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100 Cards in this Set
- Front
- Back
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The respondent in a complaint has how many days to appeal a Final Order issued by the Florida Real Estate Commission? A . 7 B. 10 C. 14 D. 30 |
D. 30 |
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Broker Alan files his resignation with Big Time Realty. If a replacement broker of record is not appointed within 14 days, what will the status be of the brokerage and its licensees? A. Null and Voud B. Cancelled C. Cease to be in force D. Involuntary inactive |
Cancelled |
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Which of the following is a fiduciary relationship? A. Transaction Broker B. Single Agent C. Dual Agent D. Special Agent |
B. Single agent |
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Randy bought a rental list from Broker Dave on July 1 for $200. After previewing the potential units available for rent, Randy decides to remain at his present location. In order for Randy to get his full deposit back, which condition must be met? A. The request for a refund must be made within 60 days B. The rental list must contained an error or inaccurate information C. Randy must not rent any of the properties on the list D. Randy must notify the Florida Real Estate Commission |
B. The rental list must contained an error or inaccurate information |
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Sales Associate Jennifer does not complete 45-hour post-license course before her first Florida sales associate license expires. After the expiration date, her license will become: A. Involutary inactive B. Voluntary inactive C. Cease to be in force D. Null and void |
D. Null and void |
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The section of the deed which states the type of estate being conveyed to the grantee is called the: A. Redendum clause B. Granting clause C. Habendum clause D. Premises clause |
C. Habendum clause |
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Michelle, a sales associate for Dolphin Realty, was asked to write all advertising for the company. Which of the following statements best applies? A. This is a violation of Chapter 475 F.S. because the broker is the only person authorized to write advertisements B. This is a violation of Chapter 475 F.S. because only the listing sales associate can write advertisements C. This is not a violation of Chapter 475 F.S. because anyone in the office can write advertisements, provided it is under the direct supervision and approval of the broker D. This is not a violation of Chapter 475 F.S. because a sales associate may write advertisements provided the sales associate’s name is in the advertisement |
C. This is not a violation of Chapter 475 F.S. because anyone in the office can write advertisements, provided it is under the direct supervision and approval of the broker |
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What is the name of the imaginary line that runs east and west through Tallahassee? A. Range B. Principal meridian C. Prime meridian D. Base line |
D. Base line |
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Suzy Sales Associate received a $3,000 binder deposit on Monday, February 5th, and was instructed to hold the check for two weeks until the buyer was able to transfer funds to cover it. Suzy talked with the seller and he agreed to this condition. Two weeks later, the check is delivered to and deposited by the broker. Is Suzy in violation of any law? A. Yes, the check should have been delivered to the broker immediately B. Yes, the deposit should have never been accepted without the broker’s permission C. No, Suzy was acting under the direct instruction of the buyer D. No, as long as the check ultimately was deposited before closing |
A. Yes, the check should have been delivered to the broker immediately |
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Broker Fred sold Allen a house with the understanding that if Allen was not satisfied with the purchase ninety days after the closing, Fred would purchase the property back at the price Allen paid. Which of the following is correct if, sixty days later, Allen decided that he did not want the property? A. As long as Broker Fred purchases the property as promised, no violations have been committed B. If Broker Fred places his license inactive, he is not required to fulfill any obligations made prior to going inactive C. If Broker Fred purchases the property as promised, he may still be guilty of misrepresentation D. If Broker Fred fails to purchases the property as promised, his license will automatically be revoked |
A. As long as Broker Fred purchases the property as promised, no violations have been committed |
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After receiving conflicting demands over a $3,000 escrow deposit, Broker Bill requests an escrow disbursement order from the FREC which directs Bill to give the deposit to the seller. Following the disbursement, the buyer sues Bill in court for the deposit and obtains a judgment against Bill for $3,000. What remedy may be available? A. The broker must borrow the money to pay the buyer within 30 days , otherwise the broker will be suspended B. The broker must request the seller to give the money back to the buyer C. The Real Estate Recovery Fund will pay the judgment and reimburse the broker for attorney fees D. The buyer and seller must go to arbitration within 30 days |
C. The Real Estate Recovery Fund will pay the judgment and reimburse the broker for attorney fees |
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David and his sister Laurie own a piece of property. If David dies and the property passes to Laurie, how was the property probably held? A. Tenancy in common B. Estate for years C. Joint tenancy D. Life estate |
C. Joint tenancy |
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When a complaint is filed with the DBPR regarding a criminal violation involving a licensee, that information is then reported to the: A. District Court of Appeal B. Secretary of State C. Local State Attorney D. U.S. Marshall’s office |
C. Local State Attorney |
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Allison, a sales associate for Dolphin Realty, is able to procure a buyer for one of her listings. Prior to closing, Allison went on a family vacation to Naples. Upon returning, Allison was informed that her broker was having financial problems, and her share of the commission was not available. Which of the following is most correct? A. Allison is not entitled to a commission since she was not present for the closing B. The broker is not required to pay every commission for every closing C. The broker is guilty of failing to account and deliver D. The broker’s license will be automatically suspended |
C. The broker is guilty of failing to account and deliver |
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Brian has a residence in Destin and a summer home in Clearwater. He and his family spend the weekends, as well as four months each summer, in Clearwater. Which home would qualify for homestead? A. Destin B. Clearwater C. Either a or b D. Neither a nor b |
C. Either a or b |
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If the DBPR believes that there has been a violation of the real estate license law, they may: A. Investigate only those individuals who hold a real estate license B. Investigate any person thought to have been involved in the case C. Investigate any person for any reason D. Not participate in the investigation, this is a FREC matter only |
B. Investigate any person thought to have been involved in the case |
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Broker Dave’s office policy is to represent sellers as a single agency. However, he also reserves the right to represent both sellers and buyers in-house as a transaction broker. Which of the following forms is Broker Dave required to get signed? A. Single Agency Notice B. Transaction Brokerage Notice C. Consent to Transition to Transaction Broker Form D. All of the above |
C. Consent to Transition to Transaction Broker Form |
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A licensee who has been voluntarily inactive for three years must do which of the following to possess valid real estate license? A. 28 hours of reactivation course B. 45 hours of post licensing C. Find an employer and submit the required form D. Pass the state exam |
C. Find an employer and submit the required form |
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In order to transfer title from one person to another, which of the following must be present? A. Grantor signature, two witnesses, delivered, and accepted B. Grantor signature, two witnesses, and recorded C. Grantor signature, acknowledged, and recorded D. Grantee signature, two witnesses, and delivered |
A. Grantor signature, two witnesses, delivered, and accepted |
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If a property is sold in foreclosure, which of the following liens would be paid off first? A. Real estate tax lien B. 1st mortgage C. 2nd mortgage D. IRS lien |
A. Real estate tax lien |
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An earnest money deposit from a buyer is received by a sales associate. However, before the sales associate can deliver the deposit to the broker, the check is lost. Who is responsible for this situation? A. Broker only B. Sales associate only C. Buyer and sales associate D. Broker and sales associate |
D. Broker and sales associate |
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Which of the following best defines a Florida resident for mutual recognition purposes? A. A person who has resided in Florida for at least one year B. A person who has resided in Florida for at least four months, or resides in Florida with the intent to remain for at least four months C. A person who intends to reside in Florida for at least one year D. There is no true definition for residency in Florida |
B. A person who has resided in Florida for at least four months, or resides in Florida with the intent to remain for at least four months |
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Beth, a sales associate with broker Dave, finds a buyer who is ready, willing, and able to purchase a home that is listed with her office. Ted, the seller, has a change of mind and refuses to sell and also refuses to pay the broker a commission. Which one of the following individuals can sue for the unpaid commission? A. Beth B. Dave C. Both Beth and Dave D. Neither Beth or Dave since the contract did not close |
B. Dave |
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An abstract of title is a: A. Title search of all recorded documents concerning a property B. Summary of the most important documents concerning a property C. History of all recorded owners of a property only D. History of both recorded and unrecorded documents concerning property |
A. Title search of all recorded documents concerning a property |
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A building is located in a place that could prevent a power company from being built. What legal action, if any, can be taken to ensure the power plant's completion? A. A special exception issue by the Department of Transportation B. A variance issued by the Department of Transportation C. Eminent domain D. No action can be taken by a private corporation |
C. Eminent domain |
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All of the following apply to a general partnership except: A. Each partner may bind the others by their activities of the partnership B. Each partner is responsible for the other’s actions in the partnership C. Each partner is liable for the debts of the partnership D. Each partner must shares equally in the profits of the partnership |
D. Each partner must shares equally in the profits of the partnership |
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A valid and enforceable real estate sales and purchase agreement must have all of the following except: A. Offer and acceptance B. An earnest money deposit C. A written document D. Vendor’s and vendee’s signatures |
B. An earnest money deposit |
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A broker comes to work everyday in a constant state of drunkedness, almost killing people with his car. Which of the following procedures against his license would be most appropriate? A. Suspension B. Summary suspension C. Revocation D. Cancelled |
B. Summary suspension |
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Broker Steve ran an ad for a number of apartments for rent ranging from $700 to $1,000 per month. The $700 units had all been leased when the ad ran. Is this legal? A. Yes, since the $700 units were available at one time for lease B. Yes, the broker is simply using creative marketing skills C. No, this is considered false or misleading advertisement, also known as bait and switch D. No, because advertisements can not contain ranges of prices |
C. No, this is considered false or misleading advertisement, also known as bait and switch |
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Zoning ordinances are used to help implement the: A. Planning commission’s fiscal policy B. Construction industry's standards of quality C. Fundamentals of laissez-faire D. Comprehensive plan |
D. Comprehensive plan |
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The main right of the borrower during the foreclosure process is the: A. Equity of redemption B. Deficiency judgment C. Lis pendens D. Deed in lieu of foreclosure |
A. Equity of redemption |
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The minimum required information for all real estate advertisements is: A. All officers and directors B. Officers only C. The words "Licensed Real Estate Broker" D. Name of the brokerage firm |
D. Name of the brokerage firm |
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A broker was recently employed to find a purchaser. At what point has a commission been earned? A. At closing B. When a buyer is found who is ready, willing, and able for a price that is stated in the listing contract or otherwise acceptable to the seller C. When the seller signs the listing contract D. When clear title is delivered and accepted |
B. When a buyer is found who is ready, willing, and able for a price that is stated in the listing contract or otherwise acceptable to the seller |
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An oral lease for more than one year is a: A. Tenancy for years B. Tenancy at sufferance C. Tenancy at will D. Tenancy at large |
C. Tenancy at will |
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The Federal Home Loan Mortgage Corporation was created to: A. Purchase conventional mortgages from savings and loans B. Purchase FHA, VA, and conventional mortgages C. Subsidize low yield loans in the primary market D. All of the above |
A. Purchase conventional mortgages from savings and loans |
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A Florida real estate licensee is permitted to prepare all of the following except: A. Sales contract B. Option contract C. Warranty deed D. Exclusive right to sell listing contract |
C. Warranty deed |
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In a real estate brokerage limited partnership: A. All officers and directors must be registered with the DRE B. The partnership must be registered with the Department of State C. All limited partners must be active sales associate D. At least one general partner must be an active broker |
D. At least one general partner must be an active broker |
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All of the following are true statements about option contracts except: A. Options must be in writing B. Options are unilateral contracts C. The optionee must tender valuable consideration D. An option binds the optionee |
D. An option binds the optionee |
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All of the following are required of a lease for more than a year except: A. Signature by the lessor B. Signature by the lessee C. Legal description D. Consideration |
C. Legal description |
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The total obligation ratio for a VA loan should not exceed: A. 28% B. 29% C. 36% D. 41% |
D. 41% |
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In the comparable sales approach if the subject property is $5,000 better than the comparable, the appraiser should: A. Subtract $5,000 from the comparable B. Subtract $5,000 from the subject C. Add $5,000 to the comparable D. Add $5,000 to the subject |
C. Add $5,000 to the comparable |
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Which statement best describes the purpose of greenbelt laws? A. South Florida properties typically have a higher market value B. Agricultural zoning protects the public’s health, safety, and welfare C. Agricultural properties should receive a reduced assessed value D. Agricultural properties should receive a lower millage rate |
C. Agricultural properties should receive a reduced assessed value |
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A real estate sales associate can work for: A. An authorized developer B. A licensed broker C. Two or more brokers with a group licenses D. Either a or b |
D. Either a or b |
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The price that will most likely be paid for a property in an open and competitive market under normal conditions is known as: A. Investment value B. Market value C. Assessed value D. Reproduction value |
B. Market value |
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What would be the most likely result if the Federal Reserve System sold securities through open market operations? A. Supply of money in circulation will increase B. Supply of money in circulation will decrease C. Interest rates will decrease D. Reserve requirement will increase |
A. Supply of money in circulation will increase |
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A judgment was entered against a broker for defrauding a client in the amount of $30,000. $10,000 was for compensatory damages and $20,000 for punitive damages. The client has already collected $5,000 on the judgment. How much can the client receive from the recovery fund? A. $5,000 B. $10,000 C. $25,000 D. $30,000 |
A. $5,000 |
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A Texas broker has a client who wishes to buy vacant land in Florida. If the Texas broker comes to Florida and turns the prospective buyer over to a Florida broker and thereafter goes shopping at a local mall while the buyer and the Florida broker do business, which of the following applies? A. The Florida broker is prohibited from sharing the commission with the Texas broker, regardless B. The Florida broker can legally pay the Texas broker a 20% referral only C. The Florida broker can legally pay the Texas broker a referral fee D. The Texas broker must first get a Florida license in order to be paid |
C. The Florida broker can legally pay the Texas broker a referral fee |
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Which of the following would be the correct closing statement entry for a binder deposit? A. Debit buyer B. Debit seller C. Credit buyer D. Credit seller |
C. Credit buyer |
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When an option contract expires, how long does the optionee have to exercise his or her right to purchase? A. 10 days B. 15-business days C. 30-business days D. None of the above |
D. None of the above |
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Broker Dave receives an earnest money deposit on Wednesday at 8:30 in the morning. The deposit must be placed in his escrow account: A. No later than 8:30 a.m. Thursday B. No later than 8:30 a.m. Friday C. No later than the end of the business day Monday D. The same day it was accepted |
C. No later than the end of the business day Monday |
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The most effective method the Federal Reserve System has to influence interest rate is: A. Adjust the discount rate B. Conduct open market operations C. Adjust the reserve requirement |
B. Conduct open market operations |
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All of the following participate in the primary mortgage market except: A. Commercial banks B. FNMA C. Life insurance companies D. Savings associations |
B. FNMA |
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Steve entered into a one-year written lease for a condominium on the beach. After two months, he decides to rent one of the bedrooms to a friend. This is known as: A. A sublease B. A net lease C. An assignment of lease D. A percentage lease |
A. A sublease |
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Which statement best defines the term “Tenancy in Common”? A. Two or more owners with no right of survivorship B. Two or more owners with equal ownership shares and with right of survivorship C. Ownership by a husband and wife D. The most common form of real estate ownership |
A. Two or more owners with no right of survivorship |
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Bill is a banker in Tampa and, on occasion, refers clients to a friend, Broker Tom. Although Tom does not pay Bill commissions or referral fees, he does reimburse him for his expenses. Which of the following statements is most correct? A. This is a legal because no commissions were paid B. Tom has violated the real estate license law C. Both Tom and Bill have violated the real estate license law D. Since Bill is a banker, no laws have been violated |
C. Both Tom and Bill have violated the real estate license law |
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Which of the following entities is known as "Freddie Mac"? A. Federal National Mortgage Association B. Veterans Administration C. Federal Home Loan Mortgage Corporation D. Government National Mortgage Association |
C. Federal Home Loan Mortgage Corporation |
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The seller refuses to pay the agreed upon sales commission. Can the broker file a lien against the property for the unpaid commission? A. Yes, after obtaining a judgment from the court B. No, the broker cannot obtain a judgment for the non-payment of a commission C. Yes, the law of agency allows liens to be recorded when commissions are due D. Yes, if the listing contains written permission from the seller to record a lien for an unpaid commission |
D. Yes, if the listing contains written permission from the seller to record a lien for an unpaid commission |
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The survey method that is the most accurate and is used for both regular and irregular shaped parcels of real estate is known as: A. Metes and bounds method B. Government survey method C. Monuments method D. Plat method |
A. Metes and bounds method |
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Broker Dan is a sole proprietor broker in Naples, Florida. He has decided to operte his brokerage under the trade name "Naples New Home Sales." What procedure should Dan perform in order to operate his brokerage legally? A. File the fictitious name with the Department of State B. Begin working under the new name since registering with the clerk of court is all that is required C. File the fictitious name with the Division of Real Estate D. Discontinue operating since fictitious names only apply to corporations and partnerships |
C. File the fictitious name with the Division of Real Estate |
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Which type of mortgage allows more than one parcel of real estate to be placed as collateral? A. Developer mortgage B. Combo mortgage C. Package mortgage D. Blanket mortgage |
D. Blanket mortgage |
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When Shifty Savings and Loan makes a loan, the purpose of the note being signed by the mortgagor is to: A. Pledge the property as security for the debt B. Gives constructive notice of a debt C. Acknowledge a debt and promise to pay it back D. All of the above |
C. Acknowledge a debt and promise to pay it back |
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Broker Dave is working with the seller as a transaction broker. A prospective buyer calls Dave to see the property and requests that Broker Dave work with him in this transaction. Which of the following statements is correct? A. Broker Dave cannot represent the buyer, this would create a dual agency B. Broker Dave can work with the seller and buyer as a transaction broker for each C. Broker Dave cannot represent the buyer because of his full fiduciary obligations to the seller D. Broker Dave can represent both the seller and buyer as a disclosed dual agent |
B. Broker Dave can work with the seller and buyer as a transaction broker for each |
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Which of the following is a correct statement regarding a term mortgage? A. The interest portion of the payment is higher in the beginning of the loan B. The principal portion of the payment decreases as the loan matures C. The mortgage payment is interest only D. The principal and interest portion of the payments remain constant throughout the loan period |
C. The mortgage payment is interest only |
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After a certain waiting period, the holder of a tax certificate may: A. Sell the property B. Request a tax deed auction C. Sue the owner for back taxes plus interest D. Seek eminent domain |
B. Request a tax deed auction |
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George, Elaine, Jerry, and Cosmo are active brokers in a real estate brokerage partnership. George and Elaine are found guilty of conversion (misuse of escrow funds) and have their licenses suspended for five years. What happens to the partnership? A. Nothing as long as there is at least one active broker responsible for the business B. The partnership will be placed on probation until George and Elaine and Alice have their licenses reinstated C. Jerry and Cosmo can continue the partnership but must notify the Division of Real Estate partnership composition change D. The partnership registration will be revoked |
C. Jerry and Cosmo can continue the partnership but must notify the Division of Real Estate partnership composition change |
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Which of the following will cause a real estate brokerage partnership to be terminated? A. Court ordered dissolution B. Failing to file the annual report to the Department of State C. Foreclosure D. Fewer than two active brokers |
A. Court ordered dissolution |
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After a final order has been issued by the FREC, how long does the respondent have before the final order becomes effective? A. 10 days B. 15 days C. 30 Days D. It becomes effective immediately |
C. 30 Days |
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Which of the following disclosures must be provided to a home buyer prior to contract if the home was built before 1978? A. Lead-based paint B. Radon gas C. Energy efficiency D. All of the above |
D. All of the above |
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Under what circumstances can a broker file a lien against a property for a commission prior to closing? A. Never B. Only after a judgment has been awarded C. After the FREC issues a final order D. If the seller of the property gives permission |
D. If the seller of the property gives permission |
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The clause in a mortgage which insures that the mortgagor will be provided a satisfaction of mortgage when the debt is fully paid is known as the: A. Exculpatory clause B. Defeasance clause C. Prepayment clause D. Acceleration clause |
B. Defeasance clause |
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All of the following would be an example of external obsolescence except: A. A fuel storage facility built in your neighborhood B. Street widened and speed limit increased in your neighborhood C. Peeling paint on the outside of a house D. Nightclub proposed next door |
C. Peeling paint on the outside of a house |
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A complaint is filed against a licensee, and an investigation is done by the DBPR. What is the next step after the probable cause panel concludes that probable does exist? A. A recommended order is issued by the Administrative Law Judge B. A formal complaint is filed by the DBPR C. A final order is issued by the FREC D. The respondent is given a 30-day suspension |
B. A formal complaint is filed by the DBPR |
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Under what circumstance can a licensee have his or her license revoked without prejudice? A. When an applicant fails to correct errors and/or omissions on the application B. When an applicant lies about past criminal background on the application C. When the DBPR issues a license by mistake D. When a licensee is found guilty of a crime in another state |
C. When the DBPR issues a license by mistake |
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A seller gives an open listing to only one broker but reserves the right to sell the property herself without owing the broker a commission. This type of listing is known as: A. An exclusive listing B. An exclusive right to sell listing C. A net listing D. An open listing |
D. An open listing |
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How large is a township? A. 6 miles square B. 6 square miles C. 36 miles square D. 66 square miles |
A. 6 miles square |
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On a HUD-1 settlement statement, which of the following will be a credit to the buyer? A. Documentary stamps on the deed B. The real estate commission C. The purchase price D. The earnest money deposit |
D. The earnest money deposit |
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A minor can transfer title: A. Only if the property is held in fee simple B. After getting written permission from their guardians C. Only if the minor uses a guardian’s deed D. Never, since minors are considered incompetent |
D. Never, since minors are considered incompetent |
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A potential renter pays $100 for a rental list. The list is accurate and the renter finds an acceptable apartment. Afterwards, the renter reconsiders and decides not to rent the apartment. One week after buying the rental list, the renter requests a refund. The renter is entitled to how much money? A. $100 B. $75 C. $25 D. $0 |
B. $75 |
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If a landlord decides to put security deposits received from tenants into his personal checking account, which of the following would apply? A. Place a surety bond with the Clerk of Courts in the amount of the deposit B. Pay the tenant 5% interest C. Both a and b D. Neither a nor b, landlords cannot commingle deposits with personal funds |
C. Both a and b |
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A roof with four sloping sides that rise to meet a ridge is known as a: A. Gable roof B. Hip roof C. Gambrel roof D. Mansard roof |
B. Hip roof |
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To be a broker member of the Florida Real Estate Commission, at least how many years of current experience in real estate are required? A. 2 B. 4 C. 5 D. 8 |
A. 2 |
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Which section is directly north of section 8? A. 2 B. 5 C. 6 D. 7 |
B. 5 |
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Brian has been asked to appraise a 3 bedroom, 2 bath home. One of the comparables found has 4 bedrooms and 2 baths. If this is the only difference and a bedroom has a market value of $8,000, which of the following would be the proper adjustment? |
Subtract $8,000 from the comparable |
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The Veterans Administration was given which of the following authorities? I. To insure loans II. To partially guarantee loans III. To fund loans for areas where VA partially guaranteed loans are unavailable IV. To provide subsidy loans |
II and III only |
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Under RESPA rules, lenders are required to provide which of the following to applicants? |
Information booklet on borrowing within three days of application |
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Which of the following properties are immune from real estate taxes? |
Naples High School |
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Which type of financing allows a borrower to borrow money to purchase both the home and home furnishings with one note? |
Package mortgage |
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A real estate broker and a real estate sales associate form a real estate brokerage corporation. Which of the following statements is correct? |
The broker can be an officer and director of the company and the sales associate can own all of the stock |
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If a real estate broker has his license revoked, what happens to all of the sales associates who have their licenses placed with that broker? |
Their licenses will be involuntarily inactive until they get a reissue of a license with a new employer |
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A Daytona Beach sales associate goes on vacation in Miami. While in Miami, the sales associate sells three properties listed by a Miami broker. The Miami broker should: |
Pay only the Daytona broker |
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Jimmy purchased a property for $150,000 and sold it a year later for $165,000. What is the profit percentage on this transaction for Jimmy? |
10% |
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How many acres are contained in the NW1/4 of the NE1/4 of the SW1/4 of Section Four? |
10 |
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Broker Ted listed a property for $330,000 with a 6% commission. He has an agreement with his sales team to pay them 60% of commissions earned by them. If one of his top agents sells the property for $310,000, what is the broker’s share of commission? |
$7,440 |
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The following information applies to question 94 through 95. An apartment building has the following characteristics: Purchase price: $800,000 Mortgage: $640,000 Annual Debt Service: $ 64,240 Potential Gross Income: $183,306 Effective Gross Income: $172,308 Operating Expenses $ 60,308 What is the property’s capitalization rate? |
14% |
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An apartment building has the following characteristics: Purchase price: $800,000 Mortgage: $640,000 Annual Debt Service: $ 64,240 Potential Gross Income: $183,306 Effective Gross Income: $172,308 Operating Expenses $ 60,308 What is the property’s Before-Tax Cash Flow? |
$47,760 |
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Lender gives an 80% loan with an 8% interest rate. The interest for a month is $776. What is the appraised value? |
145,500 |
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Brian sold his home to David for $325,000. Annual real estate taxes are $4,950. If the day of closing is May 21, 2009, and is charged to the seller, how should the taxes be prorated? |
$1,912.19 credit to the buyer and debit to the seller |
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Bill's monthly housing expense is $1,290. His total monthly gross income is $5,000 and his total obligations are $2,240. With a conventional loan, what is Bill's monthly housing expense ratio? |
26% |
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A property sold for $172,500. The buyer assumed the existing mortgage in the amount of $99,320, and the seller took back a second mortgage in the amount of $20,000. What are the state taxes due on the transaction? |
$1,665.40 |
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A lending institution is currently making 30-year loans at 6.5%, amortized monthly. It also charges 3 discount points at closing. What will be the approximate yield to the lender on a $220,000 loan? |
6.875% |
