Qualifier Plus llX Test Questions
Trainer – Doug Vairo
75 Questions on Full Exam Only
Passing Grade is 70%
1. What are the monthly payments on a $75,000 1st mortgage at 11% interest paid over 30 years?
d) Can’t do a mortgage at 11%
2. Your buyers have made an offer of $175,000 on a 3-bedroom house in the Glen Oaks area of town. If they can obtain a conventional 12.5%, 30-year fixed-rate mortgage on 90% of the purchase price, what will their monthly payment be?
d) You can’t make a mortgage if you purchase a house
3. The same buyers have another house they are considering in the Oak Park area of town. Given the same financing conditions (30-years at 12.5%) but a loan amount of $145,000, what would their monthly payment be?
4. A $75,000 condo comes with special “Zero Down” builder financing. What’s the monthly payment for this 40-year fixed-rate loan at 11.5% interest?
d) “Zero Down” financing is not allowed
5. By the time the buyers in question #4 got through adding a microwave oven, mirrored closet doors, plush carpeting and a stacked washer-dryer unit, the purchase price became $85,000. If they still put nothing down, what’s the monthly P & I payment?
d) You can’t buy a house with nothing down