MOST closed real estate transactions should be reported to the IRS. REQUIRED
information includes seller name(s) and social security number(s) and
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the sale price.
,The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker and
asked for the key to show the home. The broker should inform the caller that
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he is no longer the listing agent.
If a borrower can afford to make monthly principal and interest payments of $1,000
and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is
the largest loan (rounded to the nearest $100) this buyer can afford? (BE SURE TO
USE THE AMORTIZATION TABLE.)
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$176,100
A competitive market analysis is MOST often used for
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setting a listing price.
A major difference between freehold and nonfreehold estates is that all freehold
estates
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, are of indeterminable duration.
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of
the following disclosures MUST appear in the ad EXCEPT the
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prepayment penalties and rebates.
A salesperson qualified a minority couple with two children and defined their price
range as between $110,000 and $120,000 for the three-bedroom house they wanted.
They asked to look at two listings in a nonminority neighborhood. The salesperson did
not show them the properties because they were priced under $90,000 and had only
two small bedrooms. Did the salesperson act appropriately and why or why not?
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No, because it is appropriate to show any property for which the buyer is
qualified.
A lender will make an 80% loan-to-value loan on a property that is appraised for
$72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment,
how much more (if any) will he need in order to make the down payment required
under the terms of this loan?
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information includes seller name(s) and social security number(s) and
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the sale price.
,The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker and
asked for the key to show the home. The broker should inform the caller that
Give this one a try later!
he is no longer the listing agent.
If a borrower can afford to make monthly principal and interest payments of $1,000
and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is
the largest loan (rounded to the nearest $100) this buyer can afford? (BE SURE TO
USE THE AMORTIZATION TABLE.)
Give this one a try later!
$176,100
A competitive market analysis is MOST often used for
Give this one a try later!
setting a listing price.
A major difference between freehold and nonfreehold estates is that all freehold
estates
Give this one a try later!
, are of indeterminable duration.
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of
the following disclosures MUST appear in the ad EXCEPT the
Give this one a try later!
prepayment penalties and rebates.
A salesperson qualified a minority couple with two children and defined their price
range as between $110,000 and $120,000 for the three-bedroom house they wanted.
They asked to look at two listings in a nonminority neighborhood. The salesperson did
not show them the properties because they were priced under $90,000 and had only
two small bedrooms. Did the salesperson act appropriately and why or why not?
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No, because it is appropriate to show any property for which the buyer is
qualified.
A lender will make an 80% loan-to-value loan on a property that is appraised for
$72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment,
how much more (if any) will he need in order to make the down payment required
under the terms of this loan?
Give this one a try later!
