301- NC Post Licensing Final Test

301- NC Post Licensing Final Test

In Qualifying Ratios what is included in the Front End? - Correct

Answer ✔️✔️Principle payment, Interest, Taxes Insurance, PMI &

HOA


In Qualifying Ratios what is included in the Back End? - Correct

Answer ✔️✔️Everything from the front end + Recurring Debt

Payments


What are the Qualifying Ratios for a conventional loan? - Correct

Answer ✔️✔️28% / 36%


To figure out if a buyer is eligible for a loan based on Front End

criteria, the formula is what? - Correct Answer ✔️✔️PITII + HOA

Divided by Gross Monthly Income

, To figure out if a buyer is eligible for a loan based on Back End criteria,

the formula is what? - Correct Answer ✔️✔️PITII + HOA +

Recurring Monthly Debts Divided by Gross Monthly Income


If a Seller wants to net exactly $50,000 but must pay 7% commission,

plus a $1200 settlement fee, then what price must the property sell

at? - Correct Answer ✔️✔️50,000+1200=51,200 then 51,200

divided by 93% = $55,053.76


If a Seller refuses to pay the listing agent commission due, and there

was a valid listing agreement in place, and the agent procured a

buyer, what can the listing agent do? - Correct Answer ✔️✔️File

suit in a civil court against the Seller


What are the 3 types of Agency? - Correct Answer ✔️✔

️Exclusive, Non-Exclusive, and Dual


All Oral Agency Agreements are...? - Correct Answer ✔️✔️Non-

Exclusive