealed by a title search is called a - Answer cloud on title Which of the following items would most likely be enforced by the forced sale of a property - Answer Judgment The major intent of zoning regulations is to - Answer ensure the health, safety, and welfare of the community. Which is an example of ostensible agency? - Answer The principal showed by his or her actions that the agent's actions were accepted.