North Carolina Real Estate Exam in One Question, Are You Ready?

     Last night in my night real estate class, I wanted to make sure that my class understood a straight term, interest only, mortgage with a balloon payment.

     I created a slide entitled, "North Carolina Real Estate Exam in One Question"  Here is the question.  If you are soon taking the North Carolina real estate broker's exam, you might want to play along.  If you borrowed $100,000 at 6% interest rate for ten years, with monthly, interest only, payments, how much would your last payment be?

Do not underestimate the North Carolina real estate broker's exam

I supposed that half the class would miss this "tricky" question.  I was wrong.  One hundred per cent of the class missed this question.  I am certain that two nights earlier I had explained balloon payments and interest only mortgages with the eloquence of Rev. Billy Graham.

     Eighteen blank stares looking at me saying,"Ron, You did not explain this well enough."  I gave them the right answer and reiterated that you need to use a calculator with all math.  I have posted the right answer on my website at http://firstrealestateschool.com/2016/06/north-carolina-real-estate-exam-one-question/

Do the problem.  Answer the question.  Go check yourself.  If you missed this one, keep studying.  Last month, June 2016, fifty seven per cent of first time test takers passed the North Carolina real estate brokers exam.  Twenty six per cent of the repeaters passed.  It costs money to fail the North Carolina real estate broker's exam.  If you think you are ready for the Big One,take my practice exam at
http://rondclimer.blogspot.com/2015/04/real-estate-practice-exam-for-north.html