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Question 1 of 15
1. Question
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?

Question 2 of 15
2. Question
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?

Question 3 of 15
3. Question
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?

Question 4 of 15
4. Question
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?

Question 5 of 15
5. Question
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:

Question 6 of 15
6. Question
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?

Question 7 of 15
7. Question
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?

Question 8 of 15
8. Question
A mortgage loan is 80% of the sales price. The loan’s interest rate is 9%, and the borrower makes semiannual interest payments of $24,750. What is the sales price?

Question 9 of 15
9. Question
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’?

Question 10 of 15
10. Question
A 10yearold property was recently appraised for $257,000. It has depreciated 25% since it was new. What was it originally worth?

Question 11 of 15
11. Question
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?

Question 12 of 15
12. Question
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?

Question 13 of 15
13. Question
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?

Question 14 of 15
14. Question
A building’s dimensions are 35’ × 60’ × 9’. How many square feet does it contain?

Question 15 of 15
15. Question
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?