SUPERIOR NC REAL ESTATE IMPORTANT
FINAL EXAM | NEWEST ACTUAL EXAM
COMPLETE QUESTIONS AND VERIFIED
ANSWERS GRADED A+ | 100% PASS |
2025 UPDATE!
A loan in which the lender is making regularly scheduled payments to
the borrower would be referred to as a:
A. Graduated Payment Loan
B. Negative Amortization Loan
C. Reverse Annuity Mortgage (RAM)
D. Package Loan - ✔✔✔ Correct Answer > C. Reverse Annuity
Mortgage
A loan where the bank (mortgagee) is making payments to the
borrower (mortgagor) is a reverse annuity mortgage (RAM). They were
designed to allow elderly individuals access the equity in their home
without qualifying and having a mortgage payment. Lender rules differ
as to the age of the homeowner and the amount of equity required to
obtain this type of loan.
The initial maximum deposit in a NC trust account by a broker who is
depositing their own funds is:
, A. $50, or whatever the financial institution requires
B. $100, or whatever the financial institution requires
C. $500, or whatever the financial institution requires
D. $1,000, or whatever the financial institution requires - ✔✔✔
Correct Answer > B. $100 or whatever the financial institution
requires
You are on a listing appointment and the sellers tell you they would like
to net $135,000 from the sale of their home. You estimate they will
have to pay $950 in miscellaneous closing costs, and you will charge
them a 6.5% commission to sell the property. They also have a loan
payoff of $53,500. What must the property sell for to ensure they
receive their desired net?
A. $201,764.25
B. $145,401.06
C.$201,604.27
D.202,620.32 - ✔✔✔ Correct Answer > D. $202,620.32
The seller must net $135,000 + $950 in costs + $53,500 payoff for a
total of $189,450. That amount represents 93.5% (100%-6.5%).
$189,450÷.935 (93.5%) = $202,620.32.
When a landlord is responsible for the payment of taxes, insurance and
mortgage payments, and the tenant is required to only pay rent, the
lease is a(n):
A. Net Lease
FINAL EXAM | NEWEST ACTUAL EXAM
COMPLETE QUESTIONS AND VERIFIED
ANSWERS GRADED A+ | 100% PASS |
2025 UPDATE!
A loan in which the lender is making regularly scheduled payments to
the borrower would be referred to as a:
A. Graduated Payment Loan
B. Negative Amortization Loan
C. Reverse Annuity Mortgage (RAM)
D. Package Loan - ✔✔✔ Correct Answer > C. Reverse Annuity
Mortgage
A loan where the bank (mortgagee) is making payments to the
borrower (mortgagor) is a reverse annuity mortgage (RAM). They were
designed to allow elderly individuals access the equity in their home
without qualifying and having a mortgage payment. Lender rules differ
as to the age of the homeowner and the amount of equity required to
obtain this type of loan.
The initial maximum deposit in a NC trust account by a broker who is
depositing their own funds is:
, A. $50, or whatever the financial institution requires
B. $100, or whatever the financial institution requires
C. $500, or whatever the financial institution requires
D. $1,000, or whatever the financial institution requires - ✔✔✔
Correct Answer > B. $100 or whatever the financial institution
requires
You are on a listing appointment and the sellers tell you they would like
to net $135,000 from the sale of their home. You estimate they will
have to pay $950 in miscellaneous closing costs, and you will charge
them a 6.5% commission to sell the property. They also have a loan
payoff of $53,500. What must the property sell for to ensure they
receive their desired net?
A. $201,764.25
B. $145,401.06
C.$201,604.27
D.202,620.32 - ✔✔✔ Correct Answer > D. $202,620.32
The seller must net $135,000 + $950 in costs + $53,500 payoff for a
total of $189,450. That amount represents 93.5% (100%-6.5%).
$189,450÷.935 (93.5%) = $202,620.32.
When a landlord is responsible for the payment of taxes, insurance and
mortgage payments, and the tenant is required to only pay rent, the
lease is a(n):
A. Net Lease
