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BARNEY FLETCHER FINAL EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS AND RATIONALES /ALREADY GRADED A+$18.49
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BARNEY FLETCHER FINAL EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS AND RATIONALES /ALREADY GRADED A+
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Course
BARNEY FLETCHER 2024
Institution
BARNEY FLETCHER 2024
BARNEY FLETCHER FINAL EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS AND RATIONALES /ALREADY GRADED A+
BARNEY FLETCHER FINAL EXAM
2024 ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE 250
QUESTIONS WITH DETAILED
VERIFIED ANSWERS AND
RATIONALES /ALREADY GRADED
A+
VERSION A
An 18 year straight note had a total of $27,000 in
interest over the term. The interest rate was 10% and
loan was 75% of the sales price. What was the sales
price?
A. $15,000
B. $20,000
C. $23,850
D. $28,000 - ....ANSWER...B. $20,000
,$27,000 divided by 18 = $1,500 interest per year.
$1,500 divided by 10% = $15,000 loan divided by 75% =
$20,000 price
A straight note for $15,400 was executed at 9%
annual interest. If the borrower actually paid $5,544
in interest, how many months did he take to pay it
off?
A. 39
B. 42
C. 45
D. 48 - ....ANSWER...D. 48
$15,400 x 9% = yearly interest of $1,386 divided by 12
months = monthly interest of $115.50. $5,544 divided
by $115.50 = 48 months
A buyer had purchased a home and obtained a first
mortgage to buy the property. The buyer decided to
rescind the transaction and had a loan that was
covered under Regulation Z. Can the buyer rescind
the sales contract after it is consummated?
,A. yes, the buyer has until three days after closing to
rescind the contract
B. yes, because Regulation Z applies to residential
home loans
C. no, because there is no right of rescission in a
real estate sales contract
D. no, only the seller can rescind the contract legally
- ....ANSWER...C. no, because there is no right of
rescission in a real estate sales contract
When referring to a loan, what is the principal?
A. the total amount borrowed
B. the term for the borrower
C. the total of the amount borrowed and interest to
be paid
D. the term for the lender - ....ANSWER...A. the total
amount borrowed
An owner listed a property with a broker. Later, the
owner decided to sell an additional property and
asked the broker to sell it too. Which of the following
statements BEST describes this situation?
, A. the broker could NOT sell the other property as
this would be dual agency
B. the broker could accept it but would need to fill
out another listing agreement on the second
property
C. the broker would NOT need another listing as an
agent can sell any property for an owner if the
broker has already been appointed as an agent
D. the broker becomes a general agent and can sell
the other property based on the original listing on
the other property - ....ANSWER...B. the broker could
accept it but would need to fill out another listing
agreement on the second property
A person owned a house which had been built over
underground springs. This was a well known fact in
the area. The broker sold the property to a buyer but
did not inform the buyer about the underground
springs. Six months later, the back corner of the
house was found to have structural damage caused
by the springs. Which of the following is true?
A. the agent and seller could be responsible because
they did not disclose to the buyer about the house
being built over the springs
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