Real Extate Prep Exam: Part 8

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10 Questions - Developed by: - Updated on: - Developed on: - 24,789 taken

  • 1
    A property owner wishes to net $56,500 form the sale of her small building. After paying an advertising allowance of $160 and 7 percent commission, what must the selling price be, rounded to the nearest dollar?
  • 2
    A home valued at $168,500 has just had a 70 percent mortgage loan placed on it. The interest rate is 11.25 percent. The monthly payment is $1,292.22 including principal and interest. What will the principal balance of the mortgage loan be after the next monthly payment is made?
  • 3
    A parcel of vacant land has an assessed valuation of $247,550. If the assessment is 85 percent of market value, what is the market value?

  • 4
    A real estate licensee leased a building for 10 years at an annual rent of $48,000. She will receive a commission of 7.5 percent for the first 5 years, 5 percent for the next 3 years, and 3.5 percent for the final years. What will her income be from this commission over the life of the lease?
  • 5
    A $75,000 mortgage loan requires a discount of $1,875 to be paid by the seller. How many points is this equivalent to?
  • 6
    A vacant lot that measures 100 feet wide by 125 feet deep is listed at a price of $250 per front foot. The broker will collect a 7 % commission of the sale. If the lost sells for full asking price, how much is the broker's fee?

  • 7
    If a mortgage lender intends to yield 10 3/8 percent on a 30-year loan and charges 9 3/4 percent interest, how many points should the lender charge?
  • 8
    If the borrower paid $189.06 interest on a $27,500 loan, what is the interest rate?
  • 9
    A building is valued at $100,000 using a capitalization rate of 8 percent. If an investor demands a capitalization rate of 10 percent, the value of the building will
  • 10
    The taxes for 1994 are $1743.50 and have not been paid. If the sale is to be closed on August 12, 1994, what is the tax pro-ration that will be charged to the seller based on a 360-day year?

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