Barney Fletcher Practice Exam Questions and Answers 2024, Exams of Marketing Business-to-business (B2B)

Download Barney Fletcher Practice Exam Questions and Answers 2024 and more Exams Marketing Business-to-business (B2B) in PDF only on Docsity! 1 Barney Fletcher Practice Exam Questions and Answers 2024 A 40-unit apartment building rented units for $300 per month. The annual gross rent multiplier was 10. What was the value? A. $120,000 B. $144,000 C. $1,200,000 D. $1,440,000 - D. $1,440,000 40 x $300 per month x 12 months = annual rent of $144,000 x an annual multiplier of 10 = $1,440,000 A seller listed property for sale. There were a limited number of houses available in the area. There were also a great number of buyers interested in purchasing homes in that area. What would MOST LIKELY happen to the value of the property? A. it would increase in value B. it would decrease in value C. the value would stay the same but the property would sell faster D. there is not enough information given to determine a value change - A. it would increase in value Two neighbors both used a driveway located on the boundary line between their two properties. Upon the death of one of the neighbors, would the heirs of the deceased have the right to use the driveway? A. no, this right is not transferable B. no, this is an easement in gross and would not be transferable C. yes, this is an appurtenant easement and is inheritable D. yes, but they would have to pay the other neighbor a reasonable sum for the loss - C. yes, this is an appurtenant easement and is inheritable The paying of kickbacks by lenders is prohibited by: A. regulation Z B. real estate settlement procedures act (RESPA) C. equal credit opportunity act D. interstate land sales act - B. real estate settlement procedures act (RESPA) A loan with a balance of $21,000 prior to the June 1 payment was figured with interest at 11% annually and monthly principal and interest payments of $571.80. There was a 1% 2 pre payment penalty. The owner paid the June 1 payment and then paid off the balance of the loan. What was the pre payment penalty? A. $204 B. $206 C. $210 D. $215 - B. $206 $21,000 x 11% = $2,310 annual interest divided by 12 = $192.50 monthly interest. $571.80 principal and interest - interest of $192.50 = principal of $379.30. $21,000 loan - $379.30 = a loan balance of $20,620.70. $20,620.70 x 1% = a penalty of $206 A seller sold a house to a buyer allowing the buyer to take over the loan on a subject to basis. After 2 years, the buyer defaulted on the loan. Who would be liable to the lender for the note? A. seller only B. seller's mortgagee C. buyer only D. seller and buyer - A. seller only A buyer borrowed $1,500 to purchase a hot tub. If the agreement between the parties was for the total principal and interest to be repaid in a single payment, what was the interest rate on the loan if the payment was $1,695? A. 11.3% B. 11.5% C. 13.0% D. 15.0% - C. 13.0% $1,695 principal and interest - $1,500 principal = interest of $195 divided by $1,500 = an annual interest rate of 13% A borrower received an 80% conventional loan and paid two points. If the points totaled $1,500, what was the sale price? A. $75,000 B. $93,750 C. $100,000 D. $102,500 - B. $93,750 $1,500 divided by 2% = a loan of $75,000 divided by 80% = a price of $93,750 How would a construction loan differ from a VA or FHA loan on an existing home? A. a construction loan cannot be amortized 5 Which of the following meets the minimum requirements to be eligible to take the GA Real Estate Salesperson's exam? A. a 17 year old with a GED certificate B. a 17 year old who meets all the education requirements of the license law C. an 18 year old who meets all the educational requirements of the license law D. none of the above - B. a 17 year old who meets all the education What Georgia law is broad in scope (no actual transaction must occur to be in violation), and deals with price fixing and other anti trust type of activities? A. Sherman Anti Trust B. Regulation Z C. UDTPA (Georgia Uniform Deceptive Trade Practices) D. FBPA (Fair Business Practices Act) - C. UDTPA (Georgia Uniform Deceptive Trade Practices) An agency relationship would most likely exist between which of the following parties? A. salesperson and seller B. broker and salesperson C. GREC and brokers D. a listing broker and a cooperating broker - B. broker and salesperson Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value ratio. The taxes for the year were $1,250 and the home owner's insurance was $495. Closing took place on October 30th. Based on this information, answer the following question. If Emma paid PMI at closing, how much did she pay? A. $0 B. $5,062.50 C. $5,626.00 D. $4,050.00 - D. $4,050.00 A 90% LTVR requires a 2% PMI to be paid on the loan amount. $202,500 x 2% = $4,050.00 Under BRRETA, an agent's liability for disclosure: A. is limited to discoverable facts only B. is limited to only information he knows to be true C. includes any imputed knowledge his company may have D. extends to all facts that are part of the public record - B. is limited to only information he knows to be true 6 Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value ratio. The taxes for the year were $1,250 and the home owner's insurance was $495. Closing took place on October 30th. Based on this information, answer the following question. How much was the intangible tax? A. $607.50 B. $609.00 C. $675.00 D. $225.00 - A. $607.50 The intangibles tax is paid on the new loan amount, which we calculate by taking the sale price x LTVR = loan amount, which we round down to the nearest 100 when necessary. $225,000 x 90% LTVR = $202,500 divided by 500 = $405 x $1.50 = $607.50 7 Barney Fletcher Practice Exam Questions and Answers 2024