CH 9 - RE Calculations Flashcards
1 acre = ____ square feet
43,560 sq ft
1 mile = ____ feet
5,280 feet
With deed stamps, always round the sales price ___ to the nearest $____.
up; $500
Cost of deed stamps is $_____ per $1000 and $____ per $500.
$3.70 per $1000 in sales price
$1.85 per $500 in sales price
Deed stamps are paid by whom?
As agreed in the contract, buyer or seller could pay.
Deed stamps are charged to whom?
the seller
Assessed Value = ? (formula)
Assessed Value = Appraised Value * Assessment Rate
i.e. $12,000 = $200,000 * .06
Annual Taxes = ? (formula)
Annual Taxes = Millage Rate * Assessed Value
i.e. $2,182.8 = 0.1819 * $12,000
Statute Year = ___ Days
360 days
365 days in 1 _____ year
actual year
Multiply 2/9 and 3/12
answer: 1/18
(23=6) / (912=108)
6/108, now simplify:
(6/6=1) / (108/6=18), or 1/18
Before multiplying two mixed numbers, first convert them into ______________.
improper fractions
6 2/8 * 3 5/9 = ?
6 2/8 * 3 5/9
50/8 * 32/9
1600/72 = 200/9 = 22 2/9
If you purchase a house for $125,000, which is 5% less than list price, how much was the home listed for?
$125,000 / 0.95 = $131,578.95
If you list a home for $150,000, and a buyer offers to purchase for 92% of list price, what is the buyer’s offer?
$150,000 * 0.92 = $138,000
price * rate = offer
