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 squarefoot 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 $70,430in
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 
