FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 6: Practical Real Estate Mathematics

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

Multiple Choice

Review LaterAdd Note

Review Later

A builder constructed a home for a cost of $200,000 and wishes to sell it for a profit equal to 20% of the selling price. What is the dollar amount of the profit?

A) $50,000
B) $40,000
C) $16,000
D) $ 8,000

Correct Answer

verified

Show Answer

Question 22

Multiple Choice

Review LaterAdd Note

Review Later

Two acres are being subdivided into 5 equal lots. Each lot has a front set back of 10 feet and is 198 feet wide. What is the buildable area of each lot?

A) 18,524 sq. ft.
B) 17,424 sq. ft.
C) 15,444 sq. ft.
D) 14,744 sq. ft.

Correct Answer

verified

Show Answer

Question 23

Multiple Choice

Review LaterAdd Note

A person purchased an undeveloped piece of land on a country road. The land contains a quarter of a quarter of a quarter of a section and the front bordering the road is 435 ft. Approximately how deep is the parcel?

An owner decided to list a time share for $87,500. The broker sold the time share for 6% less than the listed price. The commission totaled $6,580. The percentage rate of the commission is:

An owner sold a mobile home and received $23,500 from escrow. This was the net after paying $240 in expenses plus a 7% commission. What was the selling price?

Investor purchased 3 lots for a total of $360,000, then resold them for $600,000. Based on cost, what was the percentage of gross profit?

To settle the estate of the deceased, a probate sale is held on a mobile home. The first court bid is $30,000. The next minimum bid must be for at least:

Four separate co-buyers of a parcel of land signed a deposit receipt contract at different times and places. A copy must be:

The law that states real estate contracts must in writing to be enforceable is called the statute of:

If an investor purchases a mountain ski cabin for $120,000 cash and the monthly net rental income is $600, what is the rate of return on the investment?

Real estate broker José, lists a property for $300,000. A six percent commission is agreed upon. Another agent brings an offer for $280,000. The seller then asks Jose to reduce his side if the commission to two and a half percent. José agrees. What is the difference between the reduction in commission and the original commission that Jose will receive?

Seller is guaranteed a $300,000 net. Seller's closing cost and existing loan total $130,000. If a broker wishes to earn a 10% commission, what must be the selling price?

When an offer from a potential buyer is presented to the seller, the seller asks if the buyer is a member of a minority race. The broker presenting the offer should correctly respond as follows:

How much interest will there be in the second payment on a fully amortized loan of $240,000 at 8% interest payable $1,800 per month?

Two people purchased a home for $360,000. They added a $30,000 pool and patio complex. Five years later, they sold the home for $500,000. What was their annual average rate of appreciation above their cost?

An owner neglected to pay property taxes of $900 for the year 20XX. The owner sold the property and escrow closed December 15, 20XX. Using a 30-day month, what would be the normal proration in escrow?

Owner has a chance to sell 3 lots for a total sum of $96,000. Selling them separately, the owner will ask $2,000 more for Lot A than Lot B and $8,000 more for Lot B than Lot C. What price will be asked for Lot C?

A person borrowed $18,000 for a period of 180 days using a straight note at 10% interest payable monthly. How much total interest will have been paid in 90 days?

Investor X owns a studio condo that rents for $637.50 per month net after expenses and has a market value of $127,500. Investor Y has a similar condo that rents for a net of $700 per month. Using Investor X's home as a guide, what is the estimated value of Investor Y's condo? (round to nearest $1,000)

A lot is sold for $180,000, making a 20% profit over cost. What was the cost?