Final Math Quiz Page 1 of 15 The seller is looking to list their home on the MLS for $349,000, the agent reviews the comps and shows that another home sold in the area for $339,000. The agent then determines that he can list the property for 6% commission rate and the seller negotiates it down to 5.5%. What would the total commission due to the listing firm if they listed it as the seller wants? $20,940 $20,340 $19,195 $18,645 Page 2 of 15 A home is listed on the MLS Co-broker Offering is 2.4%. The seller listed it for $120,000.00 and received for the list price. The listing agreement shows a listing commission rate of 5.50%. How much will the selling brokerage receive? $2,880.00 $3,720.00 $6,600.00 $1,500.00 Page 3 of 15 A buyer was interested in possibly making an offer on a property listed on the MLS. The property has been on the market for 2 days. The buyer was curious if they would take a lower priced offer for $335,000. The agent evaluated everything and provided recommendations to the buyer for the home that was listed for $349,000. The buyer wanted to go see the home and the agent set up the showing. The agent was eager to determine how much he would make on the deal and saw the co-brokerage commission offering was 2.4%. The agent estimated the amount he may get based on the ask price. How much is the estimated commision? $8,040 $9,360 $8,736 $8,376 Page 4 of 15 The buyer who is in Minnesota was ordering carpeting for their home they have an accepted offer on, but realized they do not have the measurements for one of the bedrooms. They ask the agent to verify the square footage of Bedroom #3. The agent rushes over and learns the width of the room is 11' and the length of the room is 17'. What square footage does the agent provide? 150 sqft 187 sqft 176 sqft 162 sqft Page 5 of 15 The buyer wanted to put a 6% down payment on the home they are purchasing for $376,000. What is the loan amount of this purchase? $353,440 $398,560 $22,560 $354,000 Page 6 of 15 A selling agent is helping a buyer with a transaction, the MLS Co-broker Offering is 2.4%. Once the transaction closes how much will be the commission check to the selling brokerage if the sale price is $300,000.00? $7,200.00 $7,500.00 $18,000.00 $6,900.00 Page 7 of 15 A selling agent is helping a buyer with a transaction, the MLS Co-broker Offering is 2.4%. Once the transaction closed the commission check to the selling brokerage was $7,200.00. How much will the Agents commission be if they have an agreed split to receive 60% of all commissions they bring in? $7,200.00 $2,880.00 $4,320.00 $4,230.00 Page 8 of 15 The closing is a few days away and the home has municipal sewer and municipal water. The billing cycle is for 60 days of use. The closing occurred on the 15th day of the billing cycle. The total bill was $74.56. The buyer would receive a credit for any amount prior to closing. How much is the seller responsible for? $1.24 $17.36 $57.04 $74.56 Page 9 of 15 The seller listed it for $89,000.00 and received an accepted offer for $95,000.00. The listing agreement shows a listing commission rate of 6.0%. A home is listed on the MLS Co-broker Offering is 2.4%. The selling agent has an agreement with their broker to receive 67% of the commissions they bring in. How much will the selling brokerage receive prior to a split with the agent? $1,026.00 $1,527.60 $2,280.00 $704.88 Page 10 of 15 The sale price of the home is $415,000.00 that is in Bristol, Wisconsin. The state is owed a transfer tax on the sale of this home. 10 days prior to closing an amendment is signed by all parties lowering the sale price to $412,000.00. Upon closing how much is the transfer tax the seller is responsible to pay? $1,236.00 $1,245.00 $1,648.00 $1,472.00 Page 11 of 15 A sale completed on a home located in Randall Township in February for $258,000.00. Randall reassessed the properties for this year. This means that a new property tax bill was sent out letting the new owner know what is owed. The township assessed the value of the property at $225,000.00. The mill rate was used to calculate property taxes was 8.2%. What are the total property taxes owed for this year? $20,561.00 $21,156.00 $18,450.00 $14,570.00 Page 12 of 15 A buyer was looking to purchase a home that was listed for $171,000 but got an accepted offer price of $163,000.00. The buyer was making a down payment of $16,000.00 and received a gift from their parents for an additional $2,000.00 to add it. What is the loan to value ratio for this purchase? 89.47% 90.18% 87.80% 88.95% Page 13 of 15 A home is listed on the MLS where the Co-broker Offering is 2.4%. The seller listed it for $120,000.00 and accepted an offer at the list price. The listing agreement shows a listing commission rate of 5.00% to the listing firm. How much will the Listing Broker’s Remaining Commission Split be if the agreed agent split rate is 75% of all commissions the listing agent brings in to the firm? $540.00 $1,500.00 $2,160.00 $780.00 Page 14 of 15 The closing is a few days away and the home has municipal sewer and municipal water. The billing cycle is for 60 days of use. The closing occurred on the 14th day of the billing cycle. The total bill was $74.56. The buyer would receive a credit for any amount prior to closing. How much does the buyer have to pay when the bill arrives? $1.24 $17.36 $57.04 $74.56 Page 15 of 15 The seller listed it for $155,000.00 and received for the list price. The listing agreement shows a listing commission rate of 5.0% and a co-brokerage split of 2.0%. The Listing Broker’s commission is $7,750.00. The Selling broker has an agreed agent split rate of 50%. What is the total remaining commission the listing brokerage will receive after the co-brokerage split? $4,650.00 $7,750.00 $3,100.00 $2,325.00 Please provide your contact information to proceed.Email Address *First NameLast NameConsent *Yes, I agree to not share any of these questions or answers with any current or future students of SENSIBL Real Estate Academy. I also agree with the privacy policy and terms and conditions.Start Quiz
