Free West Virginia Math Practice Test — LicenseIQ

Question 1

What is the maximum administrative fine the Commission may impose?

Accepted Answer

Section 30-40-7(l) authorizes an administrative fine of up to $1,000 per day per violation. $5,000 and $10,000 figures come from the criminal fine ranges for second offenses, which a court imposes, not the Commission.

Question 2

Within how many days of filing must the Human Rights Commission complete its investigation of a housing complaint, unless impracticable?

Accepted Answer

Section 16B-18-11 requires completion within 100 days unless impracticable, with written notice to the parties of the reasons for any delay.

Question 3

A borrower pays $4,500 for 1.5 discount points. What is the loan amount?

Accepted Answer

Loan = cost of points / points as a percentage = $4,500 / 0.015 = $300,000.

Question 4

Where are administrative fines collected by the Commission deposited?

Accepted Answer

Under §30-40-9(c), administrative fines go to the General Revenue Fund. License fees, by contrast, go to the special revenue 'real estate license fund.' West Virginia has no recovery fund.

Question 5

A property sells for $187,350 in a county using the base county rate. What is the STATE portion of the transfer tax?

Accepted Answer

$187,350 / $500 = 374.7, and a fraction of $500 counts as a full unit, so 375 units. 375 x $1.10 = $412.50. Prorating to $412.17 ignores the fraction rule; $618.75 is state plus county.

Question 6

A listing agreement in which the broker earns a commission regardless of who sells the property is a(n):

Accepted Answer

In an exclusive right-to-sell listing, the listing broker earns a commission no matter who procures the buyer, even the owner. (Reclassified to section 6 / CORE.)

Question 7

A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

Accepted Answer

In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)

Question 8

How many Commission members constitute a quorum?

Accepted Answer

Three of the five members are a quorum under §30-40-6. Requiring all five would make the Commission unable to act whenever one seat was vacant.

Question 9

A rectangular lot is 100 ft by 150 ft. How many square feet is it?

Accepted Answer

Area = length x width = 100 x 150 = 15,000 square feet. (250 is the sum of two sides.)

Question 10

A buyer purchases a home for $425,000 with a loan of $361,250. What is the LTV?

Accepted Answer

LTV = loan / price = $361,250 / $425,000 = 0.85 = 85%. (15% is the down payment percentage.)

Question 11

Before a listing broker pays part of its commission to the broker representing the buyer, what does 174CSR1 require?

Accepted Answer

174CSR1 §10.5 requires written notice to all parties before a broker pays part of its compensation to a broker representing another party.

Question 12

Without a license, a broker's non-commissioned clerical employee may do all of the following EXCEPT:

Accepted Answer

Section 30-40-5(c)(10) allows clerical staff to distribute predetermined information, process rental bookings of up to 30 consecutive days, collect predetermined fees and schedule appointments. Negotiating terms is licensed activity.

Question 13

A 275-gallon heating oil tank costs $168 to fill at $4.20 per gallon. The buyer will credit the seller for the oil remaining in the tank. What is the credit?

Accepted Answer

Gallons needed = $168 / $4.20 = 40; remaining = 275 - 40 = 235 gallons; credit = 235 x $4.20 = $987.

Question 14

A home sells for $240,000 in a county using the base county rate. What is the combined state and county transfer tax, excluding any recording fees?

Accepted Answer

$240,000 / $500 = 480 units. State: 480 x $1.10 = $528.00. County: 480 x $0.55 = $264.00. Total $792.00. $528.00 is the state tax alone.

Question 15

How often must the West Virginia Real Estate Commission meet, at a minimum?

Accepted Answer

Section 30-40-7(m) requires the Commission to meet at least once each calendar year and more often as needed. Monthly meetings may happen in practice but are not the statutory minimum.

Question 16

The seller prepaid $4,320 in property taxes for the calendar year. Closing is April 20, and the seller owns the day of closing. Using a 360-day year (30-day months), what is the proration?

Accepted Answer

Daily = $4,320 / 360 = $12. Seller owned Jan 1-Apr 20 = 3 months + 20 days = 110 days, so the buyer owes for 360 - 110 = 250 days. 250 x $12 = $3,000, credited to the seller (who prepaid) and debited to the buyer.

Question 17

How is the Commission's membership divided between licensees and the public?

Accepted Answer

Section 30-40-6 requires four licensed members and one unlicensed citizen member. The 'three and two' split is a common distractor borrowed from other boards.

Question 18

An 8-unit building rents for $1,100 per unit per month with 5% vacancy. Annual operating expenses are $28,320 (excluding debt service). At an 8% capitalization rate, what is the value?

Accepted Answer

PGI = 8 x $1,100 x 12 = $105,600; less 5% vacancy = $100,320; NOI = $100,320 - $28,320 = $72,000; value = $72,000 / 0.08 = $900,000.

Question 19

A house is L-shaped: one section is 40 ft by 30 ft and the other is 20 ft by 15 ft. At $185 per square foot, what is the estimated cost to build?

Accepted Answer

Area = (40 x 30) + (20 x 15) = 1,200 + 300 = 1,500 sq ft; 1,500 x $185 = $277,500.

Question 20

Annual taxes are $3,650. Using a 365-day year, what is the daily proration amount?

Accepted Answer

$3,650 / 365 = $10 per day. (The course's default convention is a 360-day year; this question specifies 365.)

Question 21

A broker earned a $15,750 commission on a $450,000 sale. What was the commission rate?

Accepted Answer

Rate = commission / sale price = $15,750 / $450,000 = 0.035 = 3.5%.

Question 22

A seller says, 'I will pay any broker a 5% commission if they bring me a buyer.' This promise creates a(n):

Accepted Answer

In a unilateral contract only one party is bound (to pay if the act is performed); the other party has no obligation to act. Most real estate contracts are bilateral.

Question 23

A buyer purchases a $275,000 home with an 80% LTV loan and pays 2.5 discount points. What do the points cost?

Accepted Answer

Loan = $275,000 x 0.80 = $220,000; points = $220,000 x 0.025 = $5,500. ($6,875 wrongly applies points to the price.)

Question 24

Annual taxes of $5,400 are paid in arrears at year-end. Closing is June 15, and the seller owns the day of closing. Using a 360-day year, what is the proration?

Accepted Answer

Daily = $5,400 / 360 = $15. Seller owned Jan 1-Jun 15 = 5 months + 15 days = 165 days. 165 x $15 = $2,475. Because the buyer will pay the whole bill later, the seller is debited and the buyer credited.

Question 25

When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:

Accepted Answer

Designated agency assigns separate agents within one brokerage; the broker is still a dual agent and written consent is required.

West Virginia real estate math practice test

1. What is the maximum administrative fine the Commission may impose?

2. Within how many days of filing must the Human Rights Commission complete its investigation of a housing complaint, unless impracticable?

3. A borrower pays $4,500 for 1.5 discount points. What is the loan amount?

4. Where are administrative fines collected by the Commission deposited?

5. A property sells for $187,350 in a county using the base county rate. What is the STATE portion of the transfer tax?

6. A listing agreement in which the broker earns a commission regardless of who sells the property is a(n):

7. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

8. How many Commission members constitute a quorum?

9. A rectangular lot is 100 ft by 150 ft. How many square feet is it?

10. A buyer purchases a home for $425,000 with a loan of $361,250. What is the LTV?

11. Before a listing broker pays part of its commission to the broker representing the buyer, what does 174CSR1 require?

12. Without a license, a broker's non-commissioned clerical employee may do all of the following EXCEPT:

13. A 275-gallon heating oil tank costs $168 to fill at $4.20 per gallon. The buyer will credit the seller for the oil remaining in the tank. What is the credit?

14. A home sells for $240,000 in a county using the base county rate. What is the combined state and county transfer tax, excluding any recording fees?

15. How often must the West Virginia Real Estate Commission meet, at a minimum?

16. The seller prepaid $4,320 in property taxes for the calendar year. Closing is April 20, and the seller owns the day of closing. Using a 360-day year (30-day months), what is the proration?

17. How is the Commission's membership divided between licensees and the public?

18. An 8-unit building rents for $1,100 per unit per month with 5% vacancy. Annual operating expenses are $28,320 (excluding debt service). At an 8% capitalization rate, what is the value?

19. A house is L-shaped: one section is 40 ft by 30 ft and the other is 20 ft by 15 ft. At $185 per square foot, what is the estimated cost to build?

20. Annual taxes are $3,650. Using a 365-day year, what is the daily proration amount?

21. A broker earned a $15,750 commission on a $450,000 sale. What was the commission rate?

22. A seller says, 'I will pay any broker a 5% commission if they bring me a buyer.' This promise creates a(n):

23. A buyer purchases a $275,000 home with an 80% LTV loan and pays 2.5 discount points. What do the points cost?

24. Annual taxes of $5,400 are paid in arrears at year-end. Closing is June 15, and the seller owns the day of closing. Using a 360-day year, what is the proration?

25. When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:

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