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Colorado Real Estate Math
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Terms in this set (73)
A real estate agent is paid $200.00 a month salary and a 2 ½ % commission on everything sold over $150,000 in one year. If the agent makes $22,000 one year. How much did the agent sell?
784000
634000
934000
880000
934000
$200 X 12 = $2,400 (total salary); $22,000 - $2,400 = $19,600 (total commission sales) / .025 (commission rate) = $784,000 (sales above $150,000 that earned the $19,600 commission) + $150,000 = $934,000 (Total Sales)
A $75,000 loan requires a $1,875 discount to be paid by seller and a $375 discount to be paid by the buyer. This is how many total discount points?
2
2.5
3
3.5
3
$1875 + $375 = $2,250. I / V = R. $2,250 / $75,000 = .03
An investor earned $27,500 on a $375,000 investment. What is the rate of return?
0.115
0.073
0.136
0.094
0.073
$27,500 / $375,000 = 7.3%
If the scale drawing for a lot is 3 inches by 4 inches and the actual lot is 90 feet x 120 feet, how many feet would be represented by 5 1/4 inches?
210.00 feet
157.50 feet
127.50 feet
180.00 feet
157.50 feet
90' / 3" or 120' / 4" = 30 ' per inch; 30' per inch X 5.25" = 157.5'
As a property manager, you have an agreement that your fee will be 8% on the first $150,000 gross rent, 5% on the next $100,000, and 2.5% on everything over the $250,000. If last year's gross rent was $417,500 what was the management fee?
4187.5
9187.5
21187.5
16187.5
21187.5
First calculate the commission earned on the first tier - ($150,000 X .08 = $12,000 commission) then calculate the commission on the second tier - ($100,000 X .05 = $5,000) then calculate the amount of the remaining gross rent over $250,000 - ($417,500 - ($150,000 + $100,000) = $167,500) then calculate the commission on the remaining amount ($167,500 X .025 = $4,187.50). Add the commissions together $12,000 + $5,000 + $4,187.50 = $21,187.50 total management fee
A loan company will provide a loan to Bill and Hillary for 75% of the appraised value of their home. The interest rate is 10.5%. The first monthly interest payment is $820. The bank requires 4 discount points (hint: a discount point is 1% of the loan amount) to obtain this interest rate. How much will the discount points cost?
2840
3749
5575
9714
3749
$820 x 12 = $9,840 annual interest paid. $9,840 / .105 (annual interest converted to a decimal) = $93,714.28 Total Loan Amount. $93,714 x .04 (A discount point is 1% of the loan amount - you have 4 of them) = $3.749.57 in Discount Points
Mr. Baker sold his house for $27,000, which is a 10% loss over what he originally paid for it. What did he pay for the house originally?
28000
30000
33000
35000
30000
How many 50-foot by 110-foot lots could be obtained from an acre of land?
6
7
8
9
7
This question involves calculating square footage. Whenever you do math questions like this you need to get all the factors converted to a common measure. You've got two measures here - one is "50-foot by 110-foot" and the other is "acre". In order to calculate how many of one (the lots) can be carved out of the other (the acre), you need to convert them to the common measure of square feet.
Multiply 50 x 110 to get the square footage of one lot or 5500 square feet. The acre is a little trickier; you have to just know the total square feet (for us and the state test). It is 43560. Divide 5500 into 43560 and you get 7.920 lots. The question wants to know how many 50 x 100 foot lots you can get of an acre - the answer is 7. The .920 is not a full lot.
If a property's annual net income is $24,000, and it is valued at $300,000, what is the capitalization rate?
0.08
0.105
0.125
0.15
0.08
$24,000 (Net Income) / $300,000 (Value) = 8% (Rate)
A home was appraised for tax purposes at 70 percent of its $150,000 purchase price. The mill rate is 28.6. What are the annual taxes?
2889
4290
3003
3182
3003
($150,000 x 70 % x .0286) = $3003
A house has a market value of $ 110,000. The assessed value is 30% of the market value. If the mill levy is 52 mills, what is the yearly tax on the house?
5720
4004
572
1716
1716
$110,000 X 30% = $33,000 (Assessed value) X .052 = $1,716
To net the owner $90,000 after a 6% commission is paid; the list price would have to be:
95400
95745
95906
96000
95745
$90,000 / 94% = $95,745; $95,745 x 6% = $5,745
The listing and selling broker will split the commission of 6.5% the selling broker received $2,593.50 as her share. What was the sales price of the property?
39900
56200
79800
89100
79800
Take $2, 593.50 X 2 = $5,187 and divide that by .065 = $79,800
Bill & Sarah applied for a VA loan to purchase a property for $158,000. The property appraised at $157,000. They agreed to pay a 1/2 % loan origination fee. How much will they pay in origination fees?
790
795
785
995
785
VA loans are only made on the appraised value so the loan amount would be $157,000 and 1/2% would be 157,000 X .005 = $785
Mr. Davis was assessed by the city 6 cents per square foot of his property as a special assessment, his property measured 80 X 135. What did the special assessment cost him?
64.8
648
6480
592.75
648
Take the length 135 times the width 80 to get the total square footage = 10800 X .06 = $648
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