Chapter 14 Review

A sales associate, while working for the broker, acquired a listing for $274,900 at 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property. The listing and the selling brokers agree to a 50-50 split between the two offices. The property sold for the listed price. The selling broker kept 45% of the commission received by the selling office. What is the selling office's split of the commission?

• $8,670

• $8,247

• $8,900

• $7,752

A sales associate, while working for the broker, acquired a listing for $274,900 at a 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property. The listing and the selling brokers agree to a 50-50 split between the two offices. The property sold for the listed price. The selling broker kept 45% of the commission received by the selling office. What is the sales associate's commission at the selling office.

• $4,749.25

• $4,535.85

• $3,711.15

• $4,123.50

A lot sold for $90,000, making a 20% profit. What was the cost of the lot?

• $145,000

• $75,000

• $100,000

• $108,000

A lot sold for $92,000, representing a 20% loss. The original cost of the lot was $110,400.

• True

• False

A lot that cost $86,000 sold for $73,100. What was the percentage of loss?

• 12%

• 15%

• 20%

• 85%

The buyer will write a personal check at the title closing for the funds required at closing

• True

• False

The purpose of the final preclosing inspection is to verify that repairs have been completed and that the property has been left in good condition

• Tru

• False

Prorations are always the same dollar amount entered as a debit to one party and as a credit to the other party

• True

• False

Closing date is March 10. The annual property taxes are $2,514.85 and the tax bill has not yet been paid. The day of closing is charged to the buyer. How much is the proration and how is the proration entered on the Closing Disclosure?

• $468.52 credit seller, $468.52 debit buyer

• $475.41 debit seller, $475.41 credit buyer

• $475.41 credit seller, $475.41 debit buyer

• $468.52 debit seller, $468.52 credit buyer

How much is the intangible tax on new mortgages?

• $.70 per $100

• $.002 per $1 of debt

• $.35 per $100