Real Estate Express Final Exam Questions and Answers Graded A+

Real Estate Express Final Exam Questions and Answers Graded A+ At least that goes month to month is known as 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 $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? a fiduciary (agent) of the seller. A section []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? 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 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)? The assess value of her property A point, line, or surface from which elevations are major is known as the Datum A loan company was loan applicants a particular insurance company, which in turn paid the loan company a referral fee. This is: 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? $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? 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? $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 $120000 of the sales price and 4% of everything over a $120,000 what would the sell price be if the total commission was $9000? $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 Could be responsible due to vicarious liability Red lining deals with the conduct of? Lending institutions A person who dies without leaving a will is known as having died: intestate What is the principal federal statute that covers competition and is one of the most important pieces of anti-trust legislation 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? 6%