Exam (elaborations)
Final Exam: Real Estate Real Estate Express 2024/2025 update
- Course
- Real Estate Express
- Institution
- Real Estate Express
Final Exam: Real Estate Real Estate Express 2024/2025 update
[Show more]
Content preview
Final Exam: Real Estate Real Estate Express 2024/2025update
At least that goes month to month is known as - correct answer 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 answer $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 answer a fiduciary
(agent) of the seller.
A section - correct answer []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
answer 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 answer 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 answer The assess
value of her property
A point, line, or surface from which elevations are major is known as the - correct
answer Datum
A loan company was loan applicants a particular insurance company, which in
turn paid the loan company a referral fee. This is: - correct answer 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 answer $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 answer 4 points
, Final Exam: Real Estate Real Estate Express 2024/2025
update
$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 answer $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 answer $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 answer Could be responsible due to vicarious liability
Red lining deals with the conduct of? - correct answer Lending institutions
- correct answer
A person who dies without leaving a will is known as having died: - correct
answer intestate
What is the principal federal statute that covers competition and is one of the
most important pieces of anti-trust legislation - correct answer The Sherman
antitrust act of 1890
A house so for $350,000 the buyer made a 20% down payment. Monthly interest
on the loan was $1400 what was the interest rate on the loan? - correct answer
6%
The current value of a property is $40,000. The property is assessed at 40% of its
current value for real estate tax purposes, with the equalization factor of 1.5
apply to assessed value. If the tax rate is $4 per $100 of assessed what is the
amount of tax due on the property? - correct answer $960
First take $40,000 × 0.40 = 16,000 × 1.5 = 24,000 then 24, = 240 then,
240 × 4= $960
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXPERTIPS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53340 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now