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Question 1 of 10
1. Question
The following choices are used by the appraiser when determining reproduction cost, except for?
Correct
Square-foot, cubic-foot, unit-in-place, and quantity survey methods are known to be reliable when determining reproduction costs.
Incorrect
Square-foot, cubic-foot, unit-in-place, and quantity survey methods are known to be reliable when determining reproduction costs.
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Question 2 of 10
2. Question
Agent Tyler has just returned from closing for a property that sold for $105,000. The property was listed by Gamedo’s Real Estate Company. Tyler has received 2.5% of commission for the transaction from the closing agent. Tyler is on 35/65 split with his company. How much commission will Tyler receive?
Correct
The company will receive 2.5% of the sale price, and Tyler received 35% of the company’s dollars.
Incorrect
The company will receive 2.5% of the sale price, and Tyler received 35% of the company’s dollars.
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Question 3 of 10
3. Question
A broker is instructing a salesperson to do something. The seller principal disagreed with the broker and instructed the salesperson to handle it differently. Which instruction should be? followed by the salesperson?
Correct
A salesperson is a subagent of the seller while the broker is a single agent of the seller.
Incorrect
A salesperson is a subagent of the seller while the broker is a single agent of the seller.
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Question 4 of 10
4. Question
One discount is point equivalent to an increase in the APR of 1/10%, to increase the effective yield on a $450,000 loan by 1/6%, how much the lender should collect in a settlement in a loan discount?
Correct
The formula used in computing the loan discount is this:
0.17 ÷ 0.1 = 1.7 points; $250,000 x 1.7% = $7650Incorrect
The formula used in computing the loan discount is this:
0.17 ÷ 0.1 = 1.7 points; $250,000 x 1.7% = $7650 -
Question 5 of 10
5. Question
At what point in real estate transaction should IRS form 8300 must be filled?
Correct
IRS form 8300 will be filed on all cash payments over $10,000
Incorrect
IRS form 8300 will be filed on all cash payments over $10,000
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Question 6 of 10
6. Question
Which of the following descriptions are best to fit the parties to a purchase-and-sales contract?
Correct
The first choice is known for lender/borrower parties, the second choice is described as the transfer of property, and the last choice is referred to as a unilateral contract.
Incorrect
The first choice is known for lender/borrower parties, the second choice is described as the transfer of property, and the last choice is referred to as a unilateral contract.
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Question 7 of 10
7. Question
The Hansons offered to buy Smith’s house for $150,000, with a closing scheduled on August 15. The Hansons signed a written acceptance, with a provision that the closing is to be one August 16. At this point, which of the following may occur?
Correct
After the smiths made counteroffers, it established a term of rejection of the original offer. The Hansons now have the right to reject or accept the counteroffer.
Incorrect
After the smiths made counteroffers, it established a term of rejection of the original offer. The Hansons now have the right to reject or accept the counteroffer.
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Question 8 of 10
8. Question
You will be the buyer’s agent for Jewel and Aldrich, who will be selling their present home with you, 4211 Main street, listed by DCE Realty. What will be your agency relationship with all parties?
Correct
From the law of agency, Jewel and Aldrich will be your client; the seller of 4211 Main street is the customer, and you owe a duty of fairness to all parties.
Incorrect
From the law of agency, Jewel and Aldrich will be your client; the seller of 4211 Main street is the customer, and you owe a duty of fairness to all parties.
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Question 9 of 10
9. Question
Casey Soto is a salesperson for DCE realty and is required by contract to attend meetings, wear uniforms, and prospect for five hours a day. She is receiving a biweekly pay, less withholding for social security and taxes. What will Casey’s relationship with the firm?
Correct
This description is the usual characteristics of employee status.
Incorrect
This description is the usual characteristics of employee status.
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Question 10 of 10
10. Question
Several members began talking about fees and business practices at a general meeting of a broker’s trade association. Which of the following will be considered in this sort of activity?
Correct
Because of discussion about fee with the competitors, it is viewed as an attempt to devise a set of cost to real estate brokerage services, which is a Sherman anti-trust act violation
Incorrect
Because of discussion about fee with the competitors, it is viewed as an attempt to devise a set of cost to real estate brokerage services, which is a Sherman anti-trust act violation