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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}Name four characteristics you should look for when selecting a farm area: {Ans: #1 high-turn-over (most important), increasing property values, not being farmed, amd mid-to-upper price range}An appraiser estimates the subject property to be in better condition than the comparables, to which he/she assigns a value of $6,000. The subject has three bedrooms while the comparable has four. The appraiser assigns 12,000 to the value of a bedroom. The Adjustment is: {Ans: -6,000 to the Comparable}Concerning the Junk Fax Protection Act what is the term for the following definition? "A prior existing relationship formed by a voluntary two-way communication between persons entities or business." {Ans: Established Business Relationship}Potential Gross Income minus Vacancy and Collections equals {Ans: Effective Gross Income}The 3 components of a title search are: {Ans: Survey, Physical Inspection, and Public Records}