New Jersey Real Estate Practice Test for Final Exam 2026 Exams of Real Estate Management

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New Jersey Real Estate Practice Test for Final Exam 2024 Exams of Real Estate Management financed private mortgage insurance premium is $41.25. Their only long-term debt is a $330 per month car payment and a $310 student loan payment. What is the maximum monthly debt Tom and Terri can have and still qualify for the loan if the lender uses 28/36 ratios?: $2,835 Let's calculate their total debt payment by adding their car payment of $330 and student loan payment of $310 to their total house payment of $2,175.25 to get a total debt payment of $2,815.25. We know Tom and Terri have a combined gross annual income of $94,500. To determine the combined gross monthly income, you divide $94,500 by 12 months, which equals $7,875. Now, divide the total debt payment of $2,815.25 by the combined monthly income of $7,875 to get 0.3575 or 36%. This does not exceed the LTD ratio of 36%. ($7,875 x 0.36 = $2,835) Therefore, $2,835 would be the maximum monthly debt Tom and Terri must maintain to qualify for the loan. 54. Jamie wants to sell her home. She must pay off her existing $97,500 mortgage and pay $5,000 in closing costs. Rounding

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