CA Real Estate Principles Course » 2021 » Section 16 Unit 1 Exam

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Question #1
A discount point equals 1% of the _______.
A.   Sales price
B.   Loan amount
C.   List price
D.   Appraised value
Question #2
A property is 60 feet long and 75 feet wide. What is its area?
A.   175 square feet
B.   3600 square feet
C.   4,500 square feet
D.   135 square feet
Question #3
A property is 21,780 square feet. How many acres is this?
A.   One acre
B.   Half an acre
C.   Two acres
D.   Three acres
Question #4
Property is being sold for $15,000 an acre. How much will five acres cost?
A.   $30,000
B.   $75,000
C.   $15,000
D.   $45,000
Question #5
Your clients Earnestine and Sammie Griffin are financing $180,970 for a $500,000 home. The Griffin’s lender will approve an interest rate of 4.5% if they pay two discount points at closing. How much is this?
A.   $10,000
B.   $6,380.60
C.   $3,619.40
D.   $8,143.65
Question #6
Your buyer client Heather just signed a purchase agreement for a $520,000 home. The LTVR is 60%. How much is Heather putting down on the purchase?
A.   $312,000
B.   $300,000
C.   $220,000
D.   $208,000
Question #7
You're working with a buyer who's purchasing a home that appraised at $80,000. The buyer is obtaining a 90% loan, and the lender will charge a one-point origination fee at closing. How much will the loan origination fee be?
A.   $728
B.   $800
C.   $720
D.   $712
Question #8
A buyer is purchasing a property for $400,000. His loan-to-value ratio is 80%. The lender also charges a one-point loan origination fee. How much is the loan origination fee?
A.   $3,600
B.   $800
C.   $3,200
D.   $4,000

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