LeShaun McKenzie
Quiz by , created more than 1 year ago

NC RES Math

1
0
0
LeShaun McKenzie
Created by LeShaun McKenzie over 4 years ago
Close

RES Math

Question 1 of 10

1

A property sold for $287,000 with the seller paying a 6.5% Brooker Fee. The listing firm agreed to a 50/50 split with the selling firm. The buyers agent is to receive 60% of the selling side. How much did the buyers agent receive?

Select one of the following:

  • $18,655

  • $5,596.50

  • $9,327.50

  • $3,731

Explanation

Question 2 of 10

1

Mary wants to receive $20,000 upon the sale of her home. She has agreed to a 5% Broker Fee. She must pay off her loan of $175,000 and closing costs of $3,150. What must the house sell for?

Select one of the following:

  • $198,150

  • $208,578.95

  • $208,057.50

  • $210,000

Explanation

Question 3 of 10

1

Ann is selling a rental property to Sue. The tenant paid the rent for October on October the 1st. The settlement is on October 26th. The rent is $1,100 a month. Seller owns day of closing. Please prorate between buyer and seller.

Select one of the following:

  • DEBIT SELLER / CREDIT BUYER $183.33

  • DEBIT SELLER / CREDIT BUYER $146.67

  • DEBIT BUYER / CREDIT SELLER $146.67

  • DEBIT BUYER / CREDIT SELLER $183.33

Explanation

Question 4 of 10

1

Kim’s home has a market value of $500,000 and is assessed at 80%. The tax rate for the city is $.31 and for the County $.88 Kim’ property is located in the city. Please calculate the annual tax bill.

Select one of the following:

  • $5,950

  • $4,805

  • $3,520

  • $4,760

Explanation

Question 5 of 10

1

Sue has a tax bill of $5,200 for the year. She will be closing on the 26th of November. The seller paid the bill in advance. Buyer owns day of closing. Please prorate the tax bill between buyer and seller. -24Buyer owns day of closing.

Select one of the following:

  • Debit Buyer Credit Seller $491.11

  • Debit Seller Credit Buyer $505.56

  • Debit Buyer Credit Seller $505.56

  • Debit Seller Credit Buyer $491.11

Explanation

Question 6 of 10

1

The buyer has agreed to pay 1 point for loan origination and 1 discount point. How much will the buyer have to pay in points on a sales price of $420,000 with an 85% loan to value?

Select one of the following:

  • $8,400

  • $7,140

  • $4,200

  • $3,570

Explanation

Question 7 of 10

1

Please calculate the P&I payment on a 90% LTV with a sales price of $275,000. The factor is $8.21 per $1,000 borrowed.

Select one of the following:

  • $2,031.98

  • $2,257.75

  • $2,750

  • $2,220

Explanation

Question 8 of 10

1

Kim borrowed $325,750 at 6% for 30 years. The closing is scheduled for March 13th. The first monthly payment will be on May 1st. Please calculate the Interim Interest to be payed at settlement by the buyer.

Select one of the following:

  • Debit Borrower / Credit Seller $977.25

  • Debit Seller/ Credit Borrower $1,628.75

  • Debit Borrower / Credit Seller $1,628.75

  • Debit Seller/ Credit Borrower $977.25

Explanation

Question 9 of 10

1

Kim borrowed $325,750 at 6% for 30 years. How much interest will be paid over the life of the loan?

Select one of the following:

  • $377,343

  • $19,545

  • $234,540

  • $703,080

Explanation

Question 10 of 10

1

ABC lists a home for $650,000. the owner will pay a 7% Broker Fee. Lynne an agent with XYZ sells the home for $635,000. ABC the listing firm agrees to pay the selling firm a 2.4% commission split. How much will the listing firm retain?

Select one of the following:

  • $29,210

  • $45,500

  • $44,450

  • $15,240

Explanation