- Joined
- Apr 4, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Michigan
Thanks guys for all your help. I passed the Michigan Exam Monday, but it was not a breeze for me. I had spoken to someone else who took the exam a week or two ago and he told me about a question that he could not get and I think I got the question too. Someone help me with this it is still on my mind. Here it is.
A buyer is buying a loan at 13% (.0------- a number from tables)for 50,000 over 25 years. The seller is going to buydown the loan to 12% (.0------- another number from the tables). How much will this be worth. (The question went something like that)
Then I got another question and I really got concerned. Here is how it went.
Take the same info for the question above and the question is how many points did this save.
I did not see any questions like this in my study material and I studied from Harrisons and another question book, Prelicensure material and book, topics from an Appraisal Institute book and other tidbits here and there. This was a loaded question or I just missed the boat. my hp was ready but my input and output was way off.
A buyer is buying a loan at 13% (.0------- a number from tables)for 50,000 over 25 years. The seller is going to buydown the loan to 12% (.0------- another number from the tables). How much will this be worth. (The question went something like that)
Then I got another question and I really got concerned. Here is how it went.
Take the same info for the question above and the question is how many points did this save.
I did not see any questions like this in my study material and I studied from Harrisons and another question book, Prelicensure material and book, topics from an Appraisal Institute book and other tidbits here and there. This was a loaded question or I just missed the boat. my hp was ready but my input and output was way off.