PRE2 - Level 1 & 2 Review - On Own

Principles of Real Estate 2

Review/Recap - Quick

Multiple Choice

If a house sold for $350,000 and there was a 5% commission, how much was the commission?

• $17,500

• $8,750

• $175,000

• $350

Match

Match the formula to what is being asked.

• Solve for Total

• Solve for Part

• Solve for Percent

Part/Percentage

Total x Percentage

Part/Total

• Part/Percentage

• Total x Percentage

• Part/Total

Multiple Choice

How do you solve for Profit or Loss?

• Total Revenue-Net Costs/Expenses

• Total Revenue + Net Costs/Expenses

• Revenue x Costs

Multiple Choice

How would you find quarterly interest?

• Annual Interest Rate / 12

• Annual Interest Rate / 4

• Annual Interest Rate / 2

• Loan Amount x Interest Rate

Multiple Choice

What is your monthly payment made up of when it comes to an amortization table?

• PITI

• Principal & Interest

• Taxes and Insurance

• Principal, Interest, and Insurance

Multiple Choice

What kind of value are your property taxes based of?

• Market Value

• Assessed value

• Appraised value

Multiple Choice

Property taxes are prorated (split) between the buyer and seller depending on when the property is closed.

• True

• False

Multiple Choice

How many sqft are in an acre?

• 43,560

• 9

• 640

• 5,280

Multiple Choice

Who usually chooses the appraiser?

• Buyer

• Seller

• Lender

• Agent

Match

Match the type of value to what is used for.

• Market Value

• Appraised Value

• Assessed Value

Value that is listed and offered (sold)

Satisfy Lender and Insurer Requirements

Calculating taxes

• Value that is listed and offered (sold)

• Satisfy Lender and Insurer Requirements

• Calculating taxes

Multiple Choice

Residential, single-family homes, value is usually based off what kind of valuation.

• Sales Approach

• Cost Approach

• Income Approach

Multiple Choice

An Appraisal is the exact same thing as an CMA.

• True

• False