A property in Asheville is purchased for $380,000. The buyer puts down 15%. The loan amount is:
Why $323,000 Is Correct
Answer B: $323,000
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
People Also Study
Related North Carolina Questions
- A North Carolina buyer is purchasing a $300,000 home with 5% down. What is the loan amount?Finance
- An FHA loan in North Carolina requires a minimum down payment of:Finance
- A 'loan-to-value ratio' (LTV) of 80% on a $300,000 North Carolina property means the loan amount is:Finance
- How many hours of pre-license education are required to sit for the North Carolina broker license exam?North Carolina License Law
- How many questions are on the North Carolina real estate broker licensing exam?North Carolina License Law
- What is the minimum passing score on the North Carolina real estate licensing exam?North Carolina License Law
- In North Carolina, which of the following is a characteristic of tenancy in common?Property Ownership
- A seller in North Carolina agrees to pay 3 discount points on the buyer's $250,000 loan. How much will the seller pay?Finance
Key Terms to Know
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →