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A-8 Arizona Real Estate - Self Study & National Exam
Terms in this set (24)
The term capitalization rate refers to?
The net income divided by the price
Adjusted gross income includes?
Rents, minus vacancies, minus credit losses, plus other income
The gross rent multiplier is calculated by?
Dividing the price by the gross rents
When the lender requires a debit coverage ratio, this would relate to?
The ratio of annual net income to annual debt service
A person selling or we seen residential housing may not discriminate based solely by race as a result of?
Civil rights act of 1866
The first violation of federal fair housing act would carry a fine of?
Redlining would best be defined as?
Limiting the number of residential loans in an area without regard to economic qualifications
Which of the following is not an operating expense?
A commercial building is being rented to a business that serve the public. What is true?
The building is subject to the Americans with disabilities act
Title III of the ADA requires adequate access to what type of properties?
Which of the following is a protected class under the equal credit opportunity act but not under the fair housing laws?
If a property has the right to exclude families with children, which of the following parties listed below would be allowed to reside in the property?
A 62-year-old retired doctor
If one believes he is being discriminated against by employer due to his age, he would best contact?
The US equal employment opportunity commission
Families with children maybe denied occupancy of rental units all units in the building were reserved exclusively for those...
62 years old
What would most likely relate to blockbusting?
They're moving in better sell today!
If an individual's net operating income is $5000 in his mortgage payment is $2000, then this DCR is?
The 1968 civil rights act exempted what specific group from discrimination?
According to the equal credit opportunity act lenders must inform credit applicants who are rejected of the reasons for denial within ____ days?
Americans with disabilities act for commercial properties overseas?
It's a sales price of the home is $433,000 in the lender requires 20% down, what's the LTV?
Given a property valued at $250,000 and purchased at $220,000 with a rate of return of 10%. What would the net income be for the first year?
A residential mortgage company tells it's officers to make only a limited number of loans south of baseline road. This policy would be a?
Violation known as Redlining
The US Supreme Court decision in the case of Jones vs Mayer stated that?
Deed restrictions are unenforceable when they discriminate by race
Which court case abolish the concept of separate but equal?
Brown verse the Board of Education
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LuAnne Wiggins is buying a home for $167,000. She will make a 10% down payment and borrow the balance for 30 years at 8.23 % . Her monthly mortgage payments will be$1,127.04. What total amount of interest will she pay over 30 years?
Lisa Duncan, a junior in college, has been seeking ways to earn extra spending money. As an active sports enthusiast, Lisa plays tennis regularly at the Phoenix Tennis Club, where her family has a membership. The president of the club recently approached Lisa with the proposal that she manage the club’s tennis courts. Lisa’s primary duty would be to supervise the operation of the club’s four indoor and 10 outdoor courts, including court reservations. In return for her services, the club would pay Lisa $325 per week, plus Lisa could keep whatever she earned from lessons. The club and Lisa agreed to a one-month trial, after which both would consider an arrangement for the remaining two years of Lisa’s college career. On this basis, Lisa organized Serve-N-Volley. During September 2014, Lisa managed the tennis courts and entered into the following transactions: - a. Opened a business account by depositing$950. - b. Paid $300 for tennis supplies (practice tennis balls, etc.). - c. Paid$275 for the rental of video equipment to be used in offering lessons during September. - d. Arranged for the rental of two ball machines during September for $250. Paid$100 in advance, with the remaining $150 due October 1. - e. Received$1,750 for lessons given during September. - f. Received $600 in fees from the use of the ball machines during September. - g. Paid$800 for salaries of part-time employees who answered the telephone and took reservations while Lisa was giving lessons. - h. Paid $290 for miscellaneous expenses. - i. Received$1,300 from the club for managing the tennis courts during September. - j. Determined that the cost of supplies on hand at the end of the month totaled $180; therefore, the cost of supplies used was$120. - k. Withdrew $400 for personal use on September 30. As a friend and accounting student, you have been asked by Lisa to aid her in assessing the venture. 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: <table> <thead> <tr> <th colspan="3"><center>Assets</th> <th>=</th> <th><center>Liabilities</th> <th>+</th> <th colspan="13"><center>Owner's Equity</th> </tr> </thead> <tbody> <tr> <td><center>Cash</td> <td><center>+</td> <td><center>Supplies</td> <td><center>=</td> <td><center>Accounts<br>Payable</td> <td><center>+</td> <td><center>Lisa Duncan,<br>Capital</td> <td><center>-</td> <td><center>Lisa Duncan,<br>Drawing</td> <td><center>+</td> <td><center>Fees Earned</td> <td><center>-</td> <td><center>Salaries<br>Expense</td> <td><center>-</td> <td><center>Rent<br>Expense</td> <td><center>- </td> <td><center>Supplies<br>Expense</td> <td><center>-</td> <td><center>Misc.<br>Expense</td> </tr> </tbody> </table> 2. Prepare an income statement for September. 3. Prepare a statement of owner’s equity for September. 4. Prepare a balance sheet as of September 30. 5. a. Assume that Lisa Duncan could earn$10 per hour working 30 hours a week as a waitress. Evaluate which of the two alternatives, working as a waitress or operating Serve-N-Volley, would provide Lisa with the most income per month. b. Discuss any other factors that you believe Lisa should consider before discussing a long-term arrangement with the Phoenix Tennis Club.
Merchandise is sold on account to a customer for $24,000, terms FOB shipping point, 2/10, n/30. The seller paid the freight of$425. Determine the following (c) amount of the discount for early payment
Would you use a sample or a census to measure each of the following? Why? If you are uncertain, explain the issues. a. The model years of the cars driven by each of your five closest friends. b. The model years of the cars driven by each student in your statistics class. c. The model years of the cars driven by each student in your university. d. The model years of the cars driven by each professor whose classes you are taking.
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