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North Carolina Real Estate Pre-Licensing Math Formulas

Terms in this set (28)

Cubic Volume
Area=Length x Width x Height
realize 9"/12" = .75"
1 cubic yard = 27 cubic feet
56x40.5x.75=1701
1701/27=63
63/9=7 Truck yards
Cubic Feet
=1728 cubic Inches
Cubic Yard
= 27 cubic Feet
3 Ft.
= 1 yard
...
i.e... 56x40.5=2268
2268x.75=1701 Cubic Feet
1701 Cubic Feet /27=63 cubic yard
63/9 cubic yards = 7 truck loads
Rectangles
Area=Length x Width
Triangles
Area=1/2 (Base x Height)
i.e..
Area=1/2 (600x720)=432,000
Area=432000/2=216000
Area=216000/43560=4.96
7000x4.96=34720
34,720/600=57.87
Trapizoid
Area=(base 1 + base 2)/2xheight
i.e...
(750x500) =1250
1250/2=625x225=140625
140625/43560=3.23
COMMISSION
SALES X RATE OF COMMISSION
RATE OF COMMISSION =
COMMISSION/SALES PRICE
SALES PRICE =
COMMISSION/RATE OF COMMISSION
Finance Formulas= 3 of them
...
Interest=
Principal x rate x time
Interest=
Principal x rate / 12 mos.
use to figure monthly interest due on a mortgage loan
P & Interest=
Loan amount /1000x the loan
used to figure payments.
Principal & Interest
Base Rate Formula:
Amt. Rec'd=Base x Rate
FIND: Profit/Loss, rates of return on equity, rates of appreciation/depreciation, Income approach to Valuing Properties.
Amt. received is anything received. (Profit/Loss)
Base is starting the begining of the Point. i.e... Purchasing Price
Rate will be a percentage.
Interim Interest:
Loan Amount x Interest Rate /360 x number of days (Buyers pays).
All Pro-rations between buyer & Seller.
Seller is responsible for the day of closing.
NO EXCEPTIONS
REAL ESTATE TAXES
Annual Taxes = Taxes Value x Rate
100
i.e.... 96450/100=964.50
964.50x1.19=1147.76
i.e... 108770/100=108.77
108.77x.0083=902.79
902.79/360=2.51%
REAL ESTATE TAXES
AD VALOREM= 100 x tax value= assessed value
1/1000
Machinery Act
Ad Valorem that is, according to value. North Carolina's Statue, known as Machinery Act.
Mill Rate
Is a tax rate based upon 1/10th of one cent, or one mill. This equate 0ne-thousandth of a dollar. i.e..
.1x.01=.001 one mill
2 places to the left decimal
Mill Rate
Out of state or other states.(1000) Tax Rate 3 places to the left
Revenue Taxes or aka/ Excise Tax
Excise Tax=Sales Price/500
(Revenue Tax)
Round Up to the next full dollar.ie...322.34 = 323.
Always charge the Seller
State Tax transfers Title to Real Property (Deed)
500 Value
You can use it 1 time only
Acre
43560 sq. feet
1 section
640 acres
1/4 Section of the full section
160 acres
1 mile
5280 sq. feet
36 sq. sq miles
6x6
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