home equity loan business and finance homework help

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  1. A 10-year-old property was recently appraised for $257,000. It has depreciated 25% since it was new. What was it originally worth?
    a. $342,667
    b. $355,886
    c. $356,925
    d. $392,125

1 points

QUESTION 2

  1. A borrower obtains a home equity loan in the amount of $99,000, with semi-annual interest payments of $4,331.25. What is the loan’s interest rate?
    a. 8.50%
    b. 9.0%
    c. 8.75%
    d. 9.25%

1 points

QUESTION 3

  1. A buyer is required in the deposit receipt to place in escrow four months’ prorated shares of property taxes and hazard insurance. The applicable tax rate is $1.50 per $100 of assessed value; the assessed value of the property is $400,000. The premium for a three-year hazard insurance policy is $1,800. How much must the buyer place in escrow?
    a. $1,650
    b. $1,750
    c. $2,150
    d. $2,200

1 points

QUESTION 4

  1. A convenience store grosses $555,000 annually. Its operating expense ratio is 83%. If the appraiser assigns a 7% capitalization rate, what is the estimated value of the property?
    a. $1,347,857
    b. $1,492,345
    c. $1,901,211
    d. $1,950,443

1 points

QUESTION 5

  1. A fire insurance policy began on April 1. It cost $1,900.80 for three years of coverage. The insurer canceled the policy on December 16 of the same year it was issued. If you use a 360-day year, which of the following figures is closest to the premium for the unused portion of the policy?
    a. $448.80
    b. $1,399.20
    c. $1,452.00
    d. $1,504.80

1 points

QUESTION 6

  1. A home is presently appraised at $550,000. Calvin bought it new four years ago. Since then it has depreciated 16%. The home was originally worth approximately:
    a. $594,420
    b. $654,760
    c. $683,510
    d. $716,975

1 points

QUESTION 7

  1. A lender charges a borrower 3 points. How much money will the borrower have to have at closing if the sales price is $445,000 and the lender is requiring a 20% downpayment?
    a. $3,480
    b. $10,680
    c. $33,350
    d. $99,680

1 points

QUESTION 8

  1. A mortgage loan is 80% of the sales price. The loan’s interest rate is 9%, and the borrower makes semi-annual interest payments of $24,750. What is the sales price?
    a. $576,000
    b. $631,250
    c. $687,500
    d. $791,450

1 points

QUESTION 9

  1. A property recently sold for $390,000. How much will the annual property taxes be if the tax rate is $0.95 per $100 of assessed valuation?
    a. $837.45
    b. $994.67
    c. $2,900
    d. $3,705

1 points

QUESTION 10

  1. A salesperson sells an apartment building for $2,500,000. She earns a commission of $122,500. If she was paid a 7% commission on the first $1,000,000 of the sales price, what was her rate of commission on the remainder of the sales price?
    a. 3%
    b. 3.5%
    c. 4%
    d. 6%

1 points

QUESTION 11

  1. Able makes $1,200 quarterly interest payments on a term loan. If the interest rate is 9.5%, what is the amount of the loan?
    a. $45,060
    b. $50,526
    c. $52,221
    d. $59,788

1 points

QUESTION 12

  1. An appraiser determines the property’s net operating income is $125,350. If she applies a capitalization rate of 8%, what is the market value of the property?
    a. $1,566,875
    b. $1,595,675
    c. $1,729,580
    d. $1,958,740

1 points

QUESTION 13

  1. Cortezar purchases a property for $255,000 and puts 20% down. The monthly interest payments are $1,742.50. What is the annual rate of interest?
    a. 9.50%
    b. 9.90%
    c. 10.10%
    d. 10.25%

1 points

QUESTION 14

  1. From the point of beginning, a property’s boundaries run 900 feet in a southerly direction; then due east for 1,250 feet; then in a northerly direction 300 feet; then back to the point of beginning. How many square feet are in the described parcel?
    a. 750,000
    b. 775,000
    c. 800,000
    d. 805,000

1 points

QUESTION 15

  1. Johnson, a salesperson for ABC Realty, sold a home listed by ACME Realty for $604,000. The companies split the 6% commission 50/50, and Johnson’s share of her company’s commission was 40%. What was the amount of Johnson’s commission?
    a. $7,115
    b. $7,248
    c. $9,120
    d. $9,228

1 points

QUESTION 16

  1. Jones borrowed $45,000 to purchase some office furniture. He agreed to pay 9.5% interest plus the amount borrowed at the conclusion of 20 months. What was the amount of the payment?
    a. $42,550
    b. $47,650
    c. $52,125
    d. $54,675

1 points

QUESTION 17

  1. Smith bought a home six years ago for $210,000. He wants to sell the property for a 25% profit after paying a 7% commission and $1,750 in settlement costs. What would he have to sell the home for?
    a. $234,500
    b. $241,216
    c. $284,140
    d. $350,090

1 points

QUESTION 18

  1. The asking price is $345,000. The property sells for $330,000. The commission is 6%. 60% of the commission goes to the broker and 40% goes to the salesperson. How much did the salesperson receive?
    a. $7,920
    b. $8,280
    c. $11,880
    d. $12,420

1 points

QUESTION 19

  1. The broker’s commission is 7% of the sales price. What is the commission if the property sells for $8.50 per square foot and its dimensions are 200′ x 175′?
    a. $18,050
    b. $19,135
    c. $20,825
    d. $21,115

1 points

QUESTION 20

  1. The salesperson earned a 6% commission on the first $500,000 of the sales price and 3% on that portion of the sales price that exceeded $500,000. The commission was $36,600. What was the sales price?
    a. $720,000
    b. $741,000
    c. $753,000
    d. $754,500
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