Attempt 1 Exam 3

The following items are considered a pro-ration between the buyer and the seller except:

Title insurance

The city is going to pave your street at a cost of $100 per running foot and has agreed to pay 65% of the cost. Your property measures 130'x150'. What is the amount of the special assessment that you will pay for your property?

$2,275

Adam has purchased a new home for $350,000 and Beach Bank agreed to provide him a 90% loan in order to make the purchase. As part of the loan agreement Beach Bank is charging Adam 1 ½ points to close the loan. How much will Adam pay for the points?

$4,725.00

How are $1,250 in property taxes pro-rated when the day of closing is July 15th and belongs to the buyer?

$667.81 credit to buyer, $667.81 debit to seller

Which of the following statements apply to local planning commissions?

I. Planning commission members act in advisory role

Angela was recently awarded a judgment that consists of $12,000 in compensatory damage and $20,000 in punitive damages because of a fraudulent real estate transaction. If Angela applies to the Real Estate Recovery fund for payment of the judgment, which of the following statements is/are true?

Angela can collect $12,000 from the Recovery Fund

A home sells for $345,500. The buyer is able to obtain a new mortgage loan from Beach Bank for 90% of the purchase price. How much the state taxes due on this transaction?

Doc. stamps on deed = $2,418.50. Doc. stamps on note = $1,088.50. Intangible Tax = $621.90. Total = $4,128.90

The requirements of a valid deed include all of the following except:

Notarization