7/30/25, 4:36 PM REAL ESTATE U FINAL EXAM 2024 – 2025 ACTUAL EXAM COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWE…
Social ScienceEconomics
REAL ESTATE U FINAL EXAM 2024 – 2025 ACTUAL EXAM
COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) / ALREADY
GRADED A+
Amy is looking to obtain a loan to The answer is Yes because Amy's front-end ratio equals $3,650 / $12,000 =
purchase a new house. Her monthly 0.304 or 30%.In other words, Amy's total monthly housing expense equals 30%
mortgage payment (PITI) will be $3,650 of her gross monthly income, which is less than the lender's requirement of
per month. Amy's gross monthly 32%. Lenders typically look for a borrower to have a maximum front-end ratio
income (her salary) is $12,000 per of 28-32%.
month. The lender requires a front-end
ratio of no more than 32%. Will Amy
qualify for a loan?
Students also studied
Flashcard sets Study guides
Real Estate U Final Exa NY STATE RealEstateU test exam.p CFA Certificate in ESG Investing Ex
. RMLO
. .
109terms 75 terms 352 terms Teacher
richard_cantora Preview Andy_Pollack Preview Mary_Githuk Preview De
Terms in this set (125)
John is applying for a new mortgage. The answer is No because John's debt-to-income ratio equals $5,640 / $13,000 =
After submitting all of his financials to 0.439 or 43.9%. Since his debt-to-income ratio exceeds the lender's requirement of
the lender, the lender calculates that
42% John cannot qualify for the loan. Lenders typically look for a borrower to have a
John's total monthly debt obligations
maximum back-end-ratio of 36-43%.
(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?
, 7/30/25, 4:36 PM REAL ESTATE U FINAL EXAM 2024 – 2025 ACTUAL EXAM COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWE…
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
CMA: The subject property has three
the sales price of the comparable property up or down based on superior
bedrooms. Comp #2 has two
bedrooms.Based on the broker's and/or inferior features of the subject property. If the subject property is
analysis, a bedroom in this superior, then add value to the sales price of the comp.
neighborhood is worth $6,000. The
If the subject property is inferior, then subtract value from the sales price of
subject property also has an attached
garage, while Comp #2 has a the comp.
detached garage.The attached garage
adds $2,000 in value. Comp #2 has a
The subject property is more valuable than Comp #2 by $6,000 for the extra
pool, while the subject property does
not. A pool is worth around $4,000. If bedroom and $2,000 for the attached garage. However, the subject property
Comp #2 sold for $280,000, what is less valuable than Comp #2 by $4,000 for the pool.
should be the value of the subject
Therefore, the value of the subject property equals $280,000 + $6,000 +
property?
$2,000 $4,000 = $284,000
A buyer makes a written offer to He must retain the deposit in the trust account until he obtains written
purchase a property and includes a permission from the buyer and seller or await a court order.
$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?
Samantha is a newly licensed By June 10 of 2023
provisional broker in NC who passed
the licensing exam on July 12, 2021. In
order to have her license remain on
"Active" status, when must she
complete 8 hours of continuing
education?
While a broker was inspecting a Both the broker and the seller are liable.
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?
Social ScienceEconomics
REAL ESTATE U FINAL EXAM 2024 – 2025 ACTUAL EXAM
COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) / ALREADY
GRADED A+
Amy is looking to obtain a loan to The answer is Yes because Amy's front-end ratio equals $3,650 / $12,000 =
purchase a new house. Her monthly 0.304 or 30%.In other words, Amy's total monthly housing expense equals 30%
mortgage payment (PITI) will be $3,650 of her gross monthly income, which is less than the lender's requirement of
per month. Amy's gross monthly 32%. Lenders typically look for a borrower to have a maximum front-end ratio
income (her salary) is $12,000 per of 28-32%.
month. The lender requires a front-end
ratio of no more than 32%. Will Amy
qualify for a loan?
Students also studied
Flashcard sets Study guides
Real Estate U Final Exa NY STATE RealEstateU test exam.p CFA Certificate in ESG Investing Ex
. RMLO
. .
109terms 75 terms 352 terms Teacher
richard_cantora Preview Andy_Pollack Preview Mary_Githuk Preview De
Terms in this set (125)
John is applying for a new mortgage. The answer is No because John's debt-to-income ratio equals $5,640 / $13,000 =
After submitting all of his financials to 0.439 or 43.9%. Since his debt-to-income ratio exceeds the lender's requirement of
the lender, the lender calculates that
42% John cannot qualify for the loan. Lenders typically look for a borrower to have a
John's total monthly debt obligations
maximum back-end-ratio of 36-43%.
(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?
, 7/30/25, 4:36 PM REAL ESTATE U FINAL EXAM 2024 – 2025 ACTUAL EXAM COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWE…
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
CMA: The subject property has three
the sales price of the comparable property up or down based on superior
bedrooms. Comp #2 has two
bedrooms.Based on the broker's and/or inferior features of the subject property. If the subject property is
analysis, a bedroom in this superior, then add value to the sales price of the comp.
neighborhood is worth $6,000. The
If the subject property is inferior, then subtract value from the sales price of
subject property also has an attached
garage, while Comp #2 has a the comp.
detached garage.The attached garage
adds $2,000 in value. Comp #2 has a
The subject property is more valuable than Comp #2 by $6,000 for the extra
pool, while the subject property does
not. A pool is worth around $4,000. If bedroom and $2,000 for the attached garage. However, the subject property
Comp #2 sold for $280,000, what is less valuable than Comp #2 by $4,000 for the pool.
should be the value of the subject
Therefore, the value of the subject property equals $280,000 + $6,000 +
property?
$2,000 $4,000 = $284,000
A buyer makes a written offer to He must retain the deposit in the trust account until he obtains written
purchase a property and includes a permission from the buyer and seller or await a court order.
$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?
Samantha is a newly licensed By June 10 of 2023
provisional broker in NC who passed
the licensing exam on July 12, 2021. In
order to have her license remain on
"Active" status, when must she
complete 8 hours of continuing
education?
While a broker was inspecting a Both the broker and the seller are liable.
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?
