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Final Exam-Colibri Real Estate Questions With Complete Solutions
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Final Exam-Colibri Real Estate Questions With Complete Solutions
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Final Exam-Colibri Real Estate QuestionsWith Complete Solutions
1. All six members of the Georgia Real Estate Commission are
appointed by Correct Answers The Governor of Georgia
A $ 400,000 loan has monthly interest - only payments of $
2,600 . What is the annual interest rate ? Correct Answers $
2,600 x 12 = $ 31,200 / $ 400,000 = 7.8 % per year
A 50 - unit apartment building rented units for $ 200 per month .
The annual gross income multiplier is 10. What is the value ?
Correct Answers 50 x $ 200 x 12 months = $ 120,000 annual
income x 10 GIM = $ 1,200,000
A borrower earns $ 8,000 / month and makes credit card and car
note payments of $ 900 . A conventional lender requires a 30 %
income ratio . What monthly amount for housing expenses
( principal , interest , taxes , insurance ) will the lender allow this
person to have in order to qualify for a conventional mortgage
loan inang ? Correct Answers : In applying for a loan a lender
will only allow a potential borrower to count a certain amount of
his income as available to pay the loan . In this problem the
maximum allowable ratio is 30 % of monthly income . $ 8,000 x
.30=$ 2,400 . Note that there are $ 900 other debt payments to
pay , technically leaving this customer only $ 1,500 income
available to pay for a conventional mortgage loan . But the
correct answer to the wording of the question is $ 2,400 is
allowed for the conventional mortgage loan payment .
,A borrower obtained a $ 10,000 loan term loan with 16.5 %
interest paid yearly . A $ 1,000 principal payment was to be paid
with each yearly installment . What would be the amount of
principal and interest payment for the second year . Correct
Answers Beginning balance $ 10,000 reduced by $ 1,000 with
first year's payment resulting in a $ 9,000 balance for year two .
$ 9,000 x.165 = $ 1,485 interest plus $ 1,000 principal = $ 2,485
A building contains 50 one - bedroom units and 150 two -
bedroom units . The one - bedroom units rent for $ 550
monthly ; two bedrooms rent for $ 675 . The vacancy rate is 7
percent ; operating expenses are estimated at 40 percent of
effective gross income There is an additional income of $ 2,000
from vending machines What are the operating expenses of this
building ? Correct Answers operating 50 x $ 550 x 12=$
330,000 ; 150 x $ 675 x 12 = $ 1,215,000 ; $ 330,000 + $
1,215,000 =$1,545,000 x 93 % = $ 1,436,850 + $ 2,000 = $ $
1,438,850 x . 40- $ 575,540
A buyer has a 32,300 down payment. The sales price of the
property is 161,500, so the buyer is looking for a mortage of
129,200. The property was appraised at 159,500, and the lender
requires an 80% loan-to-value ratio. What is the loan-to-value
ratio(LTV) on this transaction? Correct Answers 81%
A buyer will receive a water bill for an estimated $ 30 at the end
of the month . At closing , the seller has used an estimated $ 24
of the water . What should appear on the closing statement ?
Correct Answers It is unusual to prorate utility bills but just to
do the math , here's the solution : Debit ( charge ) the seller and
, Credit ( pay ) the buyer the unpaid $ 24 because the buyer will
have to pay the full bill later .
A developer wants to develop a 25 - acre subdivision . He
figures that the streets and common area will take up about 35 %
of this overall area . If the minimum lot size is to be 25,000 SF ,
how many lots can the developer have on this property ?
Correct Answers 100 % -35 % = 65 % ; 25 acres x .65 = 16.2
acres available to develop ; 16.2 acres x 43,560 square feet =
707,850 square feet / 25,000 square feet per lot = 28.31 lots ( 28
lots )
A duplex generates $ 1,400 rent for each of its two units per
month . The property has been recently appraised for $ 350,000
What t is is this property's GIM ? Correct Answers $ 1,400 x
2= $ 2,800 x 12 months= $ 33,600 ; 350,000 /33,600 = = 10.4
GIM
A duty that is NOT applicable to either residential apartment or
condominium managers Correct Answers is seeking offers to
purchase the property . A property manager and the property
owner are connected through a management agreement not a
listing agreement
A former licensee who lost a license due to a criminal
conviction may reapply for a license AFTER ______ and the
Commission has the option to grant the license or not grant the
license. Correct Answers 10 YEARS
A homeowner receives a tax bill that includes an amount for the
police district , taxed at $ 2.50 per $ 1,000 , and the fire
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