Unit 8 Practice Exam Copy
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Question 1 of 15
1. Question
A sales associate sells a house for $330,000. His commission of $5,940 is 30% of the total commission. What is the total commission percentage?
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Question 2 of 15
2. Question
A broker received a commission of $34,375. The commission rate was 5.5%. What was the price?
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Question 3 of 15
3. Question
A broker sold his listing for $420,000 and gets a commission of $26,880. What was the commission rate?
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Question 4 of 15
4. Question
A woman bought a building site six months ago for $75,000. She sold it last week for $63,500. What was her percentage loss?
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Question 5 of 15
5. Question
Which party usually orders the appraisal on a home sale with a federally-related mortgage?
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Question 6 of 15
6. Question
The closing date for a home priced at $400,000 is May 3. Property taxes are $3,758.60. What is the proration, and on which page of the Closing Disclosure is the proration shown?
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Question 7 of 15
7. Question
Closing date is September 5. The buyer is assuming the seller’s 4% mortgage which has a balance of $234,512.54. What is the proration?
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Question 8 of 15
8. Question
The sale price of a home is $428,550. What are the documentary stamp taxes on the deed and where are they shown on the closing statement?
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Question 9 of 15
9. Question
A buyer finances the purchase of his new $230,000 home with an 80% mortgage. What are the state taxes associated with the financing?
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Question 10 of 15
10. Question
Which item is usually debited to the seller in a real estate closing?
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Question 11 of 15
11. Question
On which page of the Closing Disclosure will one find the brokerage commission?
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Question 12 of 15
12. Question
Why should a buyer purchase the first year’s insurance policy at least 30 days in advance of the closing?
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Question 13 of 15
13. Question
The Closing date is June 15. Monthly rent collected in advance by the seller is $2,750. What is the proration, and on which page of the Closing Disclosure is the proration shown?
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Question 14 of 15
14. Question
A broker has listed a house with a 6% commission and offers a 45% commission split to cooperating brokers. Another broker sells the house for $490,000. What is the selling broker’s commission at closing?
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Question 15 of 15
15. Question
A broker lists a house with a 6.5% commission and offers a 50% commission split to cooperating brokers. A sales associate in another office sells the house for $1,250,000. The sales associate receives 55% of the commission received by her broker. What is the sales associate’s commission?
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