1-Joan spends half the year in New Jersey and half in Florida, and is a real estate salesperson licensed in both states. In New Jersey, she works for XYZ Realty, whereas in Florida, she works for Sunshine Realtors.

• Joan is in violation with the NJ Real Estate Commission for working with two different brokers.
• Joan is not in violation, because the brokers are in different states.
• Since XYZ Realty is a nationwide firm with many offices in Florida, she must work for them in both states.
• Joan can work for Sunshine Realtors, providing any commission she earns there is paid through her broker at XYZ Realty.

2.Pete is a licensee who joins a networking club. One of the other members is a CPA who tells Pete that he frequently has clients who need to sell their home and downsize. He already has a relationship with another agent who gives him leads, in return for which the agent pays the CPA a finders fee in the form of a $100 gift card for every referral. He asks Pete if he would like to make a similar arrangement.

• Pete should accept, because no actual cash payments are being made.
• Pete can accept, because nobody is being harmed by such an arrangement.
• Pete can accept, providing he reports the transactions to the Real Estate Commission
• Pete should consult his broker before accepting the offer.

3 -Nancy just bought a $300,000 office building where the lot is assessed at $75,000. She takes out a loan for $100,000 to buy the property. What is the amount of straight-line depreciation in the first year?

• $7,692
• $5,769
• $4,545.45
• $8,182