Multiple Choice Identify the letter of the choice that best
completes the statement or answers the question.
|
|
1.
|
Broker Beeman's office sold a property that was listed for $104,000 for
$102,000. The 6% commission is to be split 50/50 with the listing office. If the listing salesperson
is to receive 65% of the listing office's commission, how much will she receive?
a. | $2,608 | c. | $1,668 | b. | $1,850 | d. | $1,989 |
|
|
2.
|
Rita Rainier wants to net $65,000 on the sale of her property. She must pay
$1,750 in loan discount points on the buyer's $50,000 FHA loan, $1,800 in other closing costs
and a 7 percent broker's commission. The LEAST she can sell the house for is:
a. | $73,710 | c. | $80,400 | b. | $71,500 | d. | $75,420 |
|
|
3.
|
Mary Murphy is a property manager for a large office building. She is paid an
annual fee of 9 percent of all rent received in addition to $200 for each new lease signed during the
year. If the average monthly scheduled rents are $10,200 and the property has a vacancy rate of 8%,
how much will Mary earn if she obtained 9 new leases this year?
a. | $10,135 | c. | $11,456 | b. | $12,340 | d. | $11,935 |
|
|
4.
|
The Perot family bought a house for $56,600 ten years ago. They have listed
their home for sale and their brokerage fee is 6% and the buyer is willing to pay all other closing
costs. What is the LEAST amount they can sell the house for and not lose any money?
a. | $60,213 | c. | $133,960 | b. | $62,230 | d. | $59,133 |
|
|
5.
|
A 1,200 square-foot shop in the mall rents for $870 base rent per month plus 8%
of the shop's gross sales. The shop's operating expenses are $6,540 per year and gross
sales for the year are $245,650. What is the cost per square foot to rent the. space per year?
|
|
6.
|
A property was purchased for $90,800 and later
sold for 14% more. A 7 percent commission was paid to the selling broker, of which the salesperson
received 55 percent. What did the salesperson earn on the sale?
a. | $3,950 | c. | $4,300 | b. | $3,985 | d. | $4,185 |
|
|
7.
|
A listing calls for a graduated commission on the sale of a commercial property.
The broker is to receive 9% on the first $20,000, 5 % on the next $40,000, and 3% on the balance. If
the broker sells the property for $654,300 how much will she make on the sale?
a. | $24,654 | c. | $18,900 | b. | $20,686 | d. | $21,629 |
|
|
8.
|
Suzy Seller owns her house free and clear. On June 12 she received $75,546 from
its sale after paying her broker a commission of 6% and paying $2,850 in closing costs. What was the
selling price of her house?
a. | $83,400 | c. | $82,545 | b. | $85,600 | d. | $87,540 |
|
|
9.
|
Salesperson Audrey Gill made $2,100 in commission on the sale of a property. If
she receives 40% of the broker's commission of 7%, what was the selling price of the
property?
a. | $57,000 | c. | $67,000 | b. | $75,000 | d. | $80,000 |
|
|
10.
|
A triangular lot has a front footage of 165' and the perpendicular side
line is 254'. If a broker sold the property for $1.45 per square foot what was the amount of the
commission if her rate of commission is 10%?
a. | $3,038 | c. | $4,506 | b. | $6,076 | d. | $2,986 |
|
|
11.
|
Salesperson Olson works for Broker Swen who holds a listing on a property. Olson
sells the property for $120,000 and the listing agreement calls for a 7% commission. Olson is to
receive 45% Swen's office commission. If Swen pays another cooperating broker a $300 referral
fee what is Olson's commission?
a. | $8,400 | c. | $3,645 | b. | $3,870 | d. | $2,654 |
|
|
12.
|
A mall shop of 1,600 square feet has an annual rent of $22 per square foot plus
6% of gross sales over $150,000. If total rent for the year was $36,700 what were the annual
sales?
a. | $175,000 | c. | $190,000 | b. | $180,000 | d. | $210,000 |
|
|
13.
|
A seller paid $2,400 in closing costs and paid his broker a 6% commission on the
sale of his property. If the seller received a check at closing (net) of $67,544 what did the house
sell for?
a. | $75,434 | c. | $78,543 | b. | $74,409 | d. | $71,436 |
|
|
14.
|
A pet shop in a mall has an annual lease for its 2,500 square foot shop at $12
per square foot plus 9% of gross sales. What were the gross sales if the shop owner paid $70,430-in
rent for the.year?
a. | $449,222 | c. | $348,765 | b. | $543,565 | d. | $398,765 |
|
|
15.
|
Broker A and Broker B are cooperating brokers and have agreed to split the 7%
commission on the sale of a house. Broker A paid his listing salesperson $2,400 which was 55% of his
share. What did the property sell for?
a. | $124,675 | c. | $115,444.30 | b. | $62,338 | d. | $140,500 |
|
|
16.
|
When she sold her house Jeri Peck netted $78,700. Her closing costs included a
lien payoff of $3,200, title insurance of $345, recording costs of $35, and a 7% broker's
commission. What was the sale price of the property?
a. | $98,485 | c. | $88,473 | b. | $103,545 | d. | $77,565 |
|
|
17.
|
Tom has a balance on his mortgage of $112,544. He wants to sell his property and
net $35,000 but must pay closing costs of $3,450 and 6% to the broker. What is the selling price on
the house?
a. | $160,632 | c. | $158,555 | b. | $168,623 | d. | $162,464 |
|
|
18.
|
A homeowner has listed his property at 6%. He would like to make a $12,000
profit on the sate after paying his broker. If he paid $78,650 for the property 4 years ago,
what would he have to get as a sales price?
a. | $96,436 | c. | $68,976 | b. | $99,486 | d. | $95,343 |
|
|
19.
|
A 1,800 square foot pizza shop pays an annual rent of $16 per square foot plus
7% of gross sales in excess of $90,000. If sales for the year were $246,000 how much would be paid in
rent?
a. | $39,720 | c. | $24,465 | b. | $40,655 | d. | $37,520 |
|
|
20.
|
A seller with no loans against his house received $65,000 from its sale. The
broker's commission was 6% and closing costs were $2,500. What was the selling price?
a. | $71,809 | c. | $76,889 | b. | $74,670 | d. | $78,890 |
|