Final Exam: Real Estate Real Estate
Express 2023 with Complete Solutions 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 1 / 2
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 $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
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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