License Math 6 Flashcards by Kim Jones | Brainscape

Q

Percentage of Listing price

A

= Offer / Listing price

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Q

30 Day, 12 Month Method

A

Monthly amount = Annual amount / 12
Daily amount = Monthly amount / 30
Proration = (Monthly amount x #Months) + Daily amount x #Days)

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Q

365 Day Method

A

Daily Amount = Annual amount / 365

Proration = Daily Amount x #Days

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Q

Income received in advance

A

Prepaid Rent

Debit Seller, Credit Buyer

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Q

Expenses paid in Arrears

A

Expenses paid after accrued (ie, taxes)

Debit Seller, Credit Buyer

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Q

Recovery with Co-Insurance Clauses

A

Recovery = % Replacement cost covered / (Damage Claim x Minimum coverage requirement)

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