Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Practice Questions
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
This year, a salesperson earned $120,000 in total commissions. If the gross commission is 2.6 percent per transaction and the average commission of 60%. How much sales value did the salesperson settle on each purchase this year?
Correct
$120,000 ÷ 0.60 ÷ 0.026 is approximately $7,692,307.69.
Incorrect
$120,000 ÷ 0.60 ÷ 0.026 is approximately $7,692,307.69.
-
Question 2 of 10
2. Question
Richard Morgan wishes to buy the house of Daniel Johnson, but Daniel doesn’t want to turn over the title until he gets the purchase price. They can either use a lease option or a property lease. Richard would like to have a lease option because of?
Correct
With a leasing option, the prospective borrower is free either to complete the purchase or to purchase or move back after the contract ends.
Incorrect
With a leasing option, the prospective borrower is free either to complete the purchase or to purchase or move back after the contract ends.
-
Question 3 of 10
3. Question
Laura Murphy is purchasing a new home for 193,000 dollars. A $40,000 down payment is made and the remainder is funded by a 7.5 percent traditional 30-year bond. The agreed factor for repayment is $7.00 per thousand. After that, having the first invoice, what’s the payment amount left on Laura’s loan?
Correct
153 × 7.00 = $1,071.00 PI; $153,000 × 0.075 ÷ 12 is $956.25 interest; $1,071.00 – $956.25 = $114.75 principal amount; $153,000 subtracted from $114.75 = $152,885.25 remaining balance.
Incorrect
153 × 7.00 = $1,071.00 PI; $153,000 × 0.075 ÷ 12 is $956.25 interest; $1,071.00 – $956.25 = $114.75 principal amount; $153,000 subtracted from $114.75 = $152,885.25 remaining balance.
-
Question 4 of 10
4. Question
Which of the following may have been graded as “limited” common elements in the construction of condominiums?
Correct
Assigned parking spots are limited to certain unit owners, while the other unit is unrestricted in their use and is open to all unit owners.
Incorrect
Assigned parking spots are limited to certain unit owners, while the other unit is unrestricted in their use and is open to all unit owners.
-
Question 5 of 10
5. Question
Which of the following choices is an encumbrance that declares a monetary Interest in someone’s property?
I. An encroachment.
II. A deed of restriction.
III. An estate at sufferance.
IV. A lien.Correct
The lien specifies that there is a monetary responsibility implied by the encumbrance.
Incorrect
The lien specifies that there is a monetary responsibility implied by the encumbrance.
-
Question 6 of 10
6. Question
The debtor would pay $5,600 for a $140,000 loan. How much points are there for a lender to charge on this loan?
Correct
Divide the dollar to the amount to the points of discount by the loan amount; $5,600 ÷ $140,000 = 4.
Incorrect
Divide the dollar to the amount to the points of discount by the loan amount; $5,600 ÷ $140,000 = 4.
-
Question 7 of 10
7. Question
How much would you pay for a building with average net revenue of $20,000 and a minimum rate of 8%?
Correct
$20,000 net income ÷ 8% = $250,000
Incorrect
$20,000 net income ÷ 8% = $250,000
-
Question 8 of 10
8. Question
Which of the following statements about a bilateral deal is correct?
I. If a bilateral deal has been signed either party may back out prior to closing.
II. If a bilateral deal has been signed performing are legally obligated to both parties.
III. If a bilateral deal has been signed the seller can be forced to perform on the agreement.
IV. If a bilateral deal has been signed the buyer can be forced to perform on the agreement.Correct
A bilateral deal is one in which both sides make a promise and are paid with performance of the arrangement.
Incorrect
A bilateral deal is one in which both sides make a promise and are paid with performance of the arrangement.
-
Question 9 of 10
9. Question
Which of the following statements best describes market data?
Correct
The market data approach appraisal shows the latest trend in market sales, reflecting the parties’ attitudes towards real estate valuation.
Incorrect
The market data approach appraisal shows the latest trend in market sales, reflecting the parties’ attitudes towards real estate valuation.
-
Question 10 of 10
10. Question
Typically, a residential broker depends on what type of valuation to help the seller set the selling price?
Correct
A comparative market research is the cheapest form of value calculation. For a trader with a much higher accuracy than the value of the tax assessor. This information on value is commonly available through broker networking systems, such as various listing services.
Incorrect
A comparative market research is the cheapest form of value calculation. For a trader with a much higher accuracy than the value of the tax assessor. This information on value is commonly available through broker networking systems, such as various listing services.