Sample Exam Questions On Vacant Land 80 Feet Wide And 200 Feet Deep

833 Words Dec 20th, 2016 4 Pages
I decided to take sample exam two. When I answered the questions, I was pleased to have gotten 77/80 questions correct. However, I ended up missing three questions: 7, 24, and 80.

The first question that I missed was a calculation question, number 7. It asked the following, “A parcel of vacant land 80 feet wide and 200 feet deep was sold for $500 per front foot. How much money would a real estate professional receive as a 60% share of a 10% commission on the sale?” (pp. 508). I miscalculated when I answered this question and put the answer as c. $6,000. The correct answer was b. $2,400. This can be obtained by multiplying 80 by $500, which gives 40,000. This can then be multiplied by 0.60, which gives 24,000. In order to determine what the commission is based off of this, I then multiplied the last answer by 0.10, which gave the correct answer of $2,400. I made the mistake of multiplying the depth instead of the width, when I did the original math.

The second question, I got wrong was number 24. This question asked the following, “At closing, prorations for unpaid real estate taxes are shown as a.” I answered d. Debit to both the seller and the buyer. The correct answer was b. Debit to the seller and a credit to the buyer. I misunderstood this based on the transfer tax explanation which stated it varied by state (pp. 337). This question, made more sense once I saw the correct answer. Any unpaid real estate taxes that the seller was responsible for are debited from the…

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