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A buyer of a new home for $240,000 will have annual taxes of $5,200 and insurance for $1,200. She gets a new 90% conventional mortgage for 30 years at 7.25%. The monthly mortgage insurance premium is $110. The loan constant from a mortgage payment table is .0068218. Using this information, what will be the new homeowner's total monthly payments of principal, interest, taxes, and insurance (PITI)?
a. $1,473.51
b. $2,046.84
c.
$2,116.84
d. $2,280.56
The best order for making adjustments in the market approach to appraising would be:
a. time, financing, physical characteristics, locational differences
b. physical characteristics, locational differences, time, financing
c. locational differences, financing, physical characteristics, time
d. financing, time, locational differences, physical characteristics
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Terms in this set (237)
A home is sold for $398,000. The buyers gave their broker a $10,000 good-faith deposit. The buyers will finance the purchase with a new 75% loan-to-value Ciosing date is July 3, with the day of closing charged to the buyer. Property taxes are $8,412 and homeowners association dues are $125 monthly and were paid in advance. Prorations should be made using the 365-day method. The sellers will pay the 7% brokerage fee, the documentary stamp tax on the deed, and title insurance of $2,200. The buyers will pay the appropriate state taxes on the note and mortgage, $66 in recording fees, and $475 in survey costs. Based on this information, answer the following about how the transaction will be shown on the Closing Disclosure. What is the proration for property taxes?
A home is sold for $398,000. The buyers gave their broker a $10,000 good-faith deposit. The buyers will finance the purchase with a new 75% loan-to-value mortgage loan. Closing date is July 3, with the day of closing charged to the buyer. Property taxes are $8,412 and homeowners association dues are $125 monthly and were paid in advance. Prorations should be made using the 365-day method. The sellers will pay the 7% brokerage fee, the documentary stamp tax on the deed, and title insurance of $2,200. The buyers will pay the appropriate state taxes on the note and mortgage, $66 in recording fees, and $475 in survey costs. Based on this information, answer the following about how the transaction will be shown on the Closing Disclosure. What are the documentary stamp taxes and intangible taxes on the deed and the mortgage?
A home is sold for $398,000. The buyers gave their broker a $10,000 good-faith deposit. The buyers will finance the purchase with a new 75% loan-to-value mortgage loan. Closing date is July 3, with the day of closing charged to the buyer. Property taxes are $8,412 and homeowners association dues are $125 monthly and were paid advance. Prorations should be made using the 365-day method. The sellers will pay the 7% brokerage fee, the documentary stamp tax on the deed, and title insurance of $2,200. The buyers will pay the appropriate state taxes on the note and mortgage, $66 in recording fees, and $475 in survey costs. Based on this information, answer the following about how the transaction will be shown on the Closing Disclosure. How is the binder deposit shown?
A home is sold for $398,000. The buyers gave their broker a $10,000 good-faith deposit. The buyers will finance the purchase with a new 75% loan-to-value mortgage loan. Closing date is July 3, with day of closing charged to the buyer. Property taxes are $8,412 and homeowners association are $125 monthly and were pald in advance. Prorations should be made using the 365-day method. The sellers will pay the 7% brokerage fee, the documentary stamp tax on the deed, and title insurance of $2,200. The buyers will pay the appropriate state taxes on the note and mortgage, $66 in recording fees, and $475 in survey costs. Based on this information, answer the following about how the transaction will be shown on the Closing Disclosure. How is the new first mortgage shown?
12.12.39 A home is sold for $398,000. The buyers gave their broker a $10,000 good-faith deposit. The buyers will finance the purchase Closing date is July 3, with the day of closing charged to the buyer. Property taxes are $8,412 and homeowners association dues are $125 monthly and were paid in advance. with a new 75% loan-to-value mortgage loan. Prorations should be made using the 365-day The sellers will pay the 7% brokerage fee, the documentary stamp tax on the deed, and title insurance of $2,200. The buyers will pay the appropriate state taxes on the note and mortgage, $66 in recording fees, and $475 in survey costs. Based on this information, answer the following about how the transaction will be shown on the Closing Disclosure. Where are the totals of the buyers' and the sellers' expenses shown?
Preview A home is sold for $398,000. The buyers gave their broker a $10,000 good-faith deposit. The buyers will finance the purchase with a new 75% loan-to-value mortgage loan. Closing date is July 3, with the day of closing charged to the buyer. Property taxes are $8,412 and homeowners association dues are $125 monthly and were paid in advance. Prorations should be made using the 365-day method. The sellers will pay the 7% brokerage fee, the documentary stamp tax on the deed, and title insurance of $2,200. The buyers will pay the appropriate state taxes on the note and mortgage, $66 in recording fees, and $475 in survey costs. Based on this information, answer the following about how the transaction will be shown on the Closing Disclosure. How is the brokerage fee shown on the Closing Disclosure?
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