Principles Of Real Estate II : Principles Of Real Estate 2: Study Guide: Questions & Answers: Latest Updated

An agent has a written agreement stating that they will earn a management fee of 4% for the first $100,000 of the annual gross collected rent and 5% for all rent that exceeds that amount. If last year's gross rent collection totaled $120,000, the management fee was: (Ans- $5,000 If a buyer makes a 20% down payment and obtains a $95,000 mortgage, what is the sales price of the property? (Ans- $118,750 On a $200,000 sale, Mikayla made 3% in total commission. How much did Mikayla make? (Ans- $6,000 A property is sold for $899,999. The buyer has paid $17,000 as earnest money and is obtaining a 65% loan. Based on the information provided, how much additional cash will the buyer have to bring to the closing day? (Ans- $297,999Appraisal: (Ans- The value of a property, based on factors determined by the opinion of a certified appraiser A seller does not feel like waiting any longer for an appraiser, so they ask their listing agent to do the appraisal for them. The listing agent agrees and performs the appraisal. What is TRUE of this situation? (Ans- Unless they are also a licensed appraiser, the listing agent acted illegally. Which is NOT one of the levels an Appraisal Trainee could reach in their career? (Ans- Master Commercial Appraiser