Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
21 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
A lot measures 395’ X 612’ and costs $54,450 per acre. What is the cost per square foot? A. $2.30 B. $1.25 C. $ .50 D. $ .38 |
B. $1.25 |
43560 square ft per acre |
|
|
Sandy Sales Associate accepts employment with Broker Brad at 45% of sales commissions earned as a result of her sales efforts. Brad lists a property for $92,000 with a 7% sales commission agreed by Mr. Jones, the owner. Sandy sells the property 30 days later for $90,000. What is the Broker’s share of the commission? A. $3,542 B. $3,465 C. $2,898 D. $2,835 |
D. $2,835 |
|
|
|
If the terms of a lease are $1,000 plus 2% of sales and the rent for October is $1,600, how much were the September sales? A. $20,000 B. $30,000 C. $40,000 D. $50,000 |
B. $30,000 |
|
|
|
How many acres are contained in the NW ¼ of the NE ¼ of the SW ¼ and the S ½ of the NW ¼ of the SE ¼? A. 10 B. 20 C. 30 D 40 |
C. 30 |
|
|
|
An income-producing property has effective gross income of $40,000 and expenses of $15,000. If the capitalization rate is 10 percent, what is the value of the property? A. $250,000 B. $100,000 C. $150,000 D. $75,000 |
A. $250,000 |
|
|
|
Fred owns a home and has lived in Florida for 3 years. His total millage rate is 20 mills. The tax levy is $900. What is the taxable value of his home? A. $45,000 B. $45,500 C. $70,000 D, $75,500 |
A. $45,000 |
|
|
|
A house is valued at $65,000. The monthly rent is $500, monthly debt service is $395, and annual taxes are $652. If there are no other expenses, what is the Gross Rent Multiplier? A. 75 B. 80 C. 130 D. 175 |
C. 130 |
|
|
|
A property has potential gross income of $500,000. Fixed and variable operating expenses have been calculated at $146,000 annually. The property is being operated at a vacancy rate of 6 percent with $4,000 being held in reserve for replacements. If the property sells for $2,000,000, what is the capitalization rate? A. 23% B. 22% C. 16% D 12% |
C. 16% |
|
|
|
If you purchased property for $80,000 and later resold the property for $100,000, what is your percentage of profit? A. 20% B. 25% C. 50% D. 80% |
B. 25% |
|
|
|
Annual real estate taxes are $1,838. If the day of closing is April 15, belonging to the seller, how should proration be handled? A. $528.74 debit to the seller/ credit to the buyer B. $528.74 debit to the buyer/ credit to the seller C. $1,309.26 debit to the seller/credit to the buyer D. $1,309.26 debit to the buyer/credit to the seller |
A. $528.74 debit to the seller/ credit to the buyer |
|
|
|
A residential property was purchased 5 years ago for $50,000. Reproduction cost of the 2,000 square foot house is $40 per square foot. Land is valued at $20,000. The original estimated useful life of the property was 50 years. Using the cost approach, what is the current value of the property? A. $100,000 B. $92,000 C. $80,000 D. $72,000 |
B. $92,000 |
|
|
|
FHA mortgage insurance is paid A. Annually B. Up-front C. Monthly D. Both B and C |
D. Both B and C |
|
|
|
The City has decided to pave the street in front of your home. If your lot frontage is 130 feet, paving costs are $90 per lineal foot, and the city will pay 70% of the paving costs, what will your assessment be? A. $4,095 B. $3,510 C. $1,755 D. $8,190 |
C. $1,755 |
|
|
|
Steve purchased 16 acres to develop. The county requires that 10% be set aside for parks and common area, and the road will be 50 feet by 200 yards. If Steve intends to develop 30 lots, how many square feet will be contained in each lot? A. 12,231 B. 19,909 C. 21,310 D. 26,808 |
B. 19,909 |
|
|
|
If you are in a 40% tax bracket, which of the following will give you a higher after-tax return on your investment? A. 10% after tax B. 12% after tax C. 17% before tax D. 22% before tax |
D. 22% before tax |
|
|
|
Millage rate is 25 mills; Annual Tax Bill is $975. This is the person's homestead, and he also qualifies for a $5,000 military service-related disability exemption. What is the assessed property value? A. $100,000 B. $97,000 C. $94,000 D. $90,000 |
C. $94,000 |
|
|
|
A lender gives an 80% loan with an 8% interest rate. The interest for a month is $776. What is the appraised value? A. $145,500 B. $142,300 C. $140,000 D. $138,400 |
A. $145,500 |
|
|
|
A sales associate sells 14 acres at $2,150 each. What is her commission if she earns 2/3 of a 7% commission? A. $2,107 B. $1,404.67 C. $925.00 D. $702.26 |
B. $1,404.67 |
|
|
|
A seller wants to net $55,000. What should the listing price of the property be if the broker also earns 7% commission? A. $61,200 B. $59,140 C. $58,270 D. $55,000 |
B. $59,140 |
|
|
|
A buyer spends $300,000 for three properties. Parcel B costs $20,000 more than Parcel A. Parcel C costs $40,000 more than Parcel A. How much did Parcel A cost? A. $80,000 B. $100,000 C. $120,000 D. $140,000 |
A. $80,000 |
|
|
|
If a variable lease has a rent of $1,400 and the index changes from 88 to 93, how much is the new rent? A. $1,400.00 B. $1,479.55 C. $1,581.00 D $1,568.67 |
B. $1,479.55 |
$1,400 div by 88 = 15.9091 x 93 = $1,479.55 |
