ࡱ> M 5bjbj== q~WW1lfffffffz%%%8%&z,&&&&&...$ ,f.'-...w5ff&&sw5w5w5.f&f&w5.w5&w5<~ 8ff&& .fz@#%.r$0, .c3.w5zzffffMidterm III Finance 264 Name______________ Spring 2003 Instructor: Petry SSN_______________ Choose the best answer from the choices provided. Please verify that you have 12 pages with 39 questions. You have 1 hour and 20 minutes for the exam. Sign and turn in both your bubble sheet, and the test packet. Please put your full name, net-ID and Section (1 or 2) on the bubble sheet. Use common sense when rounding. If you calculate the answer to be 14.345%, and you have to decide between selecting 14.3% and None of the above, select 14.3%, as your answer naturally rounds to an answer provided. GOOD LUCK! The following three questions (#1-3) relate to Mr. Barrys (Draper & Kramer) April 16th, in- class presentation. Your answers should be based ONLY on his presentation. 1) ____Mr. Barry discussed a commercial real estate transaction which took in place in Detroit. The four tenants of the building were: Colo.com, ComDisco, Enron and Global Crossing. What distinguishing characteristic did these four companies share? all had assets over $1 billion dollars all went bancrupt all wanted to buy the building they were leasing all wanted to vacate the building simultaneously none of the above Answer: B 2) _____According to Mr. Barry, which of the following was NOT one of the five critical items analyzed by a lender in evaluating a deal: deal size borrower asset underwriting criteria/structure of the deal all of the above were included in Mr. Barrys list of five Answer: A 3) _____According to Mr Barry, which of the following items were not discussed as criteria by which a borrower selects a potential loan? interest rate amortization schedule recourse vs. non-recourse nature of loan pre-payment flexibility E. all the above were included in Mr. Barrys list ANSWER: E 4) _____A loan that meets the standards required for purchase in the secondary market by Fannie Mae and Freddie Mac is termed a: Conforming loan. Nonconforming loan. Conventional loan. Unconventional loan. ANSWER: A 5) _____Compared to a 30-year loan with an identical contract interest rate, the 15-year fixed-payment mortgage: Is less costly to the borrower. Requires a smaller monthly payment than the 30-year mortgage. Requires a smaller total payment of interest over the life of the loan. Requires a smaller total payment of principal over the life of the loan. ANSWER: C 6) _____The required monthly payment on a $120,000 loan at 9.75 percent, amortized monthly for 25 years is: $975.00 $1,050.00 $1,069.36 $998.22 ANSWER: C 7) _____The required monthly payment on a $90,000 interest-only loan at 9 percent for 30 years is: $675.00 $724.16 $730.02 $925.00 ANSWER: A 8) _____Determine the appropriate contract rates for years 2,3,and 4 on a ARM (2/6). Assume that the ARM does not include a teaser rate in the first year. __Year______Index_______Contract rate___ ____1________4.75_________7.00________ ____2________7.00__________?__________ ____3________5.25__________?__________ ____4________6.50__________?__________ 9.00, 7.50, 8.75 9.25, 7.50, 8.75 9.00, 7.25, 8.50 9.25, 7.25, 8.50 ANSWER: A 9) _____Private mortgage insurance (PMI) is typically required for new conventional loans when the loan amount is greater than: 65 percent of the security propertys value. 70 percent of the security propertys value. 75 percent of the security propertys value. 80 percent of the security propertys value. ANSWER: D 10) _____Whenever a seller lends all or part of the purchase price of a property to the purchaser, and the loan is secured by a mortgage on the property, the mortgage is termed a (an): Interest-only mortgage. Sellers mortgage. Package mortgage. Purchase money mortgage. ANSWER: D 11) _____Assume a fixed-term RAM at 8.5 percent provides a monthly payment on a $120,000 home that is free and clear. What is the monthly payment if the lender agrees to payments on 65 percent of the homes value for 10 years: $414.59 $438.15 $637.83 $674.08 ANSWER: A 12) _____What is the effective borrowing cost on a $125,000 FPM, originated at 7.5 percent and amortized monthly over 30 years. Assume that the up-front costs of financing (including discount points) were $2,500 and that the loan is expected to be held for 5 years and does not require PMI. 7.50 percent 7.70 percent 8.00 percent 8.13 percent ANSWER: C 13) _____An agreement, but not an obligation, to purchase mortgages from a mortgage banker at a prespecified price, specified prior to closing, is termed a: Standby forward commitment. Standard forward commitment. Standard commitment. Prespecified agreement. ANSWER: A 14) _____The securitization of pools of mortgages has served to do all of the following except: Increase the liquidity of the mortgage market. Increase the efficiency of the mortgage market. Decrease lenders profit margins. Attracted new sources of investment capital into the residential mortgage market. ANSWER: C 15) _____ Fannie Mae obtains funds for the purchase of mortgages from all the following except: The federal budget The sale of MBSs The sale of its stock By issuing bonds ANSWER: A 16) _____The Federal Housing Administration (FHA) typically does which of the following: insures loans made by lenders to qualified borrowers guarantees loans made by lenders to qualified borrowers loans money directly to lenders loans money directly to borrowers none of the above ANSWER: A 17) _____Federal legislation which prohibits lenders from redlining certain neighborhoods is: FNMA FIRREA HMDA CSSA all of the above ANSWER: C 18) _____Calculate the front-end ratio for a borrower with a gross annual income of $65,000 who has applied for a $144,000, 15-year mortgage amortized monthly with a contract interest rate of 8.0 percent. Property taxes and insurance and insurance are estimated to be $3,500 per year. The applicant has 24 months remaining on a car payment of $380 per month. 25.6 percent 30.8 percent 31.5 percent 37.8 percent ANSWER: B 19) _____Calculate the back-end ratio for a borrower with a gross annual income of $65,000 who has applied for a $144,000, 15-year mortgage amortized monthly with a contract interest rate of 8.0 percent. The applicant has 24 months remaining on a car payment of $380 per month. 25.6 percent 30.8 percent 31.5 percent 37.8 percent ASNWER: CORRECT ANSWER NOT PROVIDED. CREDIT WAS GIVEN FOR ALL ANSWERS. 20) _____Calculate the size of the balloon payment on a $1 million loan at 9 percent, amortized monthly over 20 years. The loan matures in 7 years. $8,997 $244,230 $825,679 $936,405 ANSWER: C The following three questions (#21-23) are based on the Real Estate Investors Forum 35 Proven Techniques For Purchasing Real Estate Without Cash. 21) _____The Assign Rents strategy: is identical to the Pledge Rents strategy gives the income from the property to the seller until the downpayment requirement is met should only be used as a last resort will work in virtually every situation none of the above ANSWER: E 22) _____The Purchase with Credit strategy refers to: using cash advances from credit cards to help with the downpayment using pre-paid rents, taxes and insurance as a source for the downpayment using the goodwill associated with your signature as a source for the downpayment both A & B none of the above ANSWER: B 23) _____The Principal Reduction Agreement strategy involves: agreed periodic payments above and beyond the principal and interest amount stated in the note to reduce the outstanding principal the principal of real estate appreciation to add equity to the buyers position might be particularly useful if the property is expected to generate significant cash flow from operations selling the property after a short period of time to pay back the downpayment both A & C ANSWER: E The following three questions (#24-26) are based on the Real Estate Investors Forum 25 Institutional Financing Techniques. 24) _____The Open End Mortgage strategy involves: adding unpaid interest payments to principal under certain circumstances adjusting the maturity date of the loan under certain circumstances adjusting the principal amount of the loan based on appreciation adjusting the interest rate of the loan based on length to maturity none of the above ANSWER: C 25) _____The Compensating Balances strategy: reduces the risk of a loan by the borrower depositing a sizeable amount of cash with the lending institution requires sizeable escrow balances be made with the lending institution to insure payment of certain obligations may require the borrower to involve a third party or strategic partner both A & B both A & C ANSWER: C 26) _____Which strategy involves REO: Check The Lenders Inventory Account Transfer Bridge Loan Lender Participation none of the above ANSWER: A The following three questions (#27-29) are based on the Real Estate Investors Forum 27 Private Financing & Acquisition Techniques. 27) _____The Sale Lease-back strategy: is frequently used by large corporations can be viewed as a financing technique by the seller may allow 100% financing for the purchase of the real estate can be used when the owner wants to raise cash but continue to use the real estate all of the above ANSWER: E 28) _____In the Contract of Sale strategy: the buyer obtains the deed at the outset of the contract, but it must be returned immediately if the contract terms are not met the foreclosure process can be lengthy if the contract is defaulted on lacks flexibility in its terms for the seller there is no redemption none of the above ANSWER: D 29) _____The Contingent Price Sale strategy: establishes a price contingent on the qualifications of the buyer may bestow tax advantages to the seller establishes a price based on the future performance of the property establishes a price based on the past performance of the property both B & C ANSWER: E The following three questions (#30-32) are based on the Real Estate Investors Forum 14 Leasing Techniques for Acquisition. 30) _____Which of the following statements regarding the Sandwich Lease is false: is a great way to generating investment income without capital involves first purchasing the property may require personal effort in upgrading the property requires the ability to sub-lease the property none of the above are false ANSWER: B 31) _____The Lease Back the Vacancies strategy, refers to: the lender acting as your principal leasing agent for all vacancies the lender leasing a certain portion of the vacancies from you as part of the sales agreement the lender agreeing to try and lease the vacant space on your behalf the buyer leasing back the space from the seller in anticipation of the sale none of the above ANSWER: B 32) _____The Lease-Condo strategy: applies some of the lease payments as credit toward eventual purchase of the property may be a solution for an owner who is having difficulty leasing space involves set up costs in the form of property surveys may provides an incentive for a tenant to locate in an otherwise undesirable location all of the above ANSWER: E Use the following information to answer the next 4 questions (#33-36). Abdul owns a 15-unit apartment complex. All of the units rent for $800 per month. Abdul expects three of the units to be vacant for one month each during the next year, and to lose an additional $1000 per year to collection loss. The annual operating expenses are estimated to be $55,400, and the annual debt service is estimated to be $51,000. 33) _____ What is the annual effective gross income (EGI) for the property? a) $12,000 b) $14,250 c) $140,600 d) $144,000 e) none of the above ANSWER: C 34) _____ What is the debt coverage ratio for the property? a) 1.67 b) 1.45 c) 1.23 d) 1.21 e) none of the above ANSWER: A 35) _____ What is the operating expense ratio for the property? .385 .394 .417 .446 none of the above ANSWER: B 36)_____ Assume that the initial 80% LTV loan was for principal of $640,000, what is the implied equity dividend rate (EDR)? 19.35% 24.10% 26.72% 28.11% none of the above ANSWER: E Fin 264, Exam III, Formula Sheet          PAGE 8 hw|-/fjr u 8Ho3;rz)m####%%j''''++ ,6,~00455&5'56575J5K5Y5Z5k5l5}5~55555555 j0JU0J jUjCJUmHnHu 5CJ \ 5>*\] 56\]6] 5>*\ 5H*\5>*5\Fh~ + 5 6  @ J K h0^h`0 & F[0`0 & F ^55K L $ < q { | }  % 8 M W X ) q  & F & F 8^8` h^h` h0^h`0^ & FZ ^`0`0q 3;EOWab8o ^` & F & F 8^8` & Fx,67 0IST9AIQYc & F & F & F 8^8` & Fcdh;jz & F & F & F ^` ^` & F & F 8^8`+`Y^ejo & F 8^8` & F & F 8^8` & F,67R_lyfmv)*R~ & F\ ! & F( 8^ ^` & F! 8^8` & F ~$ 6 A B | !]!h!z!!!!K""#V#a#l#m###"$ & F^ & F] ^` ! & F\"$k$$$4%F%Q%R%%%a&&&&&&&'''5'L'^'i'j'''( & Fa & F` ^` ! & F_(E(z(( ))&)')V))*K*b*t*****+_+++++6,7,, & Fd & Fc ^` ! & Fb,,,)-X-t----.a...///8/// 0a0r0}0~002 & Fg & Ff ^` ! & Fe22k22222233>3V3n3333334444"444>4?4444 & Fi & Fh44444455555555 5!5"5#5$5%5&5(5)5*5+5,5-5.5 $ !a$ ! & Fi.5/5051525354555658595:5;5<5=5>5?5@5A5B5C5D5E5F5G5H5I5J5L5M5M5N5O5P5Q5R5S5T5U5V5W5X5Y5[5\5]5^5_5`5a5b5c5d5e5f5g5h5i5j5k5k5m5n5o5p5q5r5s5t5u5v5w5x5y5z5{5|5}55555555555555555 j0JU0JmHnHu55 1h/ =!"T#$%`!mo.Df FeY6 jv' S;x͖OkA̦4F(1ElElZK"J iBI6""-=y X,6y;d6Yf罷of0Pֺp Eĸm$QiK)*T{?m&l;wGJݵw_۔lq=Ueu *lS\C8{hVwSѮW6x(OqdrnhA cޮɾealB.e}-.lzjpIiY(ޣV04虁-MqdSdҬ~nK0D:Qf u>Qͬ+H,7'A, zҨDƐ\^JL"֎4s\6&{ژ|2kWխޱfmEjn\[2 X!w=E}|]IP8O6c7x3aiT9ϛ>SMe&oxc'P6:LRdkP)\[qYDp9AJJ4ݴ̣%զ ;^KBhfV4{@1T߮YCKβY6?JxD|yבKvKmouCؾ/FqV"Tj>:{uV_tаIlE4{Fm;{C?`!t ,wѵu ϫM v'BxVMhSAݗ1BHCS4ʫ(} $DbBK/ij$OzKoQD(CwвUPo[7x<>vV_D^ Tl']ąy<\h0Ju˨jB][(6bevB4@$sbE^7;wV* wYCC ;Iar aiMZ,UJVcs`%)؊@Hr8%E؏` i+#{fKKL\0jf7r /@fK⒋D{&=BӴE7:%-ar*,BR{fc3xڮ]@$ dFd!FׂAJZlJHX8aM/,r0%; *?%&Hc/̎h( %L&Poc,6X--z $`FM#+#D4UE*'~%g_o>SnZ): m˺oy}K]S>Z m̗ioVo?!lVuz*JU R86y|DZa᝕j>x]XEEiF],9^ \ʑG8.nt!]Cs i4$,>iTQWjEWEX:ҙp{xuwPIMziaIGىW(uzSYЊb\WP҅0VsV]/ծQqc0[DL>OF#W94sibfRaWSݡ=&Jl8$,>*xfqGZZ絟/ݕuMT/6l*3#nBJgjNvt#;:%j:0M>^)(f}46[5if a5S8rN✕{ZoqN",̡4.`mgŁ3|@!,HZ*86fBYDLIC+!'Q.1&jJj.c!$ƏD.bJj4E{/xAZp%֌Ě@O^2 ~D=RxMU#U ޖ5[uΟ! 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