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Ch.2 unit 6 math problems
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A property listed for $150,000 receives an offer for $120,000. The offer's percentage of listing price is
$120,000 ÷ $150,000 = 80%
A seller requires a 2% deposit on a property listed for $320,000. The required deposit (assuming a full price offer) is
$320,000 x 2% = $6,400
An annual tax bill is $1,800. Closing is on April 10. What is the seller's share of the taxes which are paid in arrears?
- Monthly amount = ($1,800 ÷ 12) = $150; no. of months = 3
- Daily amount = ($150 ÷ 30) = $5.00; no. of days = 10
- Proration = ($150 x 3) + ($5 x 10) = ($450 + $50) = $500 seller's share
An annual tax bill is $1,800. Closing is on April 10. What is the seller's share of the taxes?
- Daily amount = ($1,800 ÷ 365) = $4.93
- Jan 1 thru April 10 = (31 + 28 + 31 + 10) days, or 100 days
- Proration = $4.93 x 100 days = $493 seller's share
Seller receives $1,000 rent. The month is ¾ over.
- Buyer's share is ($1,000 x 25%) = $250
- Credit buyer (CB)/ debit seller (DS) $250.
Annual taxes on the property are $1,000. The year is ¾ over.
- Buyer's share is ($1,000 x 25%) = $250
- Credit buyer (CB)/ debit seller (DS) $750
An annual tax bill is $1,800. Closing is on April 10. Using the 365 day method, what are the seller's share of the taxes?
Here you can see which days belong to the seller and which belong to the buyer.
A property listed for $650,000 receives an offer for $610,000. This offer's percentage of the listing price is what?
$610,000 ÷ $650,000 = 93.8%
A seller requires a 2.5% deposit on a property listed for $400,000. The required deposit (assuming a full price offer) is what?
$400,000 x 2.5% = $10,000
An annual tax bill is $2,400. Closing is on February 14th and the day of closing belongs to the seller. What is the seller's share of the taxes using the 360-day method?
Monthly amount = ($2,400 ÷ 12) = $200; # of months = 1
Daily amount = ($200 ÷ 30) = $6.67; no. of days = 14
Proration = ($200 x 1) + ($6.67 x 14) = ($200 + 93.38) = $293.38
seller's share; debit seller that amount
A seller receives $1,000 rent in advance on her property that she is selling. The closing occurs on the 10th of the month. Using the 360-day method, how is this proration handled, assuming the seller owns the day of closing?
Seller's share is ($1,000 / 30 x 10) = $333; buyer's share is $666.
Credit buyer / debit seller $666.
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