SAMPLE TEST QUESTIONS
Fastidious Frank cleaned his rented apartment from top to bottom before moving out.
Thirty days later the
landlord had not returned Frank's $100 deposit.
How much will the landlord lose if found guilty of
willfully not returning the deposit?
$ 50 plus attorney's fees
$100 plus attorney's fees
$150 plus attorney's fees
$400 plus attorney's fees
If your stingy landlord won't fix the leaking roof in your apartment, you should not pay your rent.
your rent money to repair the damage yourself.
Robert and Rose bought a home in Lubbock, Texas for $96,500.
They put $25,000 down.
market value of their house is $105,000 and their outstanding mortgage balance is $70,000.
do Robert and Rose have in their home?
Can they get a home equity loan to finance a trip to
Ellen wants to purchase a house and is trying to qualify for the loan.
Given the following information,
what is the highest PITI payment she could afford if the lender requires a 35% Overall (total) Debt Ratio?
Total income for the year
Monthly auto loan payment
Monthly student loan payment
A home buyer who takes out a conventional mortgage
generally must buy private mortgage insurance unless
promises her first-born child to the bank.
proves veteran status.
buys title insurance for both herself and the lender.
makes a down payment of at least 20%.
has an excellent credit rating.
Which of the following costs can a homeowner deduct (totally or partially) on a primary residence for tax
1. mortgage principal
2. mortgage interest
3. homeowner's insurance
4. property taxes
5. loan origination fee
6. down payment
7. mortgage discount points
2, 4, 5, and 7
1, 2, 4, and 6
1, 3 and 7
2, 3, 4, 6, and 7