Texas Real Estate Finance Exam Update 200+ Questions and

Texas Real Estate Finance Exam Update 200+ Questions and
$1352.47 - CORRECT ANSWER: The sales price is $325,000 with a loan-to-value of
85%. The interest rate is 5 7/8%. The term is 30 years. What is the amount of interest
the buyer will pay the first month of the loan? Use an year.
A) $1592.50
B) $1565.42
C) $1330.60
D) $1352.47
$2548.87 - CORRECT ANSWER: Calculate the montly payment on an 80% loan with a
sales price of $350,000 for 30 year term at 6.75%. The annual taxes are $7300 and the
annual insurance premium is $1480. The loan factor is 6.49 per $1000.
A) $2548.87
B) $3003.17
C) $2668.18
D) $2945.20
$4250.00 - CORRECT ANSWER: The Smiths have long-term debts of $365 and you
have estimated their monthly mortgage payment to be $1250 with lender ratios of
33%/38%. How much income must they earn monthly to qualify?
A) $4250.00
B) $2984.85
C) $2592.10
D) $4151.52
$4560 - CORRECT ANSWER: The lender is charging 2 discount points on a home that
is priced at $285,000. The buyers are obtaining 80% financing. What would be the
dollar amount of the discount?
A) $4625
B) $925
C) $4560
D) $2700
2 mths insuance reserve; 3 mths tax reserve; 2 mths PMI reserve - CORRECT
ANSWER: Prepaids are items that are typically collected at closing: ______ ___ ____
___; ____ ____ ____ ____; ___ ____ ____ ____