Real Estate Paper 10

What requires lenders to give a Good-Faith Estimate?

Which is correct about Regulation Z?

Marilyn is applying for a loan to finance her new home in an area where there are minorities. The loan officer tells her that she should try to find another location, since the loan committee would prefer not to lend in that area. The lender may be involved in the illegal practice called

Which may be deducted for income tax purposes by a homeowner?

Usually, local planning commissions are composed of

Fred has a long-term capital loss on the sale of his personal residence. He may deduct

A comparable property sold a year ago for $70,000, but would have sold for about eight percent more today. The appraiser should:

A small apartment property is estimated to have potential gross income of $ 25,000. Vacancy and collection losses are expected to average 5 percent over the life of the property. Operating expenses are expected to average about 30 percent of effective gross income. An overall capitalization rate of 12 percent is derived from market transactions of similar properties. What is the market value?

A 3-year insurance policy costing $1,164 is taken out November 1, 1995. The property was sold on May 15, 1996, and the day of closing belongs to the buyer. If the buyer assumes the policy, what the should the buyer pay the seller at closing, using the 30-day month method?

An appraiser values a 4-bedroom home with a pool. A pool normally adds $14,000 value to a property, and a bedroom is worth $9,000. She locates the following comparable sales:
5 bedroom home, no pool, sold for $125,000
4 bedroom home, no pool, sold for $116,000
3 bedroom home with pool, sold for $121,000
What is the value of the subject property?