Mathematician or Mathemagician You said WHAT now? Acro-hmmmmm Take the Stage! Pick a Numba, Any Numba!
The market value of a home located in the city is 100,000 and the accessed value is 50% of the market value. The amount of the annual taxes paid is $2,200. What is the tax rate?
"Have I not commanded you, Miranda? Be strong and courageous. DO not be frightened, and do not be dismayed, for the Lord your God is with you wherever you go." Joshua 1:9
What is caveat emptor?
"let the buyer beware"
What is RESPA?
Real Estate Settlement Procedures Act
Federal law that ensures that residential buyers and sellers receive full disclosure of all settlement charges; mandates HUD booklet about closing costs, a good- faith estimate of closing costs and HUD-1 closing statements.
What is the Vacation Rental Act?
<90 days
Travel Agent can get paid referral fees
45 days to return security deposit
Has to be vacation purposes
Must have a primary residence
Determined by the FED, this is the recommended rate for banks to charge each other?
Federal Funds Rate
Miranda bought a home for 126,000 with an ad valorem tax assessed value of 131,000. The following year, a horizontal tax adjustment of an 15% increase in assessed value occurred. If the next tax rate is 16.78 mills. What are the annual taxes?
"You keep Miranda in perfect peace, her mind is stayed on you, because she trusts in you."
Isaiah 26:3
What is a deficiency judgement?
At end of foreclosure you still owe $$$
APR = Interest Rate + Costs of getting the loan = True Cost of Credit
Ad has bank financing numbers, must have APR. HOA and Closing fees DO NOT trigger.
Taxation, Police Power, Escheat, Eminent Domain
Enabling Act
Laws are created at state levels and enforced at local level because of the Allodial Rights
What is a funding fee?
Upfront charge to be paid on a VA guaranteed loan
A buyer purchased 2 tracts of land for $1300 per acre. The first tract of land is 12 acres and the second tract of land is 1.5 square miles. What is the total cost of both tracts of land?
What is a sole proprietor?
A business that provides the least amount of protection
What is a POS?
Public Offering Statement
Must be presented to a new timeshare or condo buyer before the time of the offer
What is the Dodd Frank Act?
Created in 2010, created TRID. Buyer has 3 days to view disclosure statement. Also created the CFPB.
1/10th of one cent is considered?
A mill/ mill rate
Some states use this rate to compute real estate taxes
Using the 28/36 rule, how much annual income must one have to qualify for a $130,000 loan at 4.5% for 15 years if the proposed PITI will be $1085 and the borrower has other monthly recurring debts of $858?
What is a deed in lieu?
A friendly foreclosure; just give you the title and go away
What is a CMA?
Comparable Market Analysis
This act assessed real property taxes at fair market value (ad valorem). This is also the highest priority lien
Machinery Act
Formula used to figure out the commission amount?
Sales Price X Rate of Commission = Amount Received
Why do you always subtract EM and DD from buyers side?
Because the buyer has already paid it
Economic obsolescence
A type of depreciation on the outside of the house and incurable that an appraiser deals with
What is FReSHCoRN?
Fair Housing Act
What is the Good Funds Settlement Act?
Verify funds >$5,000
Funds disbursed attorney no earlier than 10 days prior settlement to attorney trust account
When deed is recorded
The rate for this tax is $1 per $500 of sales price

NC Real Estate Exam Prep

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