|
Your Daily
Quiz Newsletter FOR REAL ESTATE
STUDENTS |
FEBRUARY
2001 |
If you’ve passed your state license exam, let us know
& we’ll switch you over to the Realty Complete Newsletter.
Click here to see the Realty Complete Newsletter (for actively licensed agents)
IN THIS ISSUE
About YourDailyQuiz.com & the Newsletter
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ABOUT
YOURDAILYQUIZ.COM & THE NEWSLETTER
Well, I’m running about two weeks behind this month. Between taking care of family members and then I thought I was on my deathbed (but we’ve all recovered), and of course, earning a living, this has been my first chance, so this month’s newsletters will be short and sweet. I’ll wait a little while in March too. I don’t want to inundate anybody with e-mails. I’m also working on getting the HTML version of the newsletter worked out so it can be sent directly to those with e-mail that can handle the better looking format.
Realty Complete is coming along slowly, but surely. We’re mostly working on improving the informational content, to make this the ideal starting point for anyone looking to do anything associated with real estate. No word yet when we can make the free ads for agents available in all states, but I will let you know. YourDailyQuiz.com is doing very well. We are averaging close to 200 page views a day and getting thanks and praise from all over the country. There was one dissenting voice from an instructor in Tennessee, but he hasn’t gotten back to me with what he disagreed with, and I can assure you that all of the answers can be documented. Quite a few real estate students have said they wouldn’t have made it without our help!
Your Daily Quiz is probably the most extensive free site on the Internet to help real estate students pass their state licensing exam (and I’ve got the e-mails to prove it). The site will be growing again soon, and the Topics du Jour will again start rotating every few days. Look for additions to the Extra Help section in the coming weeks as well.
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It’s important to develop good study habits from the very beginning. You should try to study some almost everyday. This is more effective than trying to cram a lot of studying into one day. If you are going to study for a longer period of time, you should take a break every two hours. Break for at least 10 minutes, and 20 to 30 minutes if you are getting tired. In a longer study session, you won’t remember the information you cover at the end.
Cover the same topic over several days. Do your reading on a topic before you go to class, so you are familiar with the material when you hear it from an instructor. Follow up the reading and the class with practice questions from more than one source.
Another useful tool is flash cards. If you are going to make them yourself, you need to start at the beginning of the class. Starting even a few classes into the course will become very time consuming. Once you have flash cards, either made or purchased, alternate how you go through them. The first time, look at the word or phrase and guess the definition. The next time, look at the definitions and guess the terms. Either way, if you get one wrong, put the card on the bottom of the pile, so you keep coming back to it until you know it. If you get it right you can set it aside until the next time you study.
Your two most important areas of concentration are learning vocabulary and getting practice answering questions. If you get a question wrong, make sure you understand WHY you got it wrong. Rather than reading an entire chapter again, read over the parts of chapters that you realize you don’t understand when you’re answering questions.
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(Answers at the bottom of the newsletter – No looking ahead!)
Question 1
Sue is a salesperson for Bayside Real Estate Co. in Ocean City. She gets 55% of the selling commission for selling a house listed with Bayside, and 52% for selling a house listed with another company. One of her buyers is deciding between an oceanfront house listed with Seashell Realty for $320,000 with a 3% selling commission, or a Bayside listing three blocks inland for $240,000 with a 3.5% selling commission. Assuming the buyer pays full list price, how much more would Sue get in commission if she sells Seashell's by the seashore?
A. $912.
B. $372.
C. $1200.
D. $624.
Question 2
A builder plans to divide a 54-acre property into building lots. He will use 535,000 square feet for streets and community amenities. Under the local zoning laws, each lot must be at least one-quarter of an acre. What is the maximum number of houses that can be built?
A. 41.
B. 42.
C. 166.
D. 167.
Question 3
A 35 year old building has an estimated useful life of 50 years. It has an estimated replacement cost of 140,000 dollars. What is the depreciated value of the building under the cost approach?
A. $42,000.
B. $60,000.
C. $98,000.
D. $140,000.
Question 4
What are the taxes on a $134,000.00 house if properties are assessed at 40% of market value, and the tax rate is $3.50 per hundred dollars of assessed value?
A. $536.00.
B. $1876.00.
C. $4690.00.
D. None of the above.
Question 5
A contract of sale requires the seller to install new carpeting in the living room and dining room. The living room is 18'6" x 14 and the dining room is 10' x 12'3". The carpeting costs $18.00 per square yard. What will be the total cost?
A. $763.00.
B. $766.80.
C. $2289.00.
D. None of the above.
Question 6
Andrew nets $118,800.00 out of the sale of his house after paying 10% of the sale price in commission and other closing costs. If the house sold for 10% more than what he paid, what was the original purchase price?
A. $117,612.
B. $118,800.
C. $120,000.
D.
$132,000.
Answers
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(Explanations can be found at http://yourdailyquiz.com/YDQNewsletter200102B.htm)
Question 1 – B Question 2 – C Question 3 – A
Question 4 – B Question 5 – A Question 6 – C
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