offer. The home appraised at $185,000 and the buyers obtained a loan for 85% for 30 years at 5% interest. What is the first month's interest?$637.50$7,650$737.50$6,750You answered incorrectly
$200,000 list price x 0.90 = $180,000 contract sales price. Since lender always uses the less of the appraised value or the contract sales price, use $180,00 for the remainder of the calculations. $180,000 contract sales pricex 0.85 LTV = $153,000 loan. $153,000 loan x 0.05 interest rate = $7,650 annual interest. $7,650 ÷ 12 = $637.50 monthly interest payment for the first month.14 of 50 - A lender determines that a homebuyer can afford to borrow $220,000 on a mortgage loan. The lender requires an 85% loan-to-valueratio. How much can the borrower pay for a property and still qualify for this loan amount (to the nearest $1,000)?$187,000$243,000$254,000$259,000You answered correctly15 of 50 - Assuming that the listing broker and the seller broker in a transaction split their commission equally, what was the sales price of the property if the commission rate was 6 ½ percent the listing broker received $5,187?$159,600$79,800$119,700$179,800You answered correctly16 of 50 - Agent Daisy agrees to a 5% commission to list a home at $330,000. The property is sold through another cooperating brokerage with that firm to receive 50% of the total commission on the $330,000 sale. If Daisy receives 55% of her broker’s commission and does not bring the buyer. How much does Daisy’s broker receive from the sale?$16,500$8,250$4,537.50$3,712.50
You answered correctly17 of 50 - A five-sided lot has the following dimensions: side A = 44', side B = 67', side C = 91', side D = 18', and side E = 55'. What is the perimeter of the lot?257 feet220 feet320 feet275 feetYou answered correctly18 of 50 - If a buyer purchases 25% of a lot in the spring and then purchases 50% more later in the fall, what percentage of the lot is still available for purchase?20%25%50%75%You answered correctly19 of 50 - A 198-foot x 330-foot lot sold for $30,000. What was the price per acre?$20,000$21,780$30,000$43,560You answered incorrectly198’ x 330’ = 65,340 sq/ft; 65,340 sq/ft / 43,560 sq ft = 1.5 acres; $30,000 / 1.5 = $20,000.20 of 50 - A tax rate on a building with a $530,000 taxable value is 4.5 mills per thousand dollars of assessed valuation. What is the annual tax liability?$23,850
$1,590$2,385$15,900You answered correctly21 of 50 - Amy agreed to a contract price of $100,000 for a home and secured a mortgage loan for $80,000. If the appraised value is $110,000, what is the loan to value ratio?100%82%80%125%You answered incorrectlyThe lender will use the lesser of the contract price or the appraised value. $80,000 loan ÷ $100,000 contract price = 0.80, which is an 80% LTV.22 of 50 - A fine jewelry store leased a space at the mall with a base rent of $1,800 a month, plus 4% of all sales over $200,000. If the gross sales were $325,000, what was the total amount of rent paid by Heinz Fine Jewelry at the end of the year?$26,600$21,600$125,000$5,000You answered correctly23 of 50 - A borrower obtains a 30-year $210,000 amortized loan at a 6% interest rate. If his monthly payment is $1199.10, how much is applied to the principal balance in the first month?$143.54$144.94$169$149.10
You answered correctly24 of 50 - A strip mall generates $215,000 in effective rental income and $3,000 in other income. The same mall has $102,000 in operating expenses and $15,000 as reserves. What is the net operating income ofthe strip mall?$113,000$99,000$101,000$116,000You answered incorrectly
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