Exam (elaborations)
Texas Principles Of Real Estate II – Questions & Solutions (100% Accurate)
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Texas Principles Of Real Estate II – Questions & Solutions (100% Accurate)
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Texas Principles Of Real Estate II – Questions &Solutions (100% Accurate)
If person claims to have "power of attorney" over someone, you should?
Right Ans - All
If a licensee decided to gain experience in the closing industry which industry
would the licensee choose? Right Ans - Escrow
When calculating prorated taxes using a 360 day method, if closing takes place
on May 15 and taxes are $2,354.25 per year, the sellers would be responsible
for paying ________ of the taxes. NOTE: Seller will pay for the day of closing.
Right Ans - 882.90
The monthly payment is $1,574.21 without taxes and insurance. If taxes are
$5,687 per year and $2,400 homeowners insurance per year what is the total
monthly month payment? Right Ans - 2248.13
If Mario paid $23,437.50 for a 30 month loan at 3.75%, the principal amount
of the loan is ___________. Right Ans - 250 k
A percentage lease is a lease which provides for: Right Ans - rent based on
a percentage of the tenant's gross receipts
The Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA) is commonly known as the ________________Act. Right Ans -
Superfund act
A real estate ___________ is an informal organization made up of people who
pool their capital for the purchase of real estate in order to obtain rental
income or property resale value. All profits and expenses flow to the
individual's personal income tax. Right Ans - syndication
What is the total amount of interest for a 31 month loan of $90,000 at 4.35%
interest. Right Ans - 10,112.45
If a property has been appraised using VA guidelines, a lender for a(n)
______________ may accept the appraisal. Right Ans - All
, When a real estate agent puts "short sale" in a home's description, this means
the home is priced ___________ what is owed on the loan. Right Ans - lower
than
For the purposes of figuring interest on a simple-interest loan, a 31-month
time period would be expressed as _________. Right Ans - 2 7/12
The Interstate Land Sales Full Disclosure Act (ILSA) is administered through
________. Right Ans - HUD
If a real estate loan for $120,000 is granted at 4.5% for 6 months, the total
amount of interest will be ____________. Right Ans - 2700
If a real estate loan for $600,000 is granted at 9.5% for 9 months, the total
amount of interest will be ____________. Right Ans - 42,750
The closing statement for the buyer will show the money from the ________ as
credits to escrow and the expenses to be paid out as debits to the escrow.
Right Ans - buyer
EO is commonly known as? Right Ans - banked owned
If a borrower defaults on an FHA insured loan, the lender receives
________________ after foreclosure from FHA. Right Ans - the difference in
what was owed and what was received from foreclosure
The FHA insurance protects the ___________ in case of default resulting in
foreclosure. Right Ans - lender
An appraiser most often uses the "recently sold" method in order to
determine the _________ of a property value. Right Ans - best estimate
A(n) ___________ most commonly uses the "recently sold" approach to
determine the best estimate of a subject home's value. Right Ans -
appraiser
__________ to LE and/or the CD can trigger new waiting periods. Right Ans -
changes
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