Climer School of Real Estate 619 S. Yonge St. - Ormond Beach, FL. 32174 Phone: 904-615-8828  -  Fax: 904-615-8226 www.climerrealestateschool.com    Email: kclimer@bellsouth.net Are you ready to take your state exam? This test is very difficult, DO NOT UNDERESTIMATE IT... We have weekend reviews for you… Answer the following questions to see if you are really ready. You should be able to easily answer at least 9 out of 10. If not, come to our review and get the information you need to pass the Very difficult state exam. 1.     John wanted to finance his new house with a FHA loan. If the price is $48,000 and the closing costs are $800, what would be the maximum FHA loan? a. 48,000 x .97 = $47,336 c. $47,350 b. 48,800 x .9875 = $48,190 d. $47,300 2.    Saving Associations: a. Invest the bulk of their assets into residential loans and are regulated by the OTS b. Are chartered by the state or federal government c. Are regulated by the office of thrift supervision and make FHA loans d. All of the above 3.    Which of the following loans are assumable? a. FHA loans are assumable if the mortgagee approves the credit worthiness of the new mortgagor. b. The buyer must qualify to assume a VA loan c. Most conventional mortgages have a due-on-sale clause d. All of the above are correct 4.    Which of the following are synonyms? a. borrower – lender c. mortgagee – debtor b. mortgage – note d. mortgagor – borrower 5.    According to the 4321 method, what is the value of the quarter of a $12,000 parcel located farthest from the highway? a. $4,800 c. $2,400 b. $3,600 d. $1,200 6.    The equity of redemption is: a. The right given to the mortgagee to redeem the mortgage prior to foreclosure b. The right that a licensee has to redeem their reputation by petitioning the FREC not to publish its final orders. c. The difference between price and value. d. An opportunity for a borrower that is in default to catch up all back payments, attorney fees and foreclosure expenses before the public auction. 7.    When a property is bought at a foreclosure sale, what legal document does the buyer get? a. patent deed c. tax deed b. fiduciary deed d. certificate of title 8.    What is the gross rent multiplier? a. income divided by rent c. NOI divided by price b. rent divided by price d. sales price divided by rent 9.    The commission was $99,950 on 8% of sales price. What was the documentary stamps on deed? a. $699.65 c. $8,745,63 b. $700.00 d. $8,745.80 10.    Paula obtained a mortgage for 80% of value, for 20 years at 8% interest. The interest portion of the monthly payment was $192.00, and the principal was $48.99. What was the price of the house. a. $28,800 c. $45,000 b. $57,800 d. $36,000 HOW DID YOU DO ON THESE SAMPLE QUESTIONS? Call us first to schedule your review, and then schedule your exam date. It will be well worth your while. Let us help you pass the test the first time. Call me at 904-615-8828, (out of area call) 1-800-303-6994 for the answers, $64.95 includes Exam Manual Broker applicants will find questions on their broker exam about the math, law, and the principles/practices from the salespersons class that are covered in this review. Contact