Help
Options
Value Practical/Finance Practi
What is true regarding the transfer/conveyance tax in Georgia?
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Value Practical/Finance Practi
Which appraisal method includes depreciation in the process of estimating a property's value?
Remaining cards (22)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
`Ga RE Contract P-9D
Value/Finance/Seller/Buyer's Costs
| Value Practical/Finance Practi | |
|---|---|
| What is true regarding the transfer/conveyance tax in Georgia? | The tax will be calculation as .10 per $100 of the property's sale price, less any loan assumed in the sales transaction. |
| Which appraisal method includes depreciation in the process of estimating a property's value? | The cost/summation method |
| In estimating market value for a residential property, an appraiser finds a comparable home that recently sold in a transaction where the financing included a purchase money mortgage. What might affect the adjustment process? | The comparable property's valuation would be adjusted downward |
| How would a loan assumption and a purchase money mortgage appear on the buyer settlement estimate form? | Both the loan assumption and the purchase money mortgage would be a credit to the buyer |
| Financing a home in Georgia using a graduated payment would typically result in: | negative amortization in the first 5-7 years of the loan term |
| An apartment building has a semi-annual net income (NOI) of $48,000 and has been appraised for $850,000. What is the Cap rate for this property? | 11.29% |
| In Georgia, included in the settlement statement closing costs for a real estate transaction is an intangibles tax calculated as: | $1.50 per $500 on qualifying new amounts |
| A real estate sale closed on Nov 30, the sellers paid for hazard insurance coverage at a cost of $500/yr, and the policy anniversary was May 10. The seller due a refund for unused portion. For how many days and amount? | 160 days; $219.18 |
| VA loans in Georgia are typically made by whom? | Private lenders approved by the Department Of Veterans Affairs |
| Fifteen years ago, a homeowner received a conventional 30- year fixed rate loan to buy her current home. Now she wants to pay off her loan early. What would be true about this situation in Georgia? | The original loan documents will state whether prepayment of this loan is possible and if the homeowner does prepay, whether a penalty will be assessed |
| The present replacement cost of a house is estimated a $93,000. The estimated depreciation is $8,000 and the land is valued at $5,500. What is the estimate of the property's appraised value according to the replacement cost method? | $90,500 |
| What is the amount of intangibles tax due if a buyer pays $95,000 for a house and obtains an 80% conventional loan? | $228 |
| The closing is April 6. Taxes for the year are $650 and have not been paid. How much property tax will the seller owe at closing if taxes are prorated through the day of closing? | $170.96 |
| After obtaining an executed sales contract, a listing broker gives the seller and estimate of the seller's closing costs. The broker explained he was not able to predict exact closing cost. But he stated that one cost would NOT change is the: | broker fee |
| If the property taxes have been paid and the closing takes place on August 8, which if the following statements is correct concerning the prorated share of the taxes? | The purchaser would be debited |
| If a closing in Georgia occurred on January 12 and the loan balance as of the January 1 payment was $96,412 with an interest rate of 12%, how much accrued interest did the seller owe? (Use 360 day mortgage calendar) | $385.65 |
| If there is a closing on August 22 and the the property taxes of $3,840 have already been paid for the calendar year of January 1 thru December 31, how much of the prorated taxes will the buyer owe the seller at closing? Use a calendar year and exact days | $1,378 |
| On a Estimate of Net of Net to Seller Worksheet, a purchase money mortgage would be entered as: | a debit |
| What is the amount of transfer tax to be paid if the sales price is $92,560 and the new loan is $70,350? | $92.60 |
| A buyer pays $185,000 for a house using a 90% conventional loan. How much intangible tax would be due on this transaction? | $499.50 |
| For a Georgia lender, private mortgage insurance (PMI) would typically be assessed for: | 95% conventional loans |
| Closing is June 17. The lender uses a 360-day year for interest adjustments and payments are due on the first day of each month. The loan amount is $60,000 and the interest rate is 12%. How much interest will the buyer owe at closing? | $280 |
| If the loan amount is $175,500, the interest rate is 7% and the closing date is March 16, what would be the buyer's adjusted interest? (Use the correct days of a month/360 day calendar) | $511.88 |
Created by:
debifuller8