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6 Cards in this Set
- Front
- Back
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As a seller's agent, you sell a house for $135,000. The selling price includes the standard six percent commission rate your brokerage charges. The buyer's agent will get half the commission. What is your portion of the commission? a. $2,025 b. $4,050 c. $8,100 d. None of the above |
b. $135,000 x .06 = $8,100 $8,100 ÷ 2 = $4,050 |
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The zoning laws in your town require an apartment building to provide two and a half parking spaces for every 1,000 square feet of inhabited space. A local apartment building has 20,000 square feet of apartments. How many parking spaces should it have? a. 40 b. 50 c. 45 d. 5520 |
b. (1,000 sq ft) x 2.5 parking spaces (1000 sq. ft) = 50 |
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The monthly net income on an investment of $115,000 if the rate of return is 12 ½ percent is _____________. a. $1,150.00 b. $7,666.67 c. $1,197.92 d. $14,375.00 |
c. $115,000 x .125 = $14,375 $14,375 ÷ 12 = $1,197.926. |
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You sell a home for a client where the down payment was $30,000 with a loan of $125,000 at 3.7% interest with a term of 30 years fixed. The mortgagor's monthly payment is $1,219. What is the loan to value ratio? a. .24 b. .8 c. 1.62 d. 4.16 |
b. .8 LTV $30,000 + $125,000 = $155,000 sale price$125,000 ÷ $155,000 = .8 LTV |
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You are trying to price a property. Five years ago it was sold for $125,000, but property values in this particular neighborhood have decreased by an average of 5 percent since then. What is the rough value of this property? a. $117,500 b. $118,750 c. $118,000 d. $119,000 |
b. $125,000 x .05 = $6,250$ 125,000 - $6,250 = $118,750 |
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What must a homeowner in foreclosure do to exercise his right of redemption? a. Pay the entire mortgage b. Pay the entire mortgage, plus interest c. Pay the entire mortgage, plus court costs and legal fees. d. Pay the entire mortgage, plus court costs, legal fees and interest |
d. Pay the entire mortgage, plus court costs, legal fees and interest. |
