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Question 1 of 42
1. Question
The sale price of the home is a:
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Question 2 of 42
2. Question
Earnest money appears as a:
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Question 3 of 42
3. Question
The buyer’s new loan principle is entered as a:
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Question 4 of 42
4. Question
Interest on a buyer’s new loan appears as:
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Question 5 of 42
5. Question
An assumed loan is:
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Question 6 of 42
6. Question
Interest on an assumed loan appears as:
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Question 7 of 42
7. Question
Property taxes are:
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Question 8 of 42
8. Question
An assumed insurance premium is a:
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Question 9 of 42
9. Question
Loan origination fees are:
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Question 10 of 42
10. Question
Buyer’s title expenses appear as:
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Question 11 of 42
11. Question
Buyer’s recording fees are shown as:
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Question 12 of 42
12. Question
Discount points appear as:
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Question 13 of 42
13. Question
A Purchase Money Mortgage is:
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Question 14 of 42
14. Question
Rent appears as:
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Question 15 of 42
15. Question
The seller’s mortgage is shown as:
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Question 16 of 42
16. Question
Interest on a seller’s mortgage is a:
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Question 17 of 42
17. Question
Commission is shown as:
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Question 18 of 42
18. Question
The seller’s recording fees appear as:
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Question 19 of 42
19. Question
Closing date is August 30th. Taxes for the last year where $4,800 and have been paid. Prorated taxes on the day of close would appears as:
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Question 20 of 42
20. Question
Closing date is April 15th. Homeowners association fee of $720 was paid on January 1st. This fee appears as a:
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Question 21 of 42
21. Question
A buyer obtained a loan for $85,000. Interest rate was 6%. What was the buyer’s daily interest rate?
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Question 22 of 42
22. Question
The seller’s loan balance is $121,000 with an interest rate of 5%. Closing date is July 10th. The accrued interest appears on the closing statement as a:
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Question 23 of 42
23. Question
Closing date is February 10th. What is the seller’s loan payoff amount if his loan balance was $230,000 on February 1st, with an interest rate of 8%?
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Question 24 of 42
24. Question
The buyer assumed a $103,000 loan at closing on January 18th. Interest rate was 4.5%. Interest would appear as a:
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Question 25 of 42
25. Question
Seller sold her home for $458,000 and carried a loan balance of $321,000 that was assumed by the buyer. Closing date was October 11th. The lender required a $1,000 pre-payment penalty. How does the penalty appear on the closing statement?
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Question 26 of 42
26. Question
The seller sold his home on February 6th. The loan balance as of February 1st was $197,465, with an interest rate of 7%. The lender required interest to be paid to the end of the month. Which of the following statements is true in reference to the closing statement interest entry?
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Question 27 of 42
27. Question
The tenant paid rent of $645 on September 1st. Closing date is September 10th. The rent would appear on the closing statement as a:
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Question 28 of 42
28. Question
The seller pays her $60.00 trash bill quarterly. Closing date is June 18th. On the closing day, this will be a:
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Question 29 of 42
29. Question
The buyer is under contract on a $290,000 property. He delivers $3,000 in earnest money and obtains an 80% loan. The lender charges 1 point as a loan origination fee. Title and survey expenses are $1,600. What amount of money will the buyer need to bring to closing?
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Question 30 of 42
30. Question
The seller’s home is listed for $445,000. Price was reduced to $439,000. The home sold for $435,000. She agreed to pay 6% commission to her broker. The loan balance was $209,000. Interest rate was 4%. Closing date was June 30th. The seller had $2,400 in additional closing expenses. How much did the seller receive at closing?
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Question 31 of 42
31. Question
A buyer purchased a home for $200,000 with 15% down and a new loan for the balance. The lender charge 3 discount points. How much cash will the buyer need to complete the purchase?
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Question 32 of 42
32. Question
A property sold for 409,000. Commission paid by the seller was $24,530. The seller agreed to pay $2,100 for title insurance and had additional expenses of $700. The buyer agreed to assume the seller’s existing loan of $327,000. Earnest money was $8,000. The buyer had closing costs of $11,220. The seller’s prorated taxes were $3,100. How much money did the buyer bring the day of close?
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Question 33 of 42
33. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-to Sell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO. They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
If Broker Sam sells the home, what commission is he owed?
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Question 34 of 42
34. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
If Anna sold her home on her own for, what commission would be due to Broker Sam?
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Question 35 of 42
35. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
If another broker brought the buyer, what portion of the commission would the buyer’s broker receive?
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Question 36 of 42
36. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
The building inspection and title insurance would appear as?
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Question 37 of 42
37. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
The prorated taxes for 2018 would appear as?
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Question 38 of 42
38. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
The loan balance would appear on the closing statement as?
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Question 39 of 42
39. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
Accrued interest for the seller is?
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Question 40 of 42
40. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
What is the legal description of the property?
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Question 41 of 42
41. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
How would Broker Sam verify the taxes?
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Question 42 of 42
42. Question
USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:
Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018. The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri. The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000. Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.
Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018. The principle loan balance as of June 1st is $364,000. Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented. Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection. In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.
Anna accepts the offer. The Buyer will assume the loan.
If the listing had expired, and Anna signs with another broker, could Broker Bob receive a commission if a buyer who had seen the property during the first listing buys?
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