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
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
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Typically a listing broker is usually considered to be?
answer
a fiduciary (agent) of the seller.
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A section
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[]A square normally 1 mile on a side.
[]The Land Ordinance of 1785 divided townships in the United States into 36 sections.
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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?
answer
Yes because it was a 12 unit apartment building
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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
answer
Writ of persecution
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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)?
answer
The assess value of her property
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A point, line, or surface from which elevations are major is known as the
answer
Datum
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A loan company was loan applicants a particular insurance company, which in turn paid the loan company a referral fee. This is:
answer
illegal, since the Real Estate Procedures Act prohibits kickbacks
question
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?
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
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If a borrower must pay $6000 for points on a $150,000 loan how many points is the lender charging for this loan?
answer
4 points
$6,000÷$150,000=.04 or 4 point
question
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?
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
question
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?
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
question
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
answer
Could be responsible due to vicarious liability
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Red lining deals with the conduct of?
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Lending institutions
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A person who dies without leaving a will is known as having died:
answer
intestate
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What is the principal federal statute that covers competition and is one of the most important pieces of anti-trust legislation
answer
The Sherman antitrust act of 1890
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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?
answer
6%
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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?
answer
$960
First take $40,000 × 0.40 = 16,000 × 1.5 = 24,000 then 24,000 / 100 = 240 then, 240 × 4= $960
question
A lending institution will allow is borrowers to spend 28% percent of their income for housing expense what will be the maximum monthly payment allow for a family with an annual income of $57,000 and no other debts?
answer
$1,330
To find out of families in com divide $57,000 by 12 which = $4750 a month income take $4750×.28 which = $1330 mortgage payment
question
The seller under a sell contract is known as:
answer
The vendor
question
Kate and Bill secure a loan with a 75% percent loan to value ratio. The interest rate was 7.125% and the term was for 30 years the 1st month's interest payment was $477.82. What was the appraised value of the property
answer
$107,300
1st let's figure out the annual interest paid by multiplying $477.82 × 12= $5,733.84
next divide $5,733.84 by 7.125% interest rate = $80,475 Next taje $80,475 ÷ 75= $107,300
question
If Taylor property valued at $35,000 is assessed at 40% of its value in the mill Levy is 83, then what is Taylor's annual tax on the property?
answer
$1,162
Take the property value ($35000) multiplied by the percentage taxed (40%) for the percent for the assessed value ($14,000) and then multiply that number by the mill levy (0.83) for the total of annual taxes which will be $1162
question
Buyer Mike is applying for FHA mortgage on a house priced at $108,000. The maximum loan to value ratio is 97.75. What is the minimum down payment?
answer
$2430
1st take a $108,0000 multiplied by 97.75% (Max loan amount) which equals $105,570 then take $108,000-$105,570=$2,340 minimum down payment
question
A trust deed gives the lender a right to request that the trustee perform certain tasks in order to fulfill the terms of the trust. The trustee may take action in those circumstances because he holds
answer
Naked title
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When a listing on a residential properties signed which type of agency relationship is usually created
answer
Special agency
question
A claim or interest revealed by a title search is called a
answer
cloud on title
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Which of the following items would most likely be enforced by the forced sale of a property
answer
Judgment
question
The major intent of zoning regulations is to
answer
ensure the health, safety, and welfare of the community.
question
Which is an example of ostensible agency?
answer
The principal showed by his or her actions that the agent's actions were accepted.
question
A land contract provides for the
answer
conveyance of legal title at a future date
question
The listing and selling broker agree to split a 7% commission 50 50 on a $387,600 sale. The listing broker gives the listing licensee 30% of his commission and the selling broker gives the selling licensee earn from the sale?
answer
$4748.10
At 7% the commission to be shared equals $27,132. Since the brokers agreed to an even split, each receives $13,566. Since the selling licensee received 35%of his broker's share, he would earn $4748.10.
question
A buyer received an 80% loan. if an annual interest rate was 4.5% and the monthly interest paid was $790 what was the total sale price?
Which best describes the principle that a home a maintains its it's highest value in a neighborhood with similar homes and similar type housing?
answer
Conformity
question
A plumber did some work on a property in was not paid. He discovered that there were already several liens against the property. He then discovered that the owner had another piece of property which was free from encumbrances. Can the plumber place a mechanic's lien on the free and clear property?
answer
No!
The mechanic's lien can only be placed on the property where the work was done
question
Many States determine the order of water rights according to which user of the water hold a recorded beneficial use permit. This allocation of water rights is determined by?
answer
The doctrine of prior appropriation
question
Cooperatives
answer
Is not a type of nonresidential property
question
If the annual interest rate is 7.5% in the quarterly interest is $562.50 what is the principal amount of the loan?
If the assessed valuation of property is $20,000, with a tax rate of $4 per $100 what is the annual tax?
answer
$800
Remember that the $4 Per $100 means that the $20,000 must be divided by 100 giving a total of $200, multiplied by $4 gives the total tax of $800
question
If an investment valued at $350,000 returns 12% annually, then what is the amount of income produced by this investment
answer
$42,000
[]Remember take the value multiply by low return to equal the income.
$350,000 × 12% = $42,000
question
A city took a property through eminent domain so they could build a sports complex and then lease it to four privacy sport franchises. Would this be allowed?
answer
Yes! as long as the home owners were pay compensation for the properties
question
Some tax and bodies recognize that local assessments can lead to unfairly high or low values for properties in certain areas. Therefore jurisdiction may establish _________________ to level out the unevenness of valuations
answer
equalization factors
question
In a lease, the lessor's interest is known as the
answer
leased fee interest
question
Restrictive ownership
answer
-An endorsement restricting further transfer of a check's ownership
-Is a covenant in that will not be found in a general warranty deed
question
A joint tenancy with right of survivorship may be created
answer
by deed or will.
question
$140 is 3.5% of what amount
answer
Remember to always divide to find the value or rate, so in this case, $140/.035 = $4,000.
question
An offeree has the right to
answer
reject an offer
question
A building sold for $157,000. The brokerage divided the 6% commission as follows: 10% to the listing salesperson; 1/2 of the balance to the selling salesperson. What was ther listing salesperson's commission?
answer
$942
[]$157,000 × 6% = $9,420.
10% of that is $942
question
What are the 2 primary types of property taxes?
answer
Special Assessment & Ad Valorem
question
A person who is authorized to whether that another is the:
answer
Agent
question
A(n)_________is a parcel of real property that is owned and occupied as a family home
answer
Homestead
question
A broker representing the seller does not owe the purchaser (customer)
answer
assistance in negotiations to purchase the property at below the list price
question
An analysis that results in an opinion of value is
answer
An appraisal
question
Which of the following is the best way to ensure that there are no encroachments and verify the boundaries of a parcel of land
answer
Get a spot survey
question
If a borrower computed the interest charged for the previous month on his $60,000 loan balance as $412.50, what is the borrowers interest rate?
A court order that authorizes and the directs the proper officer of the courts to sell the property of a defendant as required by the judgment or decree of the court is known as:
answer
a writ of execution
question
A residential real estate listing is generally considered to be
answer
a non-transferrable service contract.
question
The term depreciation refers to the
answer
loss of value in real estate from any cause
question
If licensee Sarah receives 35% of a total commission from her broker, then what is Sarah's brokers share if the property is sold for $23000 and the commission was on a 6% basis
answer
$897
1st take the sales price in multiply it by 6% for a total commission of $1380 the broker of received 65% of that which is $897
question
An agency relationship can be terminated when
answer
the owner cancels the listing in order to contact the potential buyer and sell to him or her directly
question
Telling MeMe installing a satellite television dish on her apartment 3 years ago when Meme decided to move, she removed the dish. This conversion of real property to personal property is an example of
answer
Severance
question
A listing agreement is a legal
answer
contract between the seller or buyer and a broker that establishes their agency relationship.
question
The Federal Communications Commission provides a list of phone numbers of customers who do now want to be contacted by telemarketers including real estate licensees this is commonly called
answer
the National Do Not Call Registry
question
What is the cubic footage of a driveway them measures 60ft long 8ft wide and is 3 inches deep
answer
120 cubic feet
multiply 60× 8× 1/4(3in)
question
A recorded legal document that gives constructive notice that an action affecting a certain property as has been filed in court is called
answer
a lis pendens
question
What is the rate of interest if the mortgagor makes quarterly interest payments of $1340.63 on a $65,000 loan?
Undue Influence or duress applied to one party to a contract makes the contract
answer
voidable
question
A 2 story house measures 48' by 28' and costs $70.00 per square foot to build. What is the construction cost of the house
answer
$168,000
48×25 = 1,200× 2(stories)= 2,400 per sqft
2,400 × $70(cost per sqft)
question
Commercial zoning can regulate
answer
intensity of usage
question
Permission granted to hunt on another's land is an example of
answer
license
question
Which deed is most commonly used in the United States?
answer
Warranty
question
A bilateral contract is a contract
answer
where a promise by one party is given in exchange for a promise by another party.
question
The process in which boundaries are measured and land areas determined is called
answer
a survey
question
Which statement BEST describes why a neighborhood analysis is important to the informed real estate licensee?
answer
It can help render an option of value
question
A homeowner has just discovered that he has a termite infestation. This is a example of
answer
possible curable physical obsolescence
question
The remanant of an estate that the grantor holds after he's granted a life estate to another person, If the estate will return to the grantor, is called
answer
reversion
question
3 people own a property as joint tenants. One of the joint tenants dies. How is the property now owned?
answer
The 2 remaining joint tenants now on 1/2 of the property each as joint tenants
question
Is quit claiming a action of voluntary or involuntary
answer
It is always voluntary in is usually used to clear up minor title issues
question
Blockbusting
answer
Encouraging owners to sell their properties because minorities are moving into a neighborhood
question
A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $138,000 for the property and anything above that amount the book or could keep as his commission. The listing with this type of provision is known as
answer
net listing
question
Metes and Bounds
answer
A term used in describing the boundary lines of land and also used to describe irregular peices of property
question
An extension of credit from a seller to a buyer to allow the buyer to complete the transaction is called a
answer
purchase money mortgage
question
Buildings that were erected before the enactment of the zoning ordinance in do not comply with the zoning limitations are called
answer
nonconforming use
question
Discount Points
answer
-A fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed.
-One discount point equals one percent of the loan amount.
question
In oral contract in which the party's state the contracts terms and express their intentions in words a known as
answer
an Express Contract
question
Mortgagor/Mortgagee
answer
Mortgagor is the borrower (typically the person buying the house)
Mortgagee is the lender or bank who provides a loan to the borrower or homeowner.
This may seem counter-intuitive. Many students think of the bank as the 'mortgagor' since people always say "I'm taking out a mortgage". But in fact, the homeowner gives the bank a mortgage.
question
saving and loans
answer
Depository financial institutions that specialize in home mortgage loans.
question
Multiple Listing Service (MLS)
answer
Sharing of property sales listings by a number of real estate brokers with an agreement as to how costs and commissions are to be shared.
question
Subagent
answer
is an agent appointed by another agent with the knowledge and consent of the principal.
question
Estate at Will (Tenancy at Will)
answer
gives the tenant the right to possess property for an indefinite or uncertain time
question
Loan-to-Value Ratio (LTV)
answer
-Loan Amount ÷ Sales Price or Appraised Value (Whichever is less)
- The amount of A-line expressed as a percentage of the value of the realestate offered as collateral is the
question
It is necessary to calculate a dollar value for depreciation when using which of the following
answer
The cost approach to value
question
Spot Zoning
answer
When a particular property or group of properties is rezoned to permit a use different form the neighboring properties use.
question
A person who has the entire bundle of rights in a parcel of real estate unencumbered by deed conditions is said to own a
answer
fee simple absolute estate
question
Passive Fraud
answer
caused by failure to disclose information when there is a duty to do so
question
The benefit, interest or value that induces the parties to enter into a contract is known as
answer
Consideration
question
Novation
answer
The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
question
Earnest Money
answer
money paid to confirm a contract
question
In order for a tenant claim relief for constructive eviction:
answer
the landlord must have intentionally withheld required repairs or maintenance
question
A buyer purchases a furnished condominium apartment as an investment. The document that evidences the buyer's ownership of the furniture is a:
answer
Bill of Sale
question
A broker who enters into a property management contract is considered a:
answer
fiduciary
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