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20 Cards in this Set
- Front
- Back
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1. Change the percentages to decimals
a. 39 ½ % ___________ b. 2% ___________ c. 75% ___________ d. 145% ___________ |
a. 0.395 b. 0.02 c. 0.75 d. 1.45 |
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2. Change the percentages to fractions a. 50% ___________ b. 20% ___________ c. 25% ___________ d. 40% ___________ |
a. 1/2 b. 1/5 c. 1/4 d. 2/5 |
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3. Change the fractions to decimals a. 1/8 ___________ b. 3/5 ___________ c. 1/16 ___________ d. 1/20 ___________ |
a. 0.125 b. 0.6 c. 0.0625 d. 0.05 |
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4. Divide these numbers a. 44,032 ÷ 1.72 ___________ b. 493.8 ÷ .60 ___________ c. 18,768 ÷ 25.5 ___________ d. 7,735 ÷ .17 ___________ |
a. 25,600 b. 823 c. 736 d. 45,500 |
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5. A broker lists a motel for $1,450,000. The listing contract specifies a 6 ½% sale commission for the first$600,000 of selling price, 7% for the next $800,000, and 8% commission on all of the actual sale priceexceeding $1.4 million. The broker has agreed to a 45-55 split if the property is sold by one of thebroker’s sales associates. The property is sold “in house.” The broker pays the sales associate involvedin the transaction 55% of the total commission. What is the sales associate’s commission if theassociate sells the motel for the listed price? a. $44,550 b. $54,450 c. $95,000 d. $99,000 |
b. $54,450
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6. The interest portion of a man’s first monthly payment on a 30-year 12% mortgage amounts to $550. Ifthe loan-to- value ratio for the man’s house is 80%, how much did he pay for the house?
a. $44,000 b. $55,000 c. $68,750 d. $110,000 |
c. $68,750
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7. You bought a house in Citrus, Florida, for $130,000. You gave a deposit of $19,480, assumed a recordedmortgage of $90,520, and signed a new second mortgage and note for $20,000. What are the totalstate taxes due as a result of this transfer of property?
a. $1,297.50 b. $1,336.75 c. $1,336.8 d. $1,337.10 |
d. $1,337.10
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8. A broker lists a property, a 7% commission is agreed to, and the listing is placed in the MLS. The salecommission is to be split as follows: 45% to the listing broker and 55% to the selling broker. A salesassociate who works for a cooperating broker, sells the property for $160,000. The sales associate’sagreement with her employer calls for a 60% share to her of all commissions she brings to thecompany. How much is due the sales associate? a. $2,016 b. $2,464 c. $3,024 d. $3,696 |
d. $3,696
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9. A woman owned 3/8 of a property. She was paid $45,000 as her share of the proceeds from the sale ofthe property. What was the total selling price of the property? a. $61,875 b. $75,000 c. $90,000 d. $120,000 |
d. $120,000
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10. To get a mortgage loan of $31,000, a buyer has agreed to pay all state tax costs incurred by creation ofthe new mortgage. What is the total cost? a. $62.00 b. $108.50 c. $170.50 d. $217.00 |
c. $170.50
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11. You have a VA mortgage of $48,000 at 9% with a 30-year term. The monthly principal and interestpayment is $386.21. What portion of the second month’s payment will apply to amortization of themortgage? a. $26.21 b. $26.41 c. $359.80 d. $360.00 |
b. $26.41
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12. In the mortgage cited in question 11, what would the monthly payments amount to if your propertytaxes were $840 and your annual insurance cost was $570? a. $433.71 b. $456.21 c. $474.71 d. $503.71 |
d. $503.71
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13. A woman bought three 200-foot lots on a lake for $500 per front foot each. She then subdivided theselots into six lakefront lots, which she then sold for $62,500 each. What was her percentage of profit onthe sales?
a. 20% b. 25% c. 75% d. 80% |
b. 25%
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14. A warehouse measures 720 feet by 500 feet and rents for $118,000 a month. What is the rent persquare foot per month? a. $0.25 b. $0.33 c. $3.05 d. $3.96 |
b. $0.33
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15. A man incurred a 20% loss when he sold a 10-acre parcel (tract A) for $100,000. He also owns a 25-acreparcel (tract B) for which he paid $200,000. How much must he sell tract B for if he wishes not only torecover his loss from tract A but also to realize a 20% profit on his investment in tract B? a. $260,000 b. $265,000 c. $270,000 d. $275,000 |
b. $265,000
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16. A couple is purchasing an apartment building. Each of the five apartments rents for $815 per month.The closing is scheduled for September 16, and the rents were collected on September 1. What is therent proration for this transaction and to whom will the amount be credited? The day of the closingbelongs to the buyer. a. $407.50, credit buyer b. $1,901.67, credit seller c. $2,037.50, credit buyer d. $2,173.33, credit seller |
c. $2,037.50, credit buyer
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17. A 28.5-acre parcel of land in Orange County sells for $4,100 per acre. What is the documentary stamptax on the deed? a. $409.15 b. $642.85 c. $817.95 d. $818.30 |
d. $818.30
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18. How is the buyer’s binder deposit entered on the closing statement? a. Debit to buyer only b. Credit to buyer only c. Debit to seller and credit to buyer d. Debit to buyer and credit to seller |
b. Credit to buyer only
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19. How is the purchase price entered on the closing statement? a. Credit to seller only b. Credit to buyer only c. Credit to seller and debit to buyer d. Credit to buyer and debit seller |
c. Credit to seller and debit to buyer
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20. How are unpaid property taxes entered on the closing statement? a. Debit to seller only b. Debit to buyer only c. Credit to seller and debit buyer d. Credit to buyer and debit seller |
d. Credit to buyer and debit seller
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