Quiz 3

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Which of the following statements in a broker's advertisement for real property would be compliant with Regulation Z requirements

"seller will pay $1,000 toward a buyer's closing costs"

A building was sold for $115,000. Down payment in the amount of $15,000 was deposited in escrow, and the buyer obtained a new loan for the balance of the purchase price. The lender charged two discount points. What was the oral mount charged to the buyer for points in this purchase

$2,000

In the sales comparison approach, what is the indication of value for the subject property with the info given? The subject property is a 2,000 square foot home with 3 bedrooms, 2.5 baths, and a 1 car garage. The comparable property is a 2,150 square foot home in the same neighborhood with 3 bedrooms, 2 full baths and a 2 car garage. The comparable property sold for $215,000 last week. The market values additional square footage at $80 per square foot; full baths are valued at $4,000 and half baths at $2,500; 2 car garages are with $10,000

$200,000

What is the max loan for which a borrower can qualify if his annual income is $84,000, his monthly recurring debt is $746, his estimated monthly taxes and insurance escrow amount is $285, his loan factor is 6.32, and the qualifying ratios are 28 and 36

$235,601 PI + TI + D ----------- GMI = .36

In NC, a general contractor's license is required for constructing any building for others values at or above

$30,000

What is the max allowed gain from the sale of their longtime primary residence that may be claimed as tax-exempt by husband and wife filing jointly

$500,000

A buyer obtained a 30-year fixed-rate loan for $72,000 at a 5% annual interest rate. If the monthly debt service payment is $386.64, how much interest rounded to the nearest dollar would the buyer pay over the lifetime of the loan

$67,190 384.64 -------- mo. = PI 360 x 384.64 = 139,190.40 139,190.40 - 72,000 = 67,190 Int

A buyer us under contract to purchase a home for $370,000 and has qualified for an 80% loan-to-value mortgage loan at an annual interest rate of 4.5%. How much will the buyer owe for the 1% loan origination fee and 1 1/2 loan discount points associated with this loan package

$7,400

The basic components of an eve include all of the following EXCEPT

-ridge boards -fascia boards -soffits frieze boards

A buyer is under contract to purchase a home for $275,000 and has qualified for an 85% loan-to-value mortgage loan. How much will the monthly principal and interest payment be, using a loan factor of 6.32 per $1,000 borrowed

1,477.30

A married couple have been living in their retirement condominium at the shore for the past two years. Their former primary residence for 25 years is being leased to a tenant. When the couple sells their house, how much of the capital gain under $500,000 will be excluded from taxation

100%

A married couple has a nation home that they rent out to seasonal tourists for several months out of the year. Some of their vacation property expenses may be tax deductible if they do not personally use the property more than

14 days a year

A homeowner listed her real estate for sale at $100,000. If her cost was 80% of the listing price, what will her percentage of profit be if her real estate is sold for the listing price

25%

Which of the following properties would be the BEST comparable of ran appraiser to use for an appraisal of a two-story subject property with 3 bedrooms and 2 baths in a subdivision near the downtown area of a city

3 bedrooms, 2 baths two-story house in a nearby similar subdivision

A building is valued at $215,000 contains four apartments that rent for $470 each per month. The owner estimates that the net operating income is 65% of the gross rental receipts. What is the capitalization rate

6.8%

If the yield on a 30-year fixed-rate loan is 7 1/4% and a mortgage lender charges one point, what is the interest rate on the mortgage note

7 1/8%

The federal agency that is tasked with the oversight of the public welfare in connection with lending practices is the

Customer Financial protection bureau

The agency responsible for the enforcement of the Federal Fair Housing Act is the

Department of Housing and Urban Development

Discrimination based on familial status was prohibited with the passage of the

Fair Housing Amendments Act of 1988

The Americans with Disabilities Act requires that

Reasonable accommodations be provided to people with disabilities.

A broker employs a provisional broker that is Latino. The broker tells this provisional broker to work only with other Hispanics and to solicit listings only in predominantly minority neighborhoods. Which of the following is TRUE

The provisional broker's rights, and those of the clients and/or customers, have been violated by the broker

If the proceeds from the sale of a foreclosed property are less than the amount required to satisfy the outstanding mortgage loan debt and legal expenses, the grantor may be responsible for

a deficiency judgment

The administrative fee charged by the lender to make a loan is

a loan origination fee

All of the following statements about short sales are true EXCEPT -the lien holder cannot be forced to participate in the short sale -the borrower may be taxed on any debt that is forgiven by the lienholder -the lienholder can file for a deficient judgement for debt not paid by the sale of the collateral property -a sales contract has not been created until the lienholder agrees to the short sale contract terms

a sales contract has not been created until the lien holder agrees to the short sale contract terms

Which of the following statements about VA mortgage loans is TRUE

a veteran borrower must use a Certificate of Eligibility to determine what portion of the loan the VA will guarantee

The clause in a deed of trust or mortgage that permits the lender to declare the entire unpaid balance immediately due and payable upon default by the borrower is the

acceleration clause

A broker is preparing a comparative market analysis (CMA) for a subject property with 3,200 square feet. A comparable property has 2,750 square feet. The estimated value of 450 additional square feet is $22,500. The broker should

add 22,500 to the sales price of the comparable property

The income approach to value would be MOST important in the appraisal of

an office building

mortgage loan discount points

are changed to meet the required investor yield

The illegal and discriminatory practice of soliciting listings by making statements intended to cause alarm in current property owners about the entry or possible entry of minority residents into the neighbor is called

blockbusting

A mortgage broker generally offers which of the following services

bringing the borrower and the lender together

an appraiser employs the income approach to make use of

capitalization

A buyer who is Muslim instructs the broker to show the. buyer properties that are located in neighborhoods that have a high number of Muslim residents. If the broker complies with this client's instructions, the broker will be in

compliance with the Civil Rights Act of 1866, but in violation of the Federal Fair House Act

In the Market Data Approach to value, Te principal factors used to select comparable properties are

date of sale, location, physical features, and terms and conditions of sale

In the income approach, which of the following is NOT considered when calculating the net operating income

debt service

Regarding Z of the Truth-In-Lending Act requires that lenders

disclose mortgage loan finance charges and interest rate to borrower

which of the following is generally considered to be an incurable form of depreciation

economic obsolescence

An appraiser is MOST commonly asked to

estimate makes value

A four-bedroom house with one bathroom might be considered by current standards to be

functionally obsolete

The pledging of property as security for payment of a loan is

hypothecation

When appraising a commercial property, the appraiser is MOST concerned with the

income generated by the property

If a homeowner itemizes deductions when filing a federal income tax returns, which of the following expenses can probably be deducted

interest payments on the home loan

A promissory note

is the primary evidence of a debt

The basic components of a rood include all of the following EXCEPT -ridge boards -joints -eaves -rafters

joints

Which of the following is an example of economic obsolescence for a residence

located near a waste management facility

Which of the following has the greatest effect on real property values

location

Mortgage lenders want assurance that future real estate taxes will be paid. The MOST common way to do this is to require the borrower to

make installment payments into an escrow account

How is the loan-to-value ration calculated

mortgage amount / sales price = loan-to-value

When preparing an annual income tax return, a homeowner may be able to deduct all of the following EXCEPT -real estate taxes -mortgage interest on a first home -mortgage interest on a second home -mortgage interest on a third home

mortgage interest on a third home

The wall framing includes all of the following EXCEPT -studs -headers -top plate -piers

piers

Fannie Mae

purchases FHA loans in the secondary mortgage market

The Civil Rights Act of 1866, prohibits discriminations based one a person's

race

The MOST expensive style house to build is the

ranch

Which of the following is illegal

refusing to hire an otherwise qualified person because he is wheelchair-bound

Which of the following is a legal property management practice under the Federal Fair Housing Act as amended in 1988

requiring a credit report and a criminal background check for all applicants

The basic components of a foundation include all of the following EXCEPT -ridged boards -footings -piers -concrete slabs

ridged boards

The market price of real estate is generally the same as the

sales price

With regard to Fair Housing requirements, real estate brokers are required to do all of the following EXCEPT -take affirmative marketing action in advertising -take affirmative marketing action in canvassing -show every listed property to each prospective buyer -prominently display the equal housing opportunity poster

show every listed property to each prospective poster

A homebuyer recently finances his first home with a fixed-rate conventional loan. The type of interest he will pay over the life of the loan is probably

simple interest

The flooring system includes all of the following EXCEPT -joints -soleplates -sill -grinders

sole plate

NC building codes are promulgated by the

state

A balloon frame consists of

studs extending from the top of the foundation sill to the roof

To calculate the capital gain or loss in a real estate transaction

subtract the adjusted basis from the amount realized

According to the NC Real Estate Commission's Residential Square Footage Guidelines, which of the following statements regarding "living area" is TRUE

the ceiling height must be at least 7 feet, unless dealing with sloped ceilings

Using which of the following approaches would require the value of the land o be calculated separately from the value of the improvements

the cost approach

Which of the following statements regarding adjustable rate mortgage loans is TRUE

the interest rate may be adjusted based on a published index

Which of the following statements BEST defines a real estate appraisal

the opinion of the value of a specific property as of a specific date by a licensed appraiser

Which of the following statements BEST describes the relationship between the primary and secondary mortgage markets

the primary mortgage market is made up of lenders that originate mortgage loans, and the secondary mortgage market provides additional capital to the primary mortgage market lenders for originating loans

The restrictive covenant in a condominium complex prohibits pets. A prospective buyer with a physical disability relies on a service animals to assist him. Which of the following is TRUE

this restriction is unenforceable when any person with a disability uses a service animals for assistance


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