$21,000 46. In Illinois, what amount of the sellers total transfer tax stamps, if the sales price is $189,500, the seller takes back a purchase money mortgage for $65,250 and the buyer assumes the sellers existing mortgage of $124,250: a. $32.63 b. $186.38 c. $97.88 d. $284.25 47. A real estate broker earned a sales commission of $13,440, which was a rate of 6%. What was the selling price of the property? $71,489 $79,787 $112,000 $224,000 48. A legal action started by one of the parties to a sales contract to force the other party to carry out their obligations under the contract is called Suit for specific performance. injunction. lis pendens. contingency action. 49. At a real estate closing, the buyer would most likely pay for listing commission. broker’s sale release of the existing mortgage. seller’s preparation of the deed. recording of the new mortgage and recording the deed 50. When a real estate owner in Illinois dies and leaves no will or heirs, the property escheats to the County where the land is located. State the owner lives in Township where the will is probated Federal government. 51. Which expense is usually prorated between the buyer and seller? NOT a. commission Broker’s b. Utility charges c. Prepaid rents d. Real estate taxes
$21,000 46. In Illinois, what amount of the sellers total transfer tax stamps, if the sales price is $189,500, the seller takes back a purchase money mortgage for $65,250 and the buyer assumes the sellers existing mortgage of $124,250: a. $32.63 b. $186.38 c. $97.88 d. $284.25 47. A real estate broker earned a sales commission of $13,440, which was a rate of 6%. What was the selling price of the property? $71,489 $79,787 $112,000 $224,000 48. A legal action started by one of the parties to a sales contract to force the other party to carry out their obligations under the contract is called Suit for specific performance. injunction. lis pendens. contingency action. 49. At a real estate closing, the buyer would most likely pay for listing broker’s sale commission. release of the seller’s existing mortgage. preparation of the deed. recording of the new mortgage and recording the deed 50. When a real estate owner in Illinois dies and leaves no will or heirs, the property escheats to the County where the land is located. State the owner lives in Township where the will is probated Federal government. 51. Which expense is usually NOT prorated between the buyer and seller? a. Broker’s commission b. Utility charges c. Prepaid rents d. Real estate taxes
Practice_Final_Exam__158_Questions_.docx