Under the conventional retail inventory method the cost-to-retail ratio includes the retail price of goods available and:

a) markups only
b) markups and markdowns
c) net markups only
d) net markdowns only

Answer: c) net markups only

Business

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To qualify for a tax free exchange, properties MUST:

a) have the same income b) have different incomes c) be of like kind d) have deeds in corporate names

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The fiduciary obligation to protect a client's confidential information continues:

A: For three years after escrow closes; B: For the term of the listing agreement; C: Only when escrow is open; D: After the term of the listing agreement.

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