HRES Hawaii Real Estate Salesperson - Set 3 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A homeowner selling her Kailua condominium wants to know the amount she will actually walk away with after her loan payoff, the brokerage commission, and her share of closing costs are all subtracted from the sale price. Which term names that final figure?
Question 42: After a Hilo sale closes, the settlement agent forwards the signed deed and the new mortgage to the county office so they become part of the permanent public land records, and a small charge covers this service. What do recording fees pay for?
Question 43: A Pearl City homeowner wants to know how much of her property she truly owns once she subtracts the balance still owed on her mortgage from the home's current market value. Which term names the resulting owner's stake in the property?
Question 44: After closing on a Hilo condominium, a homeowner notices that part of each monthly payment is set aside by the servicer into an impound account and paid out later when annual bills come due. Which two PITI components are handled this way?
Question 45: A state charges a conveyance tax whenever real estate changes hands, and the amount owed rises with the size of the deal. An instructor explains that the figure the tax is calculated upon is the transaction's consideration. On what is the transfer tax based?
Question 46: A first-time buyer in Kailua learns that her total monthly housing payment bundles together four separate elements that the loan servicer collects each month. An instructor uses the shorthand PITI to name them. Which set of components does that budgeting shorthand comprise?
Question 47: A Kona rental owner collected the full month's rent from tenants at the first of the month, then sold the building midway through that month. Because the buyer will own the property for the remaining days, how is the rent prorated at closing?
Question 48: A Honolulu lender reviewing a condominium mortgage compares the size of the requested loan against the appraised value of the property to judge how much of its money is at risk if the borrower defaults. Which measure expresses this comparison?
Question 49: An investor screening several Kailua rentals wants a fast, simple figure that relates each property's asking price to its gross rental income, before considering any expenses, so she can rank the candidates quickly. Which measure expresses this price-to-gross-income relationship?
Question 50: On a settlement statement for a Kona property, the agreed purchase price must be entered so that the buyer is responsible for it and the seller is entitled to receive it. How does the sale price typically appear on the statement?
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