Metro Broker Academy Final Test– Questions
With Complete Solutions
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Terms in this set (164)
1) What is your take-home b) $4,740.75
from a if the total
commission for the sale Assuming there is a co-broker involved with a 50/50
was 6%, which equaled
$13,545.00 if you have a $13,545. = $6,772.50 (this is the amount split
70/30 split with your W/your broker)
broker?
a) $6772.50 $6,772.50 X 70% = $4,740.75
b) $4740.75
c) $3254.76
d) $6000.00
2) What is a CAM license d) Manager of a subdivision association
for?
a) Listing property
b) Managing apartment
building
c) Managing building
projects
d) Manager of a
subdivision association
3) How many square feet a) 43560
in an acre?
a) 43560
b) 34560
c) 56043
d) 43650
,4) How many square c) 36
miles in a Township?
a) 6
b) 35
c) 36
d) 34
5) What determines the c) The amount of work and time
fee for appraisal?
a) Market price of
property
b) The Lender
c) The amount of work
and time
d) The sales price of the
property
6) In Georgia, most c) Fidelity insurance
community associations
are required to have
what?
a) A licensed CAM agent
b) General insurance
c) Fidelity insurance
d) Hazard insurance
e) An active real estate
broker license
8) If an affiliate licensee d) Yes, always
violates rules and
regulations or license
law, is the broker
required to notify the
commission?
a) Yes, only if money was
involved
b) No, the broker can
provide training
c) No, only consumers
can file complaints
d) Yes, always
,7) If the lender requires 8 b) $1620.84
months of taxes and 5
months of hazardous $1,900. = $158.33
insurance to establish the $158.33 X 8 = $1,266.67 8 months of taxes
escrow account, how
much would the buyer $850. = $70.83
have to pay if the annual $70.83 X5 = $354.17
tax bill was $1900 and the
annual hazardous $1,266.67 + $354.166 = $1,620.84
insurance is $850?
a) $2354.76
b) $1620.84
c) $1273.67
d) $2750.00
9) What is the broker b) Ensuring affiliates are properly licensed
responsible for over a
licensed real estate
agent?
a) Controlling the amount
of work the salesperson
does
b) Ensuring affiliates are
properly licensed
c) Nothing, each person
is responsible for
themselves.
d) Provide no instructions
to licensees
10) Regulation Z covers b) Real estate loan for a new business
all the following except...
a) Real estate loan for
single family home
b) Real estate loan for a
new business
c) Mortgage loan
advertising
d) A $24,000 car loan.
, 11) Who can give an FHA c) Only approved FHA mortgagee
loan?
a) Any lender
b) Only approved FHA
mortgagors
c) Only approved FHA
mortgagee
d) The federal
government lends the
money
12) As a property d) Collecting rent and coordinating any needed
manager, you're repairs
responsible for?
a) Marketing and evicting
undesirable tenants
b) Maintaining insurance
coverage
c) Maximizing value by
maintaining long term
investment of the
property
d) Collecting rent and
coordinating any needed
repairs
13) What water rights b) Riparian rights
control streams?
a) Littoral right
b) Riparian rights
c) Fixtures rights
d) Percolating rights
With Complete Solutions
Save
Terms in this set (164)
1) What is your take-home b) $4,740.75
from a if the total
commission for the sale Assuming there is a co-broker involved with a 50/50
was 6%, which equaled
$13,545.00 if you have a $13,545. = $6,772.50 (this is the amount split
70/30 split with your W/your broker)
broker?
a) $6772.50 $6,772.50 X 70% = $4,740.75
b) $4740.75
c) $3254.76
d) $6000.00
2) What is a CAM license d) Manager of a subdivision association
for?
a) Listing property
b) Managing apartment
building
c) Managing building
projects
d) Manager of a
subdivision association
3) How many square feet a) 43560
in an acre?
a) 43560
b) 34560
c) 56043
d) 43650
,4) How many square c) 36
miles in a Township?
a) 6
b) 35
c) 36
d) 34
5) What determines the c) The amount of work and time
fee for appraisal?
a) Market price of
property
b) The Lender
c) The amount of work
and time
d) The sales price of the
property
6) In Georgia, most c) Fidelity insurance
community associations
are required to have
what?
a) A licensed CAM agent
b) General insurance
c) Fidelity insurance
d) Hazard insurance
e) An active real estate
broker license
8) If an affiliate licensee d) Yes, always
violates rules and
regulations or license
law, is the broker
required to notify the
commission?
a) Yes, only if money was
involved
b) No, the broker can
provide training
c) No, only consumers
can file complaints
d) Yes, always
,7) If the lender requires 8 b) $1620.84
months of taxes and 5
months of hazardous $1,900. = $158.33
insurance to establish the $158.33 X 8 = $1,266.67 8 months of taxes
escrow account, how
much would the buyer $850. = $70.83
have to pay if the annual $70.83 X5 = $354.17
tax bill was $1900 and the
annual hazardous $1,266.67 + $354.166 = $1,620.84
insurance is $850?
a) $2354.76
b) $1620.84
c) $1273.67
d) $2750.00
9) What is the broker b) Ensuring affiliates are properly licensed
responsible for over a
licensed real estate
agent?
a) Controlling the amount
of work the salesperson
does
b) Ensuring affiliates are
properly licensed
c) Nothing, each person
is responsible for
themselves.
d) Provide no instructions
to licensees
10) Regulation Z covers b) Real estate loan for a new business
all the following except...
a) Real estate loan for
single family home
b) Real estate loan for a
new business
c) Mortgage loan
advertising
d) A $24,000 car loan.
, 11) Who can give an FHA c) Only approved FHA mortgagee
loan?
a) Any lender
b) Only approved FHA
mortgagors
c) Only approved FHA
mortgagee
d) The federal
government lends the
money
12) As a property d) Collecting rent and coordinating any needed
manager, you're repairs
responsible for?
a) Marketing and evicting
undesirable tenants
b) Maintaining insurance
coverage
c) Maximizing value by
maintaining long term
investment of the
property
d) Collecting rent and
coordinating any needed
repairs
13) What water rights b) Riparian rights
control streams?
a) Littoral right
b) Riparian rights
c) Fixtures rights
d) Percolating rights
