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Real Estate Final Exam (150 Questions ) -1 With Verified Solution
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Real Estate Final Exam (150 Questions ) -1 With Verified Solution
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Real Estate Final Exam (150 Questions )#1 With Verified Solution.
A .real .estate .licensee .has .a .buyer .agency .agreement. .What .is .the .seller .in .this .situation? .- .
(correct .answer) .-A .customer.
An .optionor .and .an .optionee .make .a .contract .for .an .option .on .a .commercial .piece .of .property. .If .t
he .optionee .decides .to .exercise .his .option, .when .must .he .perform? .- .(correct .answer) .-
He .must .exercise .his .option .under .the .terms .of .the .option .contract.
When .can .a .landlord .evict .a .disabled .blind .or .disabled .tenant .from .the .premises? .- .(correct .answer)
.-If .the .tenant .has .loud .parties, .makes .too .much .noise, .and .is .constantly .disturbing .other .tenants
4. .Broker .Carr, .with .ABC .Real .Estate .Company, .listed .the .property .with .a .seller. .Broker .Smith, .with .
XYZ .Real .Estate .Company, .called .Broker .Carr, .and .disclosed .that .he .was .a .Buyer .Agent. .Broker .Smit
h .wrote .a .contract .with .a .buyer .for .the .sale .of .the .property. .What, .if .any, .is .the .relationship .betwe
en .the .buyer's .broker, .the .seller .and .the .listing .broker? .- .(correct .answer) .-
There .is .not .a .relationship .between .the .parties. .Broker .Carr .represents .the .Seller .and .Broker .Smith .
represents .the .Buyer.
A .buyer .bought .a .property .without .telling .the .seller .of .his .intended .purpose .for .the .property. .The .c
ontract .contains .no .contingency .clauses .and .it .is .a .properly .executed .contract. .After .the .closing, .the
.buyer .is .unable .to .obtain .the .zoning .he .needs .for .his .commercial .project. .What .is .the .contract .at .t
his .stage? .- .(correct .answer) .-Enforceable
6. .The .seller .and .the .buyer .finally .agreed .to .a .purchase .price .of .
$203,500 .with .the .closing .to .occur .on .June .15. .The .taxes .for .the .year .in .the .amount .of .$2,500 .have
.not .been .paid .by .the .seller. .
(Taxes .are .paid .in .arrears). .How .much .would .the .tax .proration .amount .to, .and .how .would .it .appear
.on .a .full .settlement .statement? .Base .your .answer .on .a .365 .day .year, .and .the .buyer .is .responsible .f
or .the .day .of .settlement. .- .(correct .answer) .-$1,130.14 .debit .the .seller .and .credit .the .buyer
A .seller .listed .his .home .for .six .months .on .February .26. .On .April .29, .a .buyer .made .an .offer .on .the .p
roperty. .The .listing .broker .presented .the .offer .to .the .seller .on .April .30. .The .seller .accepted .the .offe
r .on .May .1, .with .the .closing .to .occur .on .June .15. .Assuming .the .closing .took .place .on .June .15, .whe
n .did .the .listing .expire? .- .(correct .answer) .-6/15
, The .sellers .listed .their .property .for .six .months .on .February .26 .for .$522,500. .They .agreed .to .pay .the
.listing .broker .a .7% .commission .at .closing .on .the .agreed .upon .sale .price. .A .buyer .made .an .offer .on .
the .property .on .March .29 .for .$510,000. .The .seller .countered .the .offer .on .April .1 .at .
$517,500, .and .the .buyer .accepted .the .counter .offer .with .the .closing .to .occur .on .June .15. .How .muc
h .commission .did .the .seller .owe .the .listing .broker, .and .how .would .it .appear .on .the .settlement .stat
ement? .- .(correct .answer) .-$36,225. .Debit .the .seller.
The .seller .and .the .buyer .agreed .to .a .purchase .price .of .
$270,000 .with .the .closing .to .occur .on .June .15. .The .seller's .loan .balance .after .the .June .1 .payment .
was .$170,000. .with .an .interest .rate .of .6%.The .monthly .payment .was .
$1,800 .principal .and .interest. .What .was .the .loan .balance .the .day .of .closing, .and .how .much .interest
.did .the .seller .owe .the .bank? .- .(correct .answer) .-Loan .balance .$170,000; .interest .due .$425
The .buyer .and .seller .agreed .to .a .purchase .price .of .
$310,500. .The .buyer .received .an .80% .loan. .How .much .was .the .buyer's .loan .and .how .did .it .appear .
on .the .settlement .statement? .- .(correct .answer) .-$ .248,400. .Credit .the .buyer .only.
A .home .improvement .company .was .negotiating .with .a .homeowner .to .add .on .two .rooms .to .a .home
. .The .company .agreed .to .take .a .second .mortgage .as .long .as .the .homeowner .also .included .the .rest .
of .the .property .in .the .loan. .The .company .and .the .homeowner .agreed .to .a .price .and .the .company .
provided .the .necessary .disclosure .form .on .Monday .and .the .homeowner .signed .the .agreement .at .n
oon .the .following .day. .Assuming .that .the .week .had .five .business .days, .until .what .time .could .the .ho
meowner .rescind .the .loan? .- .(correct .answer) .-Friday, .midnight .(Three .business .day .period)
The .seller .under .a .land .contract .is .called .- .(correct .answer) .-The .vendor
On .an .8% .straight .term .loan .of .$6,071, .the .borrower .paid .total .interest .of .
$1,700. .How .long .did .he .have .the .loan? .- .(correct .answer) .-42 .months
Are .recording .fees .and .title .insurance .premiums .part .of .the .Truth .in .Lending .statement? .- .
(correct .answer) .-
No, .These .are .considered .legal, .not .financing .fees .and .therefore .are .not .part .of .the .Truth .in .Lendin
g .statement.
A .mortgage .broker .- .(correct .answer) .-arranges .loans .between .borrowers .and .investors.
The .Smiths' .purchased .a .residence .for .$750,000. .They .made .a .down .payment .of .
$150,000 .and .agreed .to .assume .the .seller's .existing .mortgage, .which .had .a .current .balance .of .
$230,000. .The .Smiths' .financed .the .remaining .$370,000 .of .the .purchase .price .by .executing .a .second
.mortgage .whereby .the .seller .became .a .mortgagee. .This .type .of .loan .is .called .a .- .(correct .answer) .-
part .purchase .mortgage
On .a .$500,000 .loan .the .borrower .is .required .to .pay .two .points. .How .much .does .the .borrower .have
.to .pay .the .lender? .- .(correct .answer) .-$510,000.00
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