Gold Coast 45 Hour Exam 100 Questions(exam version H 2023) Latest Update 2023-2024 Questions and Verified Correct Answers Guaranteed Success A buyer can save money by making at least a 20% down payment because - Correct
Answer:the buyer won't have to pay for mortgage insurance.
A buyer is closing on the purchase of a residence. The ad valorem taxes for the year are estimated to be $2,640. The closing date is February 1, and the day of closing belongs to the buyer. Using the 365-day method, what is the proration? - Correct
Answer:Debit seller, credit buyer $224.22
A feature of a biweekly mortgage is - Correct Answer:26 annual payments.
A home is being appraised for a mortgage loan. One of the comparable properties is smaller than the subject property, and the appraiser estimates the difference to be $7,800. The appraiser will make - Correct Answer:a plus $7,800 adjustment to the comparable.
A home sells for $310,500. Expenses of the sale are $4,800. The brokerage fee is $18,630. Prorations for taxes and interest are $5,036. The mortgage payoff is $181,500.
What are the seller's proceeds from the sale? - Correct Answer:$100,534
A home sells for $370,000. The mortgage payoff is $262,500. What is the seller's
equity? - Correct Answer:$107,500
A married couple have prequalified for a $240,000 conventional mortgage. If they put
20% down, they can buy a house for - Correct Answer:$300,000
A noncash expense similar to depreciation that accounts for the eventual wearing out
of major components of the property is called - Correct Answer:reserves for
replacements.
A person applies for a $300,000, 30-year fixed-rate mortgage loan at 4%. The mortgage payment factor is .00477415. Taxes for the year are $4,000, and insurance is $2,400. Her monthly payment for principal, interest, taxes, and insurance (PITI) will be - Correct Answer:$1,965.58. // 58. $300,000 × .00477415 = $1,432.25 principal and interest. $4,000 taxes ÷ 12 months = 333.33. $2,400 insurance ÷ 12 months = 200.$1,432.25 + $333.33 + $200 = $1,965.58 total PITI.
A person may not send a commercial advertising fax unless he has - Correct
Answer:an established business relationship.
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A person who calls for the address of a property is likely - Correct Answer:looking at a real estate classified ad.
A person who has an immediate need to buy is called - Correct Answer:a Priority 1 buyer.
A property sold for $149,300. How much must be paid for the documentary stamp
taxes on the deed? - Correct Answer:$1,045.10
A sales associate is estimating the prepayments for a new loan that will close on April
- If the first payment is due on June 1, how will the prepaid interest be calculated for
the closing statement? - Correct Answer:The buyer will be charged from April 12
through April 30.
A sales associate is qualifying a married couple who are interested in purchasing a house, but who are unable to complete the transaction because they have a house they have to sell first. The sales associate should - Correct Answer:make an appointment to see the home and list it.
A sales associate is talking with a customer. When the customer crosses his legs, the associate smiles and crosses his arms. The associate is using a reflecting method
called - Correct Answer:matching.
A sales associate receives a good-faith deposit from a buyer on Wednesday. The broker must deposit the funds into the escrow account no later than the following -
Correct Answer:Monday.
A sales associate wants to earn at least $45,000 next year. If the average commission from listings sold is $3,000, how many listings must she sell in order to achieve that
portion of her goals? - Correct Answer:15
A sales associate was preparing a comparative market analysis for a three-bedroom home. One of the three comparable sales he reviewed had an extra bedroom and a larger lot. He made a $7,000 adjustment for the extra garage stall and a $4,000
adjustment for lot size. Which is TRUE about his analysis? - Correct Answer:The
subject home is less valuable than the comparable property.
A sales associate who asks a prospective buyer, "How many bedrooms do you need in
the house?" is - Correct Answer:qualifying the buyer's housing objectives.
A sales associate, to test his understanding of what the customer has said, uses words that are similar, but not exactly the same as the customer's. This is called - Correct
Answer:paraphrasing.
A salesperson wishes to take home $80,000 annually. If taxes, dues, advertising, and fees are about 35% of his total earnings, he should set his goal at around - Correct
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