ARE144SP11MT1_vb_KEY

ARE144SP11MT1_vb_KEY - Name:_UPDATED KEY_ Last 4 digits of...

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Name:____UPDATED KEY______________________ Last 4 digits of your Student ID Number:__________ Managerial Economics (ARE) 144 University of California, Davis, Spring 2011 Dr. John H. Constantine Midterm 1, Friday, April 22, 2011 100 TOTAL POINTS
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1 Part I: Multiple Choice (45 total points; each question is worth 3 points.) There are 15 multiple choice questions, each having only one correct answer. 1) Which of the following types of ownership estates is the most complete bundle of rights, and therefore carries the greatest value? a) Fee simple conditional b) Fee simple absolute c) Ordinary life estate d) Legal life estate 2) What legal document conveys title from one person to another? a) Mortgage b) Note c) Title d) Deed 3) Given the following information, calculate the lender's yield. Loan amount: $166,950, Term: 30 years, Interest rate: 8 %, Payment: $1,225.00, Discount points: 2. Assume monthly compounding. a) 7.7% b) 8.0% c) 8.2 % d) 10.0 % 4) A mortgage agreement provides the lender with ________ interests. a) Secured b) Unsecured c) Nonpossesory d) Possesory 5) Consider an APR of 12% with monthly compounding. What is the APY? a) $12.00% b) $12.50% c) $12.68% d) none of these 6) Your friend has a trust fund that will pay him $100,000 at the end of 10 years. Your friend, however, wants his money today. He promises to sign his trust fund over to you if you give him some money today. You require a 20% interest rate on money you lend to friends. How much would you be willing to lend under these terms? a) $16,150.55 b) $18,258.34 c) $80,000.00 d) $619,173.64 7) A historical summary of the publicly-recorded documents that affect the ownership of a property is known as a(n): a) Estate b) Deed c) Abstract of title d) Lien
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2 8) Which of the following documents conveys title to a property at the time the purchaser completes the performance of the obligation called for in the document?
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This note was uploaded on 03/14/2012 for the course ARE 144 taught by Professor Johnson,e during the Spring '08 term at UC Davis.

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ARE144SP11MT1_vb_KEY - Name:_UPDATED KEY_ Last 4 digits of...

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