Chapter 19 Quiz

The asking price is $345,000. The property sells for $330,000. The commission is 6%. 60% of the commission goes to the broker and 40% goes to the salesperson. How much did the salesperson receive?

The salesperson earned a 6% commission on the first $500,000 of the sales price and 3% on that portion of the sales price that exceeded $500,000. The commission was $36,600. What was the sales price?

A property recently sold for $390,000. How much will the annual property taxes be if the tax rate is $0.95 per $100 of assessed valuation?

From the point of beginning, a property’s boundaries run 900 feet in a southerly direction; then due east for 1,250 feet; then in a northerly direction 300 feet; then back to the point of beginning. How many square feet are in the described parcel?

A home is presently appraised at $550,000. Calvin bought it new four years ago. Since then it has depreciated 16%. The home was originally worth approximately:

Smith bought a home six years ago for $210,000. He wants to sell the property for a 25% profit after paying a 7% commission and $1,750 in settlement costs. What would he have to sell the home for?

A salesperson sells an apartment building for $2,500,000. She earns a commission of $122,500. If she was paid a 7% commission on the first $1,000,000 of the sales price, what was her rate of commission on the remainder of the sales price?

A mortgage loan is 80% of the sales price. The loan’s interest rate is 9%, and the borrower makes semi-annual interest payments of $24,750. What is the sales price?

The broker’s commission is 7% of the sales price. What is the commission if the property sells for $8.50 per square foot and its dimensions are 200’ × 175’?

A 10-year-old property was recently appraised for $257,000. It has depreciated 25% since it was new. What was it originally worth?

A lender charges a borrower 3 points. How much money will the borrower have to have at closing if the sales price is $445,000 and the lender is requiring a 20% downpayment?

Jones borrowed $45,000 to purchase some office furniture. He agreed to pay 9.5% annual interest plus the amount borrowed at the conclusion of 20 months. What was the amount of the payment?

An appraiser determines the property’s net operating income is $125,350. If she applies a capitalization rate of 8%, what is the market value of the property?

A building’s dimensions are 35’ × 60’ × 9’. How many square feet does it contain?

A convenience store grosses $555,000 annually. Its operating expense ratio is 83%. If the appraiser assigns a 7% capitalization rate, what is the estimated value of the property?