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Real Estate Math Problems
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Terms in this set (26)
What was the price per front foot for a 100' x 125' lot that sold for $125,000. (the first number is front foot)
1. $1,250 2. $1,000 3. $556 4. $10
1. $1,250
125,000÷100 = 1,250
If the bank makes 90% loan on a house valued at $88,500 how much additional cash is required as a down payment if the buyer has already paid $4,500 in earnest money
1. $3,500 2. $4,000 3. $4,350 4. $8,850
3. $4,350
P÷T×R 8,850÷88,500×90%-10% = $4,350
What did the sellers pay for their home if they sold it for $298,672 which gave them a 12% (+100%) profit over their original cost? Round your answer to the nearest cent.
1. $243,671.43 2. $266,671.43 3. $312,512.64 4. $334,512.64
2. $266,671.43
P÷T×R 298,672÷T×1.12= 266,671.43
The sale of a home is to close on Sept 28 included in the sale is a garage apt that is rented for $350 per month the tenant has paid the Sept rent what is the proration using actual days & prorating thru the day of closing
1. $325.67 2. $23.33 3. $350.00 4. $175.00
$23.33
350÷30 = 11.666×2 days = 23.33
An owner agrees to list his property on the condition that he will receive at least $47,300 after paying a 5% broker's commission and paying $1,150 in closing costs at what price must it sell 1. $48,450 2. $50,815 3. $50,875 4. $51,000
P÷T×R P (47300+1150=48450) R(100%-5%=95% .95) 48450÷T×.95=51000
4. $51,000
A tenant's monthly rent $825 what is the rent as a percentage of an annual income of $41,000
1. 18% 2. 24% 3. 33% 4. 40%
2.. 24%
P÷T×R
P (825x12=9900) 9900÷41000 x R = 24%
Two brokers split the 6% commission on the sale of a $324,000 home. The selling broker's sales associate was paid 70% of the selling brokers share. The listing brokers sales associate was paid 30% of the listing brokers share. How much did the listing brokers sales associate receive
1. $2,916 2. $6,804 3. $19,440 4. $20,275
1.$2916
P÷T×R
P÷324000×6%(.06)=9720
P÷9720×3%(.03)=2916
Find the number of sq ft in a lot with a frontage of 75ft 6in(75.5) and a depth of 140ft 9in(140.75)
1. 10,626.625 2. 10,652.04 3. 216.25 4. 25,510.875
1. 10,626.625
75.5×140.75=10,626.625
The buyer has agreed to a $175,000 sales price 2.5 loan discount poinst and a 1% loan origination fee if the buyer receives a 90% loan to value how much will the buyer owe at closing for points and the origination fee
1. $1,575.00 2. $3,937.50 3. $5,512.50 4. $6,125.00
3. $5,512.50
P÷T×R
P÷175000×90%(.9)=157500
P÷157500×.035(2.5%+1%)= 5512.50
Calculate eight month's interest on a $5,000 interest only loan at 9.5% (loan amt x interest)
1. $475.00 2. $316.66 3. $237.50 4. $39.58
2. $316.66
5000×95% (.095)=475÷12=475÷12=39.58333×8=316.66
The annual tax bill on a home was $1,282 and was paid in Dec the home sold the following Mar and will close on Apr 23 how much will the tax proration be using a calendar yer and prorating to the day of closing (Jan 31 + Feb 28+ Mar 31+ Apr 22 = 112)
1. $393,34 2. $402.41 3. $396.89 4. $427,33
1. $393.34
1282÷365(yr) = 351×112=393.38
A sales associate sells a property for $258,500 the sales associate's employment agreement provides for a 60% share of the employing broker's commission the commission due the selling broker is 2.5% what is the selling sales associate's share of the commission
1. $2,106.00 2. $3,877.50 3. $6,462.50 4. $10,340.00
2. $3,877.50
P÷T×R
P÷258500x.025 = 64625
P÷64625×60%(.6)= 3877.50
What is the interest rate on a $10,000 loan that requires a semiannual interest payment of $450
450x2=900
1. 7% 2. 9% 3. 11% 4. 13.5%
2. 9%
P÷T×R
900÷10000=.09 (9%)
A lot has a frontage of 100ft and a depth of 150ft if the building line regulations call for a set back of 25ft at the front 10 ft at the back and 6ft on each side how many square ft of usable space are left for the bldg
1. 9,350 2. 10,120 3. 11,750 4. 15,000
2. 10,120
Front & back setbacks are 25+10=35ft
150depth - 35 setback = 115 ft
Side setback are 6 + 6=12ft
100ft frontage - 12 ft = 88 ft
115×88= 10,120
Taxes on a home for the current tax year amount to $6,468 the home was sold in July and the sale closed on Aug 29 the seller had not paid any of the tax owed for the current year prior to the closing what was the prorated tax amount using a calendar yer if the proration was calculated to the day of closing
1. $4,252.93 2. $4,607.34 3. $5,280.50 4. $6,468.00
1. $4,252.93
Jan31+Feb28+Mar31+Apr30+May31+Jun30+Jul 31+Aug 28=240days
6468÷365=$17.72055 per day
$17.72055 x 240 = 4,252.93
A tract of land measures 1.25 acres the lot is 150ft deep how much will the lot sell for at $65 per front ft
(43560 sq ft in an acre)
1.$9,750 2. $8,125 3. $23,595 4. $25,420
3. $23,595
1.25 acres × 43560 = 54,450 sq ft
54,450÷150 = 363 frontage
363 × 65 =23,595
If a 6.5% full brokerage commission was $5,200 what was the sales price of the house
1. $ 80,400 2. $80,000 3. $ 77,200 4. $86,600
2. $80,00
P÷T×R
5,200÷T×6.5% (.065)= 80,000
Monthly interest on a loan with a 9.25% annual interest rate is $65.53 what is the loan amount (65.53 x 12 = 786.36)
1. $1,400 2. $2,800 3. $6,300 4. $8,500
4. $8,500
P÷T×R
786.36÷T ×9.25% (.0925) = 8501
The buyer is purchasing a fourplex and closing on Nov 3 each apt rents for $875 per month as of Nov 1 one apt is vacant and the other tenants have paid their Nov rent compute the rent proration through the day of closing
1. $345.00 2. $1,993.33 3. $2,275.00 4. $3,935.72
3. $2,275.00
Days 30 Nov - 4 = 26 days
875 x 3 apts = 2625 ÷ 30 = 87.50 per day
87.50 x 26 = 2,275 rent proration
The seller received a $121,600 check at closing after paying a 7% brokerage commission, $31,000 in other closing costs and a $135,700 loan payoff what was the total sales price
1. $288,300 2. $306,300 3. $308,500 4. $310,000
4. $310,000
Rate: 100% - 7% = 93%
Part: 121,600 + 31,000 + 135,700 = 288,300
288,300 ÷ Total × .93 (93%) = 310000
A fence is being built to enclose a lot 125ft x 350ft if there will be one 10ft gate how many running ft of fence will be needed 1. 465 2. 600 3. 940 4. 960
3. 940
125 + 350 + 125 + 350 - 10 = 940 running ft
A teacher earns an annual income of $60,000 and the teacher's spouse earns $2,400 per month how much can the couple pay monthly for their mortgage payment if the lender uses a 28% qualifying ratio
1. $2,072 2. $1,400 3. $2,352 4. $672
2400 x 12 = 28,000
28,000 + 60,000 = 88,000
88,000 ÷ 12 = 7400 per month income
P÷T×R
P ÷ 7400 x .28 (28%) = 2,072
If you purchase a lot that is 125ft x 150ft for $6,468.75 what price did you pay per front foot
1. $23.52 2. $43.13 3. $$51.75 4. $64.69
3. $51.75
6,468.75 ÷ 125 = 51.75
If a buyer borrows $4,400 agreeing to pay back principal and interest in 18 mths what annual interest rate is the buyer paying if the total payback is $5,588
1. 15% 2. 18% 3. 21.3% 4. 27%
2. 18%
5,588 payback (principal + interest) - 4,400 loan (principal) = 1,188
1,188 ÷ 18 mths = 66 monthly interest
66 x 12 mths = 792 annual interest
P÷T×R
792÷4,400 × R = 0.18 (18%)
A buyer is granted a 90% loan for $340,500 how much will the monthly principal and interest payment be using a loan payment fact of $7.16 per $1,000 of loan
1. $2,194.18 2. $4,755.59 3. $2,437.98 4. $3,064.50
3. $2,437.98
340,500÷1,000= 340.5
340.5×7.16=2,437.98
A 50ft x 100ft lot has a 2,400 sq ft house on it that contains four bedrooms and three bathrooms what percentage of the lot is not taken up by the house
1. 21% 2. 48% 3. 50% 4. 52%
4. 52%
50 x 100 = 5,000 sq ft
5,000 - 2,400 = 2,600 sq ft not taken up by house
P÷T×R
2,600÷5,000×R = .52 (52%)
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