REAL ESTATE U FINAL EXAM 2025 ACTUAL EXAM COMPLETE QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+

REAL ESTATE U FINAL EXAM 2025 ACTUAL EXAM COMPLETE QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+ Amy is looking to obtain a loan to purchase a new house. Her monthly mortgage payment (PITI) will be $3,650 per month. Amy's gross monthly income (her salary) is $12,000 per month. The lender requires a front-end ratio of no more than 32%. Will Amy qualify for a loan? - Correct Answer The answer is Yes because Amy's front-end ratio equals $3,650 / $12,000 = 0.304 or 30%.In other words, Amy's total monthly housing expense equals 30% of her gross monthly income, which is less than the lender's requirement of 32%. Lenders typically look for a borrower to have a maximum front-end ratio of 28-32%. John is applying for a new mortgage. After submitting all of his financials to the lender, the lender calculates that John's total monthly debt obligations (mortgage, car loan, and student loans) will equal $5,640 per month. John's gross monthly income (his salary) equals $13,000 per month. Assuming the lender requires a maximum debt-to-income ratio of 42%, will John qualify for the mortgage? - Correct Answer The answer is No because John's debt-to-income ratio equals $5,640 / $13,000 = 0.439 or 43.9%. Since his debt-to-income ratio exceeds the lender's requirement of 42% John cannot qualify for the loan. Lenders typically look for a borrower to have a maximum back-end-ratio of 36-43%. CMA: The subject property has three bedrooms. Comp #2 has two bedrooms.Based on the broker's analysis, a bedroom in this neighborhood is worth $6,000. The subject property also has an attached garage, while Comp #2 has a detached garage.The attached garage adds $2,000 in value. Comp #2 has a pool, while the subject property does not. A pool is worth around $4,000. If Comp #2 sold for $280,000, what should be the value of the subject property? - Correct Answer To find the answer, we need to adjust the sales price of Comp #2 based on the superior and inferior features of the subject property. You have to adjust the sales price of the comparable property up or down based on superior and/or inferior features of the subject property. If the subject property is superior, then add value to the sales price of the comp. If the subject property is inferior, then subtract value from the sales price of the comp. The subject property is more valuable than Comp #2 by $6,000 for the extra bedroom and $2,000 for the attached garage. However, the subject property is less valuable than Comp #2 by $4,000 for the pool. Therefore, the value of the subject property equals $280,000 + $6,000 + $2,000 - $4,000 = $284,000 A buyer makes a written offer to purchase a property and includes a $2,500 earnest money deposit. The seller makes a counteroffer for more money. The buyer verbally accepts. The listing agent deposits the money in the trust account at this point in time. When the buyer receives the seller's counteroffer, he refuses to sign even though he had verbally agreed earlier. The seller is angry and tells the buyer that he will not return the earnest deposit since the buyer has reneged on his word. In fact, the seller demands that the listing agent give him the deposit. What must the real estate agent do regarding the earnest money in this situation? - Correct Answer He must retain the deposit in the trust account until he obtains written permission from the buyer and seller or await a court order. While a broker was inspecting a property for listing, the property owner told the broker the house contained 2,400 square feet of heated living area. Relying on this information, the broker listed the property and represented it to prospective buyers as containing 2,400 square feet. After purchasing the property, the buyer accurately determined that there were only 1,850 square feet and sued for damages for the difference in value between 2,400 square feet and 1,850 square feet. Which of the following is correct? - Correct Answer Both the broker and the seller are liable. A provisional broker licensee on active status has just taken continuing education classes for the first time. These classes were taken before the deadline for completion. He took the BICUP course and one elective. What will be his license status as of July 1? - Correct Answer Inactive