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Question 1 of 10
1. Question
Approach to market data evaluation could require changes to equivalent revenue by an appraiser for all of the following choices except which one?
I. Sale date of comparable.
II. Replacement cost of the structure.
III. Financing made accessible by the seller.
IV. Lot size and location.Correct
Date of selling, financing of seller, size of lot, and the location of the land is an alteration to sold comparable in order to assess the market value, an appraiser must consider object land. The expense of replacing a Structure is used to evaluate the meaning in the assessment of the cost approach.
Incorrect
Date of selling, financing of seller, size of lot, and the location of the land is an alteration to sold comparable in order to assess the market value, an appraiser must consider object land. The expense of replacing a Structure is used to evaluate the meaning in the assessment of the cost approach.
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Question 2 of 10
2. Question
Which of the following statements is correct?
Correct
The borrower mortgages the property, giving the lender a claim against the real estate Samantha is the mortgagor, as she’s the one that does the mortgaging.
Incorrect
The borrower mortgages the property, giving the lender a claim against the real estate Samantha is the mortgagor, as she’s the one that does the mortgaging.
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Question 3 of 10
3. Question
A homebuyer can receive a $35,000 mortgage loan such that the seller pays a 3-point discount. What is the discount amount?
Correct
3 points = 3%, or .03. The amount of the discount = x. The points = .03, and the amount of the loan is $35,000. So, x = (.03)(35,000); x = $1,050.
Incorrect
3 points = 3%, or .03. The amount of the discount = x. The points = .03, and the amount of the loan is $35,000. So, x = (.03)(35,000); x = $1,050.
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Question 4 of 10
4. Question
Which of the following statements is correct?
I. The accrued fee on the closing statement shall be paid in advance.
II. The accrued fee on the closing statement shall be paid in arrears.
III. The accrued fee on the closing statement shall be paid always by the buyer.
IV. The accrued fee on the closing statement shall be paid always by the seller.Correct
Accrued means owed but not paid, thus an account is satisfied after charges have been incurred, such as real estate taxes or credit cards.
Incorrect
Accrued means owed but not paid, thus an account is satisfied after charges have been incurred, such as real estate taxes or credit cards.
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Question 5 of 10
5. Question
Which of the following is correct?
Correct
Square footage is calculated as length times width. (30 × 23 = 690)
Incorrect
Square footage is calculated as length times width. (30 × 23 = 690)
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Question 6 of 10
6. Question
Which of the following statements about the 1972 amendment in The Federal Equal Housing Act of 1968 is true?
Correct
In making the public more aware of the federal law on equal housing, congress needs all brokers to show the HUD Equal Housing poster at their place of operation.
Incorrect
In making the public more aware of the federal law on equal housing, congress needs all brokers to show the HUD Equal Housing poster at their place of operation.
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Question 7 of 10
7. Question
What form of deal must the property manager have with the owner?
Correct
A management agreement shall be concluded between the owner of the income property and the management company or actual property manager, which shall describe the terms of the agreement.
Incorrect
A management agreement shall be concluded between the owner of the income property and the management company or actual property manager, which shall describe the terms of the agreement.
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Question 8 of 10
8. Question
Which of the following statements are the titles that the buyer has to have?
Correct
Equitable title shall be an interest in the purchase of legal title shall not be transferred until the customer has actually bought it.
Incorrect
Equitable title shall be an interest in the purchase of legal title shall not be transferred until the customer has actually bought it.
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Question 9 of 10
9. Question
Under the Truth-in-Lending Act, lenders are expected to provide borrowers with a statement of the critical costs involved in borrowing. If your clients are purchasing a new home, which thing would not be revealed to them?
Correct
Buy-down is a financial deal where the money is paid in front of a lender to lower the rate of interest to the creditor. The purchasing of the developer is an agreement between the developer and the investor, not the creditor and the lender.
Incorrect
Buy-down is a financial deal where the money is paid in front of a lender to lower the rate of interest to the creditor. The purchasing of the developer is an agreement between the developer and the investor, not the creditor and the lender.
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Question 10 of 10
10. Question
The appraiser expects an annual rental collection of $99,000 for an investment house. The vacancy factor is 5% and operational expenditures constitute 30% of taxable revenue. A comparable investment is projected to produce a return on investment of 15%. If the income approach to value is used, what will be the business value?
Correct
The formula for the income approach is NOI divided by cap rate = value. $99,000 × 0.95 = $94,050 net revenue; $99,000 × 0.3 = $29,700 operating expense; $94,050 – $29,700 = $64,350 NOI; $64,350 ÷ 0.15 = $429,000.
Incorrect
The formula for the income approach is NOI divided by cap rate = value. $99,000 × 0.95 = $94,050 net revenue; $99,000 × 0.3 = $29,700 operating expense; $94,050 – $29,700 = $64,350 NOI; $64,350 ÷ 0.15 = $429,000.