Math Questions Flashcards
John and Marsh Put purchased their Dream home for $350,000.
They put down 15% of the purchase price. After several years the home became a nightmare so they decide to sell it. They sold the house for $435,000 and they had reduce their loan amount to $235,000. What is the the percent equity?
Original equity. …. $350,000 x .15= 52,500
Sold it for $435,000 - $235,000= $200,000 how much they made.
200,000– $52,500= $147,500 new equity
New equity 147,500 divided by the original equity $52,500=
281%
The sales price of the Home is $90,000. The appraised value is 90% of that.
the buyer wishes to purchase the property with 80% LTV.
What so the amount of the down payment.
The answer is that because he choose to pay more that the appraised value…and he can only hey 80% percent of the LTV, he has to come up with more money to purchase This Home…
Appraised value…$90,000 times .90= $81,000
$81,000 times LTV which is 80%= $64,800
$90,000– $64,800= $25,200
The original value of a property was $79,000. It recently sold for 35% more than the original value. What is the property worth?
$79,000 times 1.35= $16,650
The current value of a property is $123,000.
If it has appreciated 5% over the last year.
What was the original value.
$123,000 divided by 1.05= $117,142.85
Closing is on 12/2. The seller paid the personal property tax on 9/1. The real property tax is $1.20 per accessed value. The property is assessed value is $300,000. What is the debit and credit and for what amount?
$300,000 dived by 100= 3,000 3000 times $1.20= $3600 year 10/ day Closing 12/2 11 x 30= 330 + 2=332 tax for seller $3320 debit seller $3600– $3320= $280 debit the buyer.
You own a parcel of property that is 100’6” and 100 yard deep.
Tut neighbors property that is the exact same side sold for $320,000.
Based on his sale price, what would be the price per square foot for your property after seeing that the market has increase 10%.
100.5x 300= 30,150 sq feet
$320,000/ 30,150= $10.61
$10.61x 1.1= $11. 67 per square feet
How many acres in the SW 1/4 of the NE1/4 of the SE 1/4
And NE 1/4 of the SE 1/4 of the NW 1/4?
(444) +(444)
64
640/64=10 + 640/64=10
10+10= 20 acres
A new home and lot cost $25,000 one year ago.
Of this total price, it was estimated that the lot had a value of $5,000. Assuming the annual depreciation of 3% on the house and an annual increase of 5% on the lot, what is the total value of the property today?
$25,000–$5,000(lot)= $20,000 (home) Home depreciated by 3% $20,000x.97=$19,400 Lot appreciated by 5% $5000x 1.05=$5250 $5,250+$19,400=$24,650
Given the following information, what is a buyer's return on equity (use annual numbers )? GPI $3000/mo Vacancy / Collection Loss =5% Maintenance and mgmt. $500/mo Down payment $20,000 Debt service $300/mo Down payment
GPI $3000/mo= $36,000 –V/C –$1800 –maintenance. –$6000 –debt service. –$3600 ----------------------------------- BTCF. ---------- ROI.x Down Payment
$24,600/$20,000
is 1.23 = 123%
A buyer purchased a home for $250,000 and the buyer had 5,000 in closing cost at the time of purchase.
The buyer invested $20,000 in capital improvement and sold an s
Easement for $10,000. The buyer later sold the home for $325,000 and has a $2,000 closing cost at the time of the sale. What is the buyer’s adjusted gain?
Purchased a home $250,000 Closing $5,000 Capital improvement $20,000 – easement $10,000 ---------------------------------------- $265,000
Sold the house for $325,000
–Closing cost $2,000
_______________________
$323,000
$323,000–$265,0000= $58,000. Net capital gain
Your client would like to net $30,000 after the sale of their property. They owe 150,000 on a first mortgage. At closing they agree to pay a 5% commission and pay $2,000 toward the buyer closing cost. Plus they would like to set aside $5,00 for repairs and they are willing to purchase a $345 HOW. What is the minimum sale price?
Seller net problem $30,000 net $150,000 mortgage $2,000 closing $5,000 repairs $345 HOW \_\_\_\_\_\_\_\_\_\_\_ $187,345
$187,345/.95= $197,205.26
A triangle shaped piece of property has 500 feet of road frontage and is 490 feet deep. If it sells for $10,000 per acre, how much will it sell per front foot?
500x 490 dived it by 2=122,500sq feet
122,500/43,560= 2.81 acres
2.81 x $10,000= $28,122.13
$28,122.13/500= $56.24
Mike and Sally purchased a home for $50,000. They added a 3rd bedroom costing 20,000 and painted the exterior which cost $5,000. After living there for 3 years, they sold the home for $450,000 with selling expenses and commission of $15,000. The couple is in the 28% tax bracket. If they file jointly, how much federal tax will they owe?
None because they are exempted up to $500,000 as a couple.
Ricardo is showing a buyer a house in the capacity of the sellers sub agent. Prior to being shown any house, the buyer indicates to Ricardo that it is essential that he have a fence erected around the backyard of any house he purchases. Ricardo finds the perfect house for the buyer but it does not have a fenced backyard nor does the listing information sheet indicate whether fences are allowed. Ricardo does not inquire of the listing agent anything about the fence. The buyer purchases the house and later learns that he cannot erect a fence. In NC which of the following statements are true?
A. listing agent had a duty to disclose in the listing information sheet that fences were not permitted.
B. Richardo had a duty to determine if fences were permitted even though the listing information sheet did not indicate anything regarding the fences
C. Since Richardo and the Listing agent are acting in the capacity of the seller sun agent they have no responsibility to determin if fences are permitted.
D. Since the buyer did not have a buyer agent in the transaction it is solely his responsibility to check into the permissibility of having a fence
B
Payment A is $3,450 / month. Payment B is $3,100/ month. But it cost him 2 discount points. The purchase price is $634,000 and the buyer is getting a 85% LTV. How many months will it take to reach the break even point?
It will cost him $634,000 x .025=$15,850
To save the difference $3,450–$3,100= $350 a month
$15,850/$350= 45.29 months to make up for the difference, break even.
