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Real Estate Real Estate Express Final Exam: Q&A
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Real Estate Real Estate Express Final Exam: Q&AAt least that goes month to month is known as Correct Ans - 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 Correct Ans - $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? Correct Ans - a
fiduciary (agent) of the seller.
A section Correct Ans - []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? Correct Ans - 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 Correct Ans - 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)? Correct Ans -
The assess value of her property
A point, line, or surface from which elevations are major is known as the
Correct Ans - Datum
, A loan company was loan applicants a particular insurance company, which in
turn paid the loan company a referral fee. This is: Correct Ans - 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? Correct Ans -
$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? Correct Ans - 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? Correct Ans - $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? Correct Ans - $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 Correct Ans - Could be responsible due to vicarious liability
Red lining deals with the conduct of? Correct Ans - Lending
institutions
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