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15 questions from the real estate salesperson (national) practice test.
10 questions, graded as you go, with the reason for every answer. No sign-up.
A home sells for $325,000 at a 5% commission. The listing brokerage receives half of the total commission, and the listing salesperson is paid 60% of the brokerage's share. How much does the salesperson receive?
Answer in dollars.
4875 dollars
Total commission: $325,000 x 0.05 = $16,250. Listing brokerage share: $16,250 x 0.50 = $8,125. Salesperson: $8,125 x 0.60 = $4,875.
Reference: Commission splits
A buyer purchases a home for $285,000 with a 90% loan-to-value loan. The appraisal equals the price. What down payment is required?
Answer in dollars.
28500 dollars
Loan: $285,000 x 0.90 = $256,500. Down payment: $285,000 - $256,500 = $28,500 (10% of the price).
Reference: Loan-to-value ratio and down payment
A home is under contract for $320,000 and appraises for $310,000. The lender approves a loan of $248,000. What is the loan-to-value ratio?
Answer in percent.
80 percent
LTV uses the lower of price or appraised value: $310,000. $248,000 / $310,000 = 0.80 = 80%.
Reference: Loan-to-value ratio: lesser of price or appraised value