45 Hour Post License Review Study Guide Questions And Correct Answers

A buyer is purchasing a residence scheduled to close on JAN 21st. The annual taxes are estimated at $7,260. The Buyer is charged with the day of closing of closing. Using the 365-day method, what is the proration? {Ans: 7,260 / 365 x 20 = 397.81 Debit Seller 397.81 Credit Buyer 397.81}A sales associate is making the calculations for a buyer's cost estimate. Selling price is $325,000, and the buyers will secure 90% financing. Closing cost estimates are $9,600 and prepaid are $3,00. If the buyer has given a $5,000 good faith deposit, how much will be due at closing? {Ans: $325,000 x 10% + 9,600 + 3,000 - 5,000 = 40,100}Florida home inspectors must have a: {Ans: High-school diploma, Complete 120 hours, and Pass a state exam}John applies for a $250,000, 30 year fixed-rate mortgage loan at 5.75%. The mortgage payment factor is 5.88357 per thousand. Taxes for the year at $6,420 and insurance is $3,096. Johns monthly payment of PITI will be {Ans: 2,251.93 divide 250,000 by 1000 5.8357 x 250 = 1,458.93 6,420 / 12 = 535.00 3,046 / 12 = 2575.00}The "Do Not Call Registry" should only be used for: {Ans: