The North Carolina Residential Property Disclosure Act does not require that Quizlet

The listing states that all fixtures, plus the washer and dryer, are to be included in the sale. The buyer's offer includes those items and also requests that the seller include the freestanding refrigerator and stove along with the built-in microwave and trash compactor. If the seller accepts the buyer's offer, which items will need to be included on the bill of sale at closing?
A) All items must be included so there is no misunderstanding
B) The washer, dryer, stove, refrigerator, and trash compactor
C) Only the items the buyer is requesting because the seller has already included the other items in the listing contract
D) The washer, dryer, refrigerator, and stove

C) 10,150

124,500 × .03 = 3,735; 124,500 - 3,735 = 120,765; $120,765 × .02 = $2,415.30 (round); 4,000 + 3,735 + 2,415 = 10,150

D) 29%

$1,575,000 × 94.5% (0.945) = $1,488,375 - 402,000 = $1,086,375
Amount received = base × rate
$1,086,375 = $3,800,000 × ? or $1,086,375 ÷ $3,800,000 = 0.2858 (29%)

Subject Property 2,000 sqft, 3 bed, 3 bath, garage.
Comparable Property 2,200 sqft, 3 bed, 2 bath, no garage.

Information about the appraisal:
Construction cost = $110 per square foot
Bedroom value = $10,000
Bathroom value = $5,000
Garage value = $6,000
Sales price of comparable closed 4 months ago = $250,000
Property in the area is appreciating at 4% per annum

Using the information provided, determine the appraised value of the subject property.

A) $235,814
B) $239,000
C) $242,186
D) $242,333

D) 242,333

200 × 110 = 22,000; 250,000 × .04 = 10,000 ÷ 12 = 833.33 × 4 = 3,333.33;
250,000 - 22,000 sq ft + 5,000 bath + 6,000 garage = 239,000 + 3,333 appreciation = 242,333

A buyer made a $2,500 earnest money deposit, with a $350 due diligence fee, and contracted to purchase a home for $178,000. The buyer will obtain a 90% new first mortgage loan at 5.5% interest and pay the lender a 1% loan origination fee. The seller agrees to pay a 5.5% commission, and the lender will require the buyer to deposit three months of real property taxes. The lender will also require two months of private mortgage insurance totaling $205 to be deposited into an escrow account, and interim interest through the end of May. The balance of the purchase price will be paid in cash at settlement. Real estate taxes for the current year are estimated to be $1,750 and are unpaid. Additional settlement costs to be paid by the buyer total $1,000. What is the net amount owed by the buyer at settlement on May 15?

A) $17,492
B) $17,930
C) $17,973
D) $20,430

B) $17,930

Loan amount: $178,000 × 90% = $160,200 credit
Loan origination: $160,200 × 1% = $1,602 debit
Tax proration: $1,750 ÷ 360 = $4.861 × 135 days = $656.25 credit
Tax escrow: $1,750 ÷ 12 = $145.833 × 3 months = $437.50 debit
Interim interest: $160,200 × 5.5% = $8,811 ÷ 360 = $24.475 × 16 days = $391.60 debit
Total due from buyer: $17,930

C) $21,216.

145,900 × 0.90 = 131,310 × 0.02 = 2,626; 145,900 × 0.10 = 14,590
4,000 + 2,626 + 14,590 = 21,216

A couple is applying for a home loan. The wife has an annual gross income of $102,000, and the husband makes $72,000 a year. They have monthly car payments of $875, monthly credit card payments of $620, and their monthly grocery expenses come to $1,200. If the lender uses debt ratios of 28% and 36% to qualify them, what is the maximum monthly housing expense they will qualify for?
A) $4,060
B) $3,725
C) $5,220
D) $2,525

B) $3,725

$102,000 + $72,000 = $174,000 ÷ 12 = $14,500/monthly
$14,500 × 28% (0.28) = $4,060
$14,500 × 36% (0.36) = $5,220
$5,220 − $1,495 other recurring debt = $3,725

A commercial appraiser is determining the value of an apartment complex. There are 200 three-bedroom apartments renting for $1,250 a month, 100 two-bedroom apartments renting for $950 a month, and 50 one-bedroom apartments renting for $625 a month. Losses from vacancies and collections are 2.5% of gross income. Operating expenses are $1,280,000 annually, and the capitalization rate is 11%. What is the estimated value of the property?
A) $28,382,954
B) $11,636,363
C) $40,019,318
D) $4,402,125

A) $28,382,954

200 × $1,250 = 250,000; 100 × $950 = 95,000; 50 × $625 = 31,250
250,000 + 95,000 + 31,250 = $376,250 total rent/month
$376,250 × 97.5% = $366,843.75 × 12 = $4,402,125 − $1,280,000 = $3,122,125
Amount received = base × rate
$3,122,125 = ? × 11% (0.11) or $3,122,125 ÷ 11% (0.11) = $28,382,954

A seller has contracted to sell his house for $167,500 and has agreed to pay a 6% brokerage fee to the listing broker. The buyer will obtain a $145,000 new mortgage loan. The seller agrees to an additional $1,500 in seller concessions. As of the day of settlement, the seller owes $110,886 on an existing mortgage loan and accrued interest due for September is $845. Real property taxes for the current year are $1,425 and have already been paid by the seller. The personal property taxes of $702 on the seller's automobile were paid by the seller on May 18. The seller must pay $190 in miscellaneous settlement costs as well as excise tax on the sale. How much will the seller net at settlement on September 30?
A) $43,694
B) $44,050
C) $44,763
D) $44,895

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