The home appraised at 185000 and the buyers obtained a loan for 85 for 30 years

# The home appraised at 185000 and the buyers obtained

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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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