License Law and Math Practice Exam Question and Answer 100% Correct

License Law and Math Practice Exam Question and Answer 100% Correct John Grant, known to all as a man of integrity and honesty is 19 years old. Seven months ago, John finished and passed his salesperson examination. Why can John NOT receive a license? - John did not apply for license within six months after finishing the salesperson's class. A salesperson working as an independent contractor for a broker may: - List and sell 10 houses a year A property is being appraised by the cost approach. The appraiser estimates that the land is worth $33,000 and the replacement cost of the home is $110,000. A new $20,000 garage was recently added. Total depreciation from all causes is $7,000. What is the indicated value of the property? - $156,000-------Value = land value + (improvements + capital additions - depreciation), so $33,000 land value + ($110,000 home replacement cost + $20,000 garage addition - $7,000 depreciation) = $156,000.