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REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAM LATEST ACTUAL EXAM
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REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAM LATEST ACTUAL EXAM
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Full Summary Real Estate and Land Supply
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REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAMLATEST ACTUAL EXAM
Amy is looking to obtain a loan to purchase a new house. Her monthly mortgage
payment (PITI) will be $3,650 per month. Amy's gross monthly income (her salary) is
$12,000 per month. The lender requires a front-end ratio of no more than 32%. Will
Amy qualify for a loan? - ANSWER: The answer is Yes because Amy's front-end ratio
equals $3,650 / $12,000 = 0.304 or 30%.In other words, Amy's total monthly housing
expense equals 30% of her gross monthly income, which is less than the lender's
requirement of 32%. Lenders typically look for a borrower to have a maximum front-
end ratio of 28-32%.
John is applying for a new mortgage. After submitting all of his financials to the
lender, the lender calculates that John's total monthly debt obligations (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? -
ANSWER: The answer is No because John's debt-to-income ratio equals $5,640 /
$13,000 = 0.439 or 43.9%. Since his debt-to-income ratio exceeds the lender's
requirement of 42% John cannot qualify for the loan. Lenders typically look for a
borrower to have a maximum back-end-ratio of 36-43%.
CMA: The subject property has three bedrooms. Comp #2 has two bedrooms.Based
on the broker's analysis, a bedroom in this neighborhood is worth $6,000. The
subject property also has an attached garage, while Comp #2 has a detached
garage.The attached garage adds $2,000 in value. Comp #2 has a pool, while the
subject property does not. A pool is worth around $4,000. If Comp #2 sold for
$280,000, what should be the value of the subject property? - ANSWER: 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 the sales price of the
comparable property up or down based on superior and/or inferior features of the
subject property. If the subject property is superior, then add value to the sales price
of the comp.
If the subject property is inferior, then subtract value from the sales price of the
comp.
The subject property is more valuable than Comp #2 by $6,000 for the extra
bedroom and $2,000 for the attached garage. However, the subject property is less
valuable than Comp #2 by $4,000 for the pool.
Therefore, the value of the subject property equals $280,000 + $6,000 + $2,000 -
$4,000 = $284,000
A buyer makes a written offer to purchase a property and includes a $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? - ANSWER: He must
retain the deposit in the trust account until he obtains written permission from the
buyer and seller or await a court order.
While a broker was inspecting a 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? - ANSWER: Both the broker and the seller are liable.
A provisional broker licensee on active status has just taken continuing education
classes for the first time. These classes were taken before the deadline for
completion. He took the BICUP course and one elective. What will be his license
status as of July 1? - ANSWER: Inactive
A broker licensee may be disciplined by the NC Real Estate Commission for which of
the following actions? - ANSWER: Drafting a financing contingency addendum at the
buyer's request
In North Carolina, unpaid property taxes lawfully constitute a lien against the
property as of what date? - ANSWER: January 1 of the current tax year
Which of the following is true regarding closing statements in North Carolina? -
ANSWER: The broker does not have to personally prepare the closing statement.
According to the Statute of Frauds, which of the following leases must be in writing
in order to be enforceable? - ANSWER: A lease for more than three years
Betsy Buyer is in the market to purchase a new house. She has decided that she will
not be represented by a licensed buyer's agent but wishes instead to be paid the
buyer's agent commission on the house she is buying from Seller Sam. Does this
require Betsy to be licensed? - ANSWER: No
The lowest concrete part of a house is the: - ANSWER: Footing
Samantha is a newly licensed 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? - ANSWER: By June 10 of 2023
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