Chapter 10

Question 1

Commission

Answer 1

A sum due a real estate broker for services in that capacity.

Question 2

Point

Answer 2

Equal to one percent of a loan amount. For example, 1 point on a $100,000 is equal to $1,000.

Question 3

Acre

Answer 3

A measure of land equaling 43,560 square feet.

Question 4

Front Foot

Answer 4

Refers to the length of a parcel facing a street.

Question 5

Hectare

Answer 5

Equal to 10,000 square meters.

Question 6

Principal

Answer 6

A sum of money lent or invested on which interest is paid.

Question 7

Interest

Answer 7

A fee paid by the borrower of a loan as a form of compensation for the use of money.

Question 8

Point

Answer 8

Equal to one percent of a loan amount. For example, 1 point on a $100,000 is equal to $1,000.

Question 9

Gross Income

Answer 9

Total income from property before any expenses are deducted.

Question 10

Net Income

Answer 10

The result of subtracting expenses from income.

Question 11

Real Property Tax Rate

Answer 11

The tax levy divided by the total taxable assessed value of a taxing jurisdiction, usually expressed in dollars per thousand, dollars per hundred, or mills.