Question Result: Correct Your answer: $26,720 Practice Test Question: 32 An owner lists his home and agrees to pay a 6% commission provided he nets $10,000 after paying the commission and the balance of his mortgage, which is $75,000. To the nearest dollar, what should the selling price be to net the owner his $10,000? Question Result: Correct Your answer: $90,426 Practice Test Question: 45 If a borrower can afford to make monthly principal and interest payments of $1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is the largest loan (rounded to the nearest $100) this buyer can afford? (BE SURE TO USE THE AMORTIZATION TABLE.) Question Result: Correct Your answer: $176,100 Practice Test Question: 68 A lender will make an 80% loan-to-value loan on a property that is appraised for $72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment, how much more (if any) will he need in order to make the down payment required under the terms of this loan? Question Result: Correct Your answer: He needs an additional $1,250 in order to make the down payment. Practice Test Question: 69 On January 15, a seller paid $960 in annual property tax for the current calendar year. A buyer is purchasing the house with the closing set for March 1. What will be the seller's credit for the property taxes already paid if the buyer pays for the day of closing? Use a 360-day year and a 30-day month. Question Result: Incorrect Your answer: $840 Correct answer: $800 Practice Test Question: 74 An owner lists her home at a 7% commission rate and
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