Missouri Real Estate Exam

1) a property was sold with a sales price of $45,000. If the seller paid a commission rate of 6% and the expenses were $650, what would the seller receive a check for at closing?

A) 42,384

B) 44,384

C) 41,650

D) 43, 596

2) When can a broker legally list a property, accept an offer and sign a contract for the seller?

A) when the broker hires an attorney

B) when the broker is also an attorney

C) when the broker has a general power of attorney

D) when the broker has an attorney draft the documents

3) a freehold estate would be defined as a:

A) granting of permission only

B) leasehold estate

C) an estate that is non-transferable

D) life estate or greater

4) a buyer was purchasing a property that was under construction. The buyer was then transferred to another city because of his job. He then let his brother take over the contract for the completion of the job build. This would be referred to as:

a) recession

b) subordination

c) breach of contract

d) novation

5) Which of the following ways of advertising would be allowed under the federal truth in lending laws?

A) shady acres - $10,000 down

B) $10,000 assumable loans in a working mans neighborhood

C) shady acres - payments less then rent

D) shady acres- guaranteed to double in value in 5 years.