Metro Broker Academy Final UPDATED Actual Exam Questions and CORRECT Answers
4 views 0 purchase
Course
Metro Broker Academy
Institution
Metro Broker Academy
Metro Broker Academy Final UPDATED
Actual Exam Questions and CORRECT
Answers
1) What is your take-home from a if the total commission for the sale was 6%, which equaled
$13,545.00 if you have a 70/30 split with your broker?
a) $6772.50
b) $4740.75
c) $3254.76
d) $6000.00 - CORRECT ANSWER...
Metro Broker Academy Final UPDATED
Actual Exam Questions and CORRECT
Answers
1) What is your take-home from a if the total commission for the sale was 6%, which equaled
$13,545.00 if you have a 70/30 split with your broker?
a) $6772.50
b) $4740.75
c) $3254.76
d) $6000.00 - CORRECT ANSWER- ✔✔b) $4,740.75
Assuming there is a co-broker involved with a 50/50
$13,545. = $6,772.50 (this is the amount split W/your broker)
$6,772.50 X 70% = $4,740.75
2) What is a CAM license for?
a) Listing property
b) Managing apartment building
c) Managing building projects
d) Manager of a subdivision association - CORRECT ANSWER- ✔✔d) Manager of a
subdivision association
3) How many square feet in an acre?
a) 43560
b) 34560
c) 56043
d) 43650 - CORRECT ANSWER- ✔✔a) 43560
4) How many square miles in a Township?
,a) 6
b) 35
c) 36
d) 34 - CORRECT ANSWER- ✔✔c) 36
5) What determines the 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 - CORRECT ANSWER- ✔✔c) The amount of work and
time
6) In Georgia, most 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 - CORRECT ANSWER- ✔✔c) Fidelity insurance
8) If an affiliate licensee 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 - CORRECT ANSWER- ✔✔d) Yes, always
7) If the lender requires 8 months of taxes and 5 months of hazardous insurance to establish
the escrow account, how much would the buyer have to pay if the annual tax bill was $1900
and the annual hazardous insurance is $850?
a) $2354.76
b) $1620.84
,c) $1273.67
d) $2750.00 - CORRECT ANSWER- ✔✔b) $1620.84
$1,900. = $158.33
$158.33 X 8 = $1,266.67 8 months of taxes
$850. = $70.83
$70.83 X5 = $354.17
$1,266.67 + $354.166 = $1,620.84
9) What is the broker 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 - CORRECT ANSWER- ✔✔b) Ensuring affiliates are
properly licensed
10) Regulation Z covers 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. - CORRECT ANSWER- ✔✔b) Real estate loan for a new business
11) Who can give an FHA loan?
a) Any lender
b) Only approved FHA mortgagors
c) Only approved FHA mortgagee
d) The federal government lends the money - CORRECT ANSWER- ✔✔c) Only approved
FHA mortgagee
, 12) As a property manager, you're 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 - CORRECT ANSWER- ✔✔d)
Collecting rent and coordinating any needed repairs
13) What water rights control streams?
a) Littoral right
b) Riparian rights
c) Fixtures rights
d) Percolating rights - CORRECT ANSWER- ✔✔b) Riparian rights
14) An agent received a personal note for earnest money. Is this legal?
a) No, must be cash or certified funds
b) No, the agent should ask the client for certified funds
c) No, the contract is void
d) Yes, if the offer states that the earnest is a personal note - CORRECT ANSWER- ✔✔d)
Yes, if the offer states that the earnest is a personal note
15) Based on Fair Housing a landlord may refuse to rent to all the following except...
a) Teenage students
b) A traveling salesman that could leave at any time
c) A drunk in rehab
d) Someone with no down payment
e) He must rent to anyone - CORRECT ANSWER- ✔✔c) A drunk in rehab
16) Based on the Sherman Antitrust Law, what is the commission for Atlanta?
a) 6%
b) 3%
c) Based on the brokers policy
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
