Practice Exam 1

80 Questions | Total Attempts: 68

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Practice Exam Quizzes & Trivia

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Questions and Answers
  • 1. 
    Which of the following is an example of personal property?
    • A. 

      A trade fixture.

    • B. 

      A bookcase bolted to a family library wall.

    • C. 

      A tree growing in the backyard of a single-family home.

    • D. 

      A carpet that was custom cut to fix a particular living room.

  • 2. 
    The value of a high-quality home will be lessened by proximity to smaller, lower-quality homes by the principle of
    • A. 

      Conformity

    • B. 

      Regression

    • C. 

      Plottage

    • D. 

      Contribution

  • 3. 
    Which of the following statements is false 
    • A. 

      A preliminary title report identifies the property with an assessor's parcel number, street address, and legal description.

    • B. 

      A preliminary title report identifies the current owner of the residence.

    • C. 

      A preliminary title report includes an appraisal of the property.

    • D. 

      A preliminary title report reveals title policy exceptions, such as property taxes, assessments, encumbrances, liens, and easements.

  • 4. 
    Randy owns a shoe store in a shopping mall. His lease calls for a base rent amount plus 1% of the gross receipts of his store. What type of lease does Randy have?
    • A. 

      Net lease

    • B. 

      Graduated lease

    • C. 

      Percentage lease

    • D. 

      Ground lease

  • 5. 
    John's contract with Joe states that if any term of the contract is held to be ineffective or invalid, the remaining contract terms should nevertheless be given full force and effect. This contract term is called a
    • A. 

      Severability clause

    • B. 

      Safety clause

    • C. 

      Revocation clause

    • D. 

      Ironclad merger clause

  • 6. 
    In a particular township, which section lies just west of Section 12?
    • A. 

      10

    • B. 

      11

    • C. 

      13

    • D. 

      14

  • 7. 
    For an apartment building, which of the following is not subject to federal tax depreciation deduction?
    • A. 

      The cost of the structure

    • B. 

      The cost of the swimming pool

    • C. 

      The cost of the land on which the structure was built

    • D. 

      The cost of the recreation room

  • 8. 
    Kathy is a salesperson who receives 45% of the total commission received by her broker from the sale of a house Kathy listed. What is the broker's net share of the commission if the house sold for $845, 000, the commission rate was 6% and a cooperating broker received half of the commission?
    • A. 

      $11, 406.50

    • B. 

      $13, 942.50

    • C. 

      $27, 885.00

    • D. 

      None of the above

  • 9. 
    Susan is a land developer, and Emily is a broker whom Susan approaches to handle the sale of one of Susan's newly developed lots. Emily agrees to handle the sale, but only on condition that Susan agrees to hire Emily to sell Susan's remaining lots. This is an example of
    • A. 

      A tying agreement.

    • B. 

      Market allocation.

    • C. 

      Price-fixing.

    • D. 

      Group boycott.

  • 10. 
    Which of the following statements is false?
    • A. 

      A broker is responsible for training and supervising his or her salespersons.

    • B. 

      A protection clause is a concept developed by the courts to determine the proportioning of commissions among agents involved in a real estate transaction.

    • C. 

      Most sales have adopted the Uniform Electronic Transaction Act.

    • D. 

      An independent contractor is a person who performs work for someone, but does so independently in a private trade, business, of profession, with little or no supervision from the person for whom the work is performed.

  • 11. 
    The Americans with Disabilities Act does not
    • A. 

      Provide for monetary damages

    • B. 

      Allow private individuals to receive back pay

    • C. 

      Allow private individuals to receive injunctive relief for violations of its employment requirements

    • D. 

      Allow private individuals to receive injunctive relief for violations of its public accommodation requirements

  • 12. 
    A restructuring of a mortgage or deed of trust on terms more favorable to the borrower's ability to continue making loan payments is a
    • A. 

      Short sale.

    • B. 

      Deed in lieu of foreclosure

    • C. 

      Loan modification

    • D. 

      Loan alternative

  • 13. 
    Rent is typically paid in _______, in which case the seller would be _______ for the portion of the month remaining after closing.  
    • A. 

      Advance, credited

    • B. 

      Advance, debited

    • C. 

      Arrears, credited

    • D. 

      Arrears, debited

  • 14. 
    Which of the following is not one of the basic warranties contained in a general warranty deed?
    • A. 

      Covenant of seisin

    • B. 

      Covenant against encumbrances

    • C. 

      Covenant of full value

    • D. 

      Covenant of quiet enjoyment

  • 15. 
    A point of beginning is necessary feature of the
    • A. 

      U.S. government survey system

    • B. 

      Metes and bounds system

    • C. 

      Rectangular survey system

    • D. 

      Recorded plat system

  • 16. 
    Which of the following statement is false?
    • A. 

      A lease-option provides that the lessee has the right to purchase the property at the specified price and terms any time prior to a specific date, but has no obligation to do so.

    • B. 

      A graduated lease is similar to a gross lease except that it provides for a periodic increase in the rent, often based on the Consumer Price Index.

    • C. 

      In an option contract, the optionee grants to the optionor the right to purchase property for a specific sum at any time during the option term without creating an obligation by the optionee to do so.

    • D. 

      Under a gross lease, the tenant pays a fixed rental amount, and the landlord pays all of the operating expenses for the premises.

  • 17. 
    Emily signed a purchase agreement with John  that states that if John breaches the agreement and fails to close the transaction, then Emily will accept John's earnest money deposit as the only damages John would have to pay. Under their agreement, John's forfeiting of his earnest money deposit would represent
    • A. 

      Specific performance

    • B. 

      Compensatory damages

    • C. 

      Liquidated damages

    • D. 

      Rescission

  • 18. 
    The consent of the parties to a contract must be
    • A. 

      Mutual, communicated by each to the other, in writing

    • B. 

      Freely given, in writing, mutual

    • C. 

      Freely given, in writing, communicated by each to the other.

    • D. 

      Freely given, mutual, communicated by each to the other.

  • 19. 
    A seller of a single-family home tells the listing agent that she is moving because of gang activity nearby.  The agent should
    • A. 

      Contract the police

    • B. 

      Keep the seller's information confidential because the agent's fiduciary duty to the seller includes loyalty and confidentiality

    • C. 

      Disclose this fact to potential purchasers

    • D. 

      Only schedule showings after sunset

  • 20. 
    Amanda has the listing for a single-family house. Susan is interested in purchasing the house and goes to visit Amanda at Amanda's office to discuss the property details. Amanda should not disclose to Susan that
    • A. 

      The heater in the house needs to be replaced.

    • B. 

      The guestroom was added without a required permit

    • C. 

      The seller is willing to accept a somewhat lower price than listed

    • D. 

      The roof leaks over one of the bedrooms, which isn't used by the current owner

  • 21. 
    In many states, the seller of a residential property consisting of 1 to 4 dwelling units is responsible for filling out a
    • A. 

      Sales comparison statement

    • B. 

      Self-contained report statement

    • C. 

      Property condition disclosure statement

    • D. 

      Land condition statement

  • 22. 
    Placing funds belonging to clients or customers into accounts also holding the agent's funds is considered
    • A. 

      Conversion

    • B. 

      Commingling

    • C. 

      Reconciliation

    • D. 

      Trust fund accounting

  • 23. 
    What kind of agency is created when a principal intentionally, or by want of ordinary care, causes a third person to believe another to be his agent who is not actually employed by the principal?
    • A. 

      Ostensible

    • B. 

      Universal

    • C. 

      Mistaken

    • D. 

      Designated

  • 24. 
    Benefits of FHA-insured loans do not include 
    • A. 

      Lower FICO scores are required than are are typically required by conventional loans

    • B. 

      Relatively low loan amounts insured

    • C. 

      The loans are assumable upon approval by the FHA

    • D. 

      Relatively lenient PITI ratios

  • 25. 
    Unless the listing agreement specifies otherwise, if a broker who has been hired to sell a property procures a buyer who is really, willing, and able to perform pursuant to the terms of the listing agreement
    • A. 

      The broker would be entitled to the commission only if the listing agreement is an exclusive right to sell agreement

    • B. 

      The broker would be entitled to the commission only if the seller accepts the offer

    • C. 

      The broker would have earned the full agreed upon commission

    • D. 

      The broker would be entitled to the commission only if the seller accepts the offer within 3 days of receipt of the offer

  • 26. 
    For appraisal purposes, depreciation is
    • A. 

      Defined as the increase in value due to any cause

    • B. 

      Referred to as book depreciation

    • C. 

      Defined as the loss in value due to any cause

    • D. 

      Referred to as functional obsolescence

  • 27. 
    Joel paid $285,000 for his house. This $285,000 represents the ______ of Joel's house.
    • A. 

      Market value

    • B. 

      Market price

    • C. 

      Utility value

    • D. 

      Function value

  • 28. 
    Arnold sells Bob a parcel of land "on condition" that the land never be used to sell alcoholic beverages. Two years later, Bob builds a retail building on the site, obtains a license to sell alcoholic beverages, and subsequently begins selling wine and beer at the site. Who may bring an action for forfeiture of title against Bob?
    • A. 

      Arnold

    • B. 

      The zoning commission

    • C. 

      The state alcoholic beverage board

    • D. 

      The county Board of Supervisors

  • 29. 
    Under the Superfund Law, short-term responses to a perceived imminent threat that requires a prompt response are called
    • A. 

      Removal actions

    • B. 

      Remedial actions

    • C. 

      Responsible party actions

    • D. 

      Contamination actions

  • 30. 
    The primary purpose of escheat is to
    • A. 

      Help ensure public health and safety

    • B. 

      Raise revenue for transportation related expenses

    • C. 

      Prevent property from remaining ownerless or abandoned

    • D. 

      Raise revenue for the state treasury

  • 31. 
    Oliver has a lease that automatically renews every month unless terminated by proper notice. Oliver has
    • A. 

      A periodic tenancy

    • B. 

      An estate at will

    • C. 

      An estate at sufferance

    • D. 

      An estate for years

  • 32. 
    A thing that starts out as personal property but then is attached to the land in such a manner as to be considered real property is
    • A. 

      A trade fixture

    • B. 

      An emblement

    • C. 

      An encroachment

    • D. 

      A fixture

  • 33. 
    A a subdivider will prepare a _____, which is a detailed map showing boundaries of the individual parcels, streets, easements, engineering data, and, often, the environmental impact of the development.
    • A. 

      Lot

    • B. 

      Tract

    • C. 

      Block

    • D. 

      Plat

  • 34. 
    The sales price of Logan's home was $490,000. As part of the escrow instructions, Logan agreed to pay the 6% commission and the escrow fee, which was calculated at $2.00 per thousand of purchase price plus $250. What was the amount of proceeds that Logan received from this sale?
    • A. 

      $460,480

    • B. 

      $459,620

    • C. 

      $460,350

    • D. 

      None of the above

  • 35. 
    Which of the following is true?
    • A. 

      It is not an antitrust violation for a broker acting alone to refuse to do business except in specific areas.

    • B. 

      It is an antitrust violation for a broker acting alone to refuse to do business with another broker.

    • C. 

      Under the Sherman Act, the term "group action" refers to three or more persons agreeing to act.

    • D. 

      It is not an antitrust violation for two competing brokers to agree not to do business with the broker whom they believe to be dishonest.

  • 36. 
    A broker publishes an advertisement for a home in which the following words appear: "Just two blocks from a popular Jewish deli." This ad probably is
    • A. 

      Legal because it it entirely accurate.

    • B. 

      Legal because it it entirely accurate, and the broker is Jewish.

    • C. 

      Legal because it it entirely accurate, and the broker is of Korean descent.

    • D. 

      Illegal.

  • 37. 
    Homeowners of personal residences are eligible for certain federal income tax benefits, which do not include
    • A. 

      A certain amount of interest paid on a mortgage secured by a principal residence or by a second home

    • B. 

      Property taxes paid on the homeowner's residence

    • C. 

      Private mortgage insurance premium.

    • D. 

      Mortgage loan prepayment penalties

  • 38. 
    Evaluate the following two statements: (1) consideration for a contract need not be monetary; (2) the statute of limitations requires that certain contracts must be in writing to be enforceable.
    • A. 

      Both statements are correct.

    • B. 

      The first statement is correct and the second statement is false.

    • C. 

      The first statement is false and the second statement is true.

    • D. 

      Both statements are false.

  • 39. 
    A lease transfers an estate in the real property leased. This transfer of a real property interest creates between the landlord and the tenant
    • A. 

      Privity of estate

    • B. 

      Privity of contract

    • C. 

      Chattel real

    • D. 

      Profit a prendre

  • 40. 
    If I promise to pay you $ if you mow my lawn on Tuesday, and you shrug your shoulders and say, "I'll see if I have time," we have
    • A. 

      An express, bilateral contract

    • B. 

      An implied, unilateral contract

    • C. 

      An express, unilateral contract

    • D. 

      An implied, bilateral contract

  • 41. 
    An agency relationship cannot be terminated by force of law because of
    • A. 

      Bankruptcy

    • B. 

      Change in law

    • C. 

      Steep drop in the value of real estate

    • D. 

      Loss of license

  • 42. 
    Which of the following statement is false?
    • A. 

      A designated agent i an agent authorized by a real estate broker to represent a specific principal to the exclusion of all other agents in the brokerage.

    • B. 

      A subagent is an agent who represents only one party in a given transaction.

    • C. 

      A universal agent is an agent given power of attorney to act on behalf of a principal for unlimited range of legal matters.

    • D. 

      Ostensible agency is created when a principal intentionally, or by want of ordinary care, causes a third person to believe another to be his agent who is not actually employed by the principal.

  • 43. 
    A defeasance clause states
    • A. 

      The amount to be charged to a borrower for paying off the loan faster than scheduled payments call for

    • B. 

      That when the loan debt has been fully paid, the lender must release the property from the lien so that legal title free from lien will be owned by the borrower

    • C. 

      That the mortgage or deed of trust will have the lower priority than a mortgage or deed of trust recorded later

    • D. 

      That the purchaser agrees to be primarily liable on a loan that was taken out by the seller

  • 44. 
    What is the minimum age at which a person qualifies for a reverse mortgage?
    • A. 

      55

    • B. 

      60

    • C. 

      62

    • D. 

      65

  • 45. 
    When using the sales comparison approach to appraisal,
    • A. 

      If a feature of a comparable is inferior to the same type of feature in the subject property, then the difference in value of features is added to the comparable property

    • B. 

      If a feature of a comparable is inferior to the same type of feature in the subject property, then the difference in value of features is subtracted from the comparable property

    • C. 

      Similar properties that were sold through short sales are used

    • D. 

      Similar properties that were sold at foreclosure sale are used

  • 46. 
    A desert city passes a zoning ordinance that prohibits swimming pool containing more than a certain number of cubic meters of water. Susan's pool is considerably larger than the new zoning ordinance allows, but she is told by the zoning board that she may keep her pool. This is an example of
    • A. 

      Nonconforming use

    • B. 

      Spot zoning

    • C. 

      Conditional use

    • D. 

      Inclusionary zoning

  • 47. 
    Which appraisal approach determines the market value of the subject property by capitalizing the estimated future income of the property?
    • A. 

      Market data approach

    • B. 

      Replacement cost approach

    • C. 

      Income approach

    • D. 

      Summation approach

  • 48. 
    Public limitations on private property include
    • A. 

      Eminent domain

    • B. 

      CC&Rs

    • C. 

      Deed restrictions

    • D. 

      Habendum

  • 49. 
    Which of the following does not represent an exception to "first to record, first in right"?
    • A. 

      Real estate taxes

    • B. 

      Judgement liens

    • C. 

      Subordination agreements

    • D. 

      Special assessments

  • 50. 
    The selling price of the home Lisa is purchasing $275,000. The lender is willing to loan 80% of the lesser of the purchase price of the appraised value. If the amount the lender is willing to loan is $220,000, what is the appraised value of Lisa's home?
    • A. 

      $270,000

    • B. 

      $250,000

    • C. 

      $265,000

    • D. 

      None of the above

  • 51. 
    Telemarketing robocalls
    • A. 

      Must have verbal authorization from the receiver of the calls

    • B. 

      Can be made to any person with whom the caller has an established business relationship

    • C. 

      Can only be made to wireless numbers

    • D. 

      Must have an opt-out mechanism

  • 52. 
    The Federal Fair Housing Act does not prohibit
    • A. 

      Refusal to loan in particular areas

    • B. 

      Representing that prices will decline, or crime increase, or other negative effects will occur because of the entrance of minorities into particular areas

    • C. 

      Conduct against a person because such person has been convicted of the illegal manufacture or distribution of a controlled substance

    • D. 

      Discriminatory access to multiple listing services

  • 53. 
    A passive investor is someone
    • A. 

      Who actively participates in the activities of a business not invested in.

    • B. 

      Who does not actively participate in the activities of a business invested in.

    • C. 

      Who does not actively participate in the activities of a business not invested in.

    • D. 

      Who actively participates in the activities of the business invested in.

  • 54. 
    A general warranty deed conveys a warranty that the grantor's are the owners of the property and have the right to convey it. This type of warranty is referred to as what type of covenant?
    • A. 

      Quiet enjoyment

    • B. 

      Seisin

    • C. 

      Against encumbrances

    • D. 

      Further assurance

  • 55. 
    A net listing cannot be
    • A. 

      An exclusive agency listing

    • B. 

      An open listing

    • C. 

      An exclusive right to sell listing

    • D. 

      None of the above

  • 56. 
    Categories of stigmatized  properties include 
    • A. 

      Properties that were once used as brothels

    • B. 

      Properties located in floodplains

    • C. 

      Properties with defective heaters

    • D. 

      Properties with leaky roofs

  • 57. 
    Which of the following statements is true?
    • A. 

      In a few states, an agent's compensation is fixed by custom.

    • B. 

      A buyer's agent can only receive compensation from the buyer.

    • C. 

      The source of a real estate agent's compensation does not determine representation.

    • D. 

      A few states do not require brokers to inform parties to a real estate transaction as to whom the broker is representing.

  • 58. 
    John signed  a buyer's agency agreement with broker Bob. In relation to John. Bob is a 
    • A. 

      Specific agent

    • B. 

      Single agent

    • C. 

      Special agent

    • D. 

      General agent

  • 59. 
    In an adjustable-rate mortgage, the fully indexed rate is
    • A. 

      Equal to the index minus the margin

    • B. 

      Equal to the index plus the margin

    • C. 

      Often referred to as a teaser rate

    • D. 

      Often referred to as an adjustment rate

  • 60. 
    Covenants, conditions, and restrictions ((CC&Rs) generally are _________ whereby persons agree to limit certain things, such as the color of paint on houses or the type of architecture used to build or remodel houses
    • A. 

      Negative covenants

    • B. 

      Affirmative covenants

    • C. 

      Negative conditions

    • D. 

      Affirmative conditions

  • 61. 
    An easement that benefits not land but specific legal person is called
    • A. 

      A servient easement

    • B. 

      A dominant easement

    • C. 

      An easement apurtenant

    • D. 

      An easement in gross

  • 62. 
    If a loan has an LTV of 85%, an appraised value of $210,000, and sales price of $215,000, what is the amount of the loan if the LTV was based on the lesser of the appraised value or the sales price?
    • A. 

      $182, 750

    • B. 

      $210, 000

    • C. 

      $215, 000

    • D. 

      None of the above

  • 63. 
    A for-profit private club owns a building in which there are 5 hotel-type guestrooms, a meeting hall, a recreation room, a dining room, and other amenities used by guests. this club has a policy of only renting their guestrooms to members of the club. Under the Federal Fair Housing Act this policy is
    • A. 

      Legal because private clubs are exempt under the FFHA

    • B. 

      Illegal because no private club is exempt under the FFHA

    • C. 

      Legal because the federal government does not restrict the activities of private clubs

    • D. 

      Illegal because for-profit private clubs are not exempt under the FFHA.

  • 64. 
    A chain of title is
    • A. 

      A complete chronological history of all documents affecting the title to a property

    • B. 

      A statement by the title insurance company of the condition of the title and of the terms and conditions upon which it is willing to issue a policy

    • C. 

      A duplicate of county title records maintained at title insurance companies for use in title searches

    • D. 

      A court proceeding intended to establish the true ownership of a property

  • 65. 
    An offer and acceptance of a contract refers to
    • A. 

      The execution of the contract

    • B. 

      The object of the contract

    • C. 

      A meeting of the minds

    • D. 

      The consideration of the contract

  • 66. 
    You pass out while shopping. Someone calls 9/11, the paramedics come, and an ambulance takes you (still unconscious) to the nearest emergency room. A month later you get a bill from the ambulance company in an amount that is the going rate in your city.
    • A. 

      You do not have to pay the bill because there was no mutual consent ----no "meeting of the minds."

    • B. 

      You do not have to pay because you never made a promise to do so.

    • C. 

      You do not have to pay because you were not informed of the cost and never agreed to pay it.

    • D. 

      You owe the ambulance company the amount of their bill.

  • 67. 
    There is a rule of equity known as _______ that holds that one who cause another to rely on his or her words or actions shall be prohibited from later taking a contrary position detrimental to the person who so relied.
    • A. 

      Estoppel

    • B. 

      Ratification

    • C. 

      Express agreement

    • D. 

      The equal dignities rule

  • 68. 
    The maximum amount of the CA guarantee for veteran with full entertainment is what percentage of the VA-determined county loan limit, the appraised value, or the purchase price, whichever is less?
    • A. 

      25%

    • B. 

      50%

    • C. 

      75%

    • D. 

      90%

  • 69. 
    Which of the following is not true about a corporation?
    • A. 

      It may be a joint tenant

    • B. 

      It may be a tenant in common

    • C. 

      It may have ownership in severalty

    • D. 

      It may have joint ownership

  • 70. 
    A school is permitted to build in an area zoned exclusively for single-family homes. This is an example of
    • A. 

      Spot zoning

    • B. 

      Conditional use

    • C. 

      Variance

    • D. 

      Nonconforming use

  • 71. 
    Primary factors for which adjustments in comparable properties must be made in a CMA include all the following except
    • A. 

      Aesthetic appeal

    • B. 

      Financing

    • C. 

      Date of last sale

    • D. 

      Property rights

  • 72. 
    One of the significant risks taken by the leveraged investor is
    • A. 

      That property value will rise

    • B. 

      That interest rates will remain constant

    • C. 

      That insurance rates will remain constant

    • D. 

      Negative cash flow

  • 73. 
    If a broker supplies financing to build a house with the stipulation that the broker will have the listing to sell the house,
    • A. 

      The broker's appointment as the agent is irrevocable

    • B. 

      The seller may terminate the listing because agency is a personal relationship based on trust and confidence

    • C. 

      The seller may terminate the agency because of the conflict of interest

    • D. 

      The broker is what is referred to as a designated agent

  • 74. 
    The seller of a residential dwelling unit built before 1978 must
    • A. 

      Pay for an inspiration of the dwelling unit

    • B. 

      Provide the buyer with an EPA pamphlet titled "Protect You Family From Lead In Your Home"

    • C. 

      Offer the prospective buyer 5 days to inspect for lead-based paint hazards

    • D. 

      Offer the prospective buyer 3 days to inspect for lead-based paint hazards

  • 75. 
    The return on investment (ROI) of a property is calculated by
    • A. 

      Dividing the investor's cash flow (net income minus financing charges) by the investor's actual cash investment

    • B. 

      Dividing the annual net income by the purchase price of the property

    • C. 

      Dividing the purchase price of the property by the annual net income

    • D. 

      Dividing the annual gross income by the purchase price of the property

  • 76. 
    If, after____, it is found that the account balance is less than it should be, there is a ___________.
    • A. 

      Reconciliation, trust fund shortage

    • B. 

      Reconciliation, conversion

    • C. 

      A commingling, conversion

    • D. 

      Reconciliation, trust fund overage

  • 77. 
    A provision in a contract that specifies exactly the amount of damages to be paid by the breaching party for a breach is called a
    • A. 

      Safety clause

    • B. 

      Contingency clause

    • C. 

      Liquidated damages clause

    • D. 

      Severability clause

  • 78. 
    Typically, a lender's title insurance policy
    • A. 

      Protects the borrower up to the amount of principal outstanding on the loan

    • B. 

      Protects the borrower up to the purchase price of the property

    • C. 

      Protects the lender up to the purchase price of the property

    • D. 

      Protects the lender up to the amount of principal outstanding on the loan

  • 79. 
    Harvey's home is appraised at $250,000. The first mortgage against his home has an outstanding balance of $150,000. Harvey has just arranged to obtain a home equity line of credit in the amount of 80% of the appraised value of his home, minus the total outstanding indebtedness against the home. What is the amount of his line of credit?
    • A. 

      $80,000

    • B. 

      $50,000

    • C. 

      $200,000

    • D. 

      $120,000

  • 80. 
    Carla makes payments of $850 per month including 4% interest on a fixed-rate, fully amortized 30-year loan. What was the initial amount of her loan? Monthly Payment Per $1000 on Fixed rate,Full Amortized Loans Rate 10-year term 15-year term 30-year term 40-year term 4% 10,125 7,397 4,775 4,180 5% 10,607 7,908 5,369 4,822 6% 11,102 8,439 5,996 5,503 7% 11,611 8,989 6,653 6,215 8% 12,133 9,557 7,338 6,954
    • A. 

      $203, 349

    • B. 

      $170, 010

    • C. 

      $158, 316

    • D. 

      None of the above