MID TERM REAL ESTATE MATH Flashcards
Broker Bob Johnson has residential lot for sale in Burnsville, NC. The lot is triangular shaped with a road frontage of 400 feet and a depth of 520 feet. The owner of the lot has agreed to sell the lot for $7,000 per acre. How much money per front foot will the owner receive is he sells the lot?
(A) $ 41. 83
(B) $ 42. 17
(C) $ 48. 90
(D) $ 42. 10
ANSWER
The Lyda family has sold their farm through Apple Country Realty paying an 8% commission rate. The Lyda’s need to make $230,000 from the sale after paying off the $70,000 mortgage they owe. They also have an additional $6,000 in other expenses. How much must the farm sell for then to achieve their financial goal?
(A) $ 332,000
(B) $ 332,600
(C) $ 332,609
(D) $ 332,509
ANSWER
Harley Scott, a residential agent with Mountain Top Realty has sold her listing for $280,000 at a 6% commission rate. After equally splitting her commission with the buyer’s agent, she owes Mountain Top Realty 30%. In addition, Harley must withhold 28% in federal and state taxes. How much will Harley make in commission?
$ 4,233.00
$ 4,234.00
$ 4,232.00
$ 4,000.00
ANSWER
Rick Thomas has a home located in Charlotte, NC. The assessed value of his home is set at 80% of the market value. What is his monthly tax bill if the Charlotte tax rate is $0.40 and the Mecklenburg County rate is $.0.51? Rick’s house has a fair market value of $420,000.
(A) $251.75
(B) $252.60
(C) $254.70
(D) $254.80
ANSWER
The Plant family is closing on their new home on August 12. There is a real estate tax bill that is owed in the amount of $1950.00. How much will be owed and how will the proration appear on the final closing statement.
(A) $1202.51- Debit the buyer/Credit the seller $1202.51
(B) $1202.51- Debit the seller/Credit the buyer $1202.51
(C) $1202.49- Debit the buyer/Credit the seller $1202.49
(D) $1202.49-Debit the seller/Credit the buyer $1202.49
ANSWER
The Page family has purchased a new home and they are closing on October 27. The real estate taxes have already been paid for the year in the amount of $1970.00. How would the debit and credit appear on the closing statement?
(A) $ 344.74 Debit the seller-Credit the buyer $ 344.74
(B) $ 344.00 Debit the buyer-Credit the seller $ 344.00
(C) $ 344.74 Debit the buyer-Credit the seller $ 344.74
(D) $ 344.00 Debit the buyer-Credit the seller $ 344.00
ANSWER
Malcolm Young is closing on a lake lot on October 15. The annual taxes on the lot are $915.00 and they are too be paid at the closing. How much will Malcolm and the seller be charged at closing?
$732.096 Debit the seller/ $190.63 Debit the buyer
(B) $723.096 Debit the buyer/ $190. 19 Debit the seller
(C) $ 729.45 Debit the buyer/ $191.26 Debit the seller
(D) $ $724.37 Debit the seller/ 193.17 Credit the buyer
ANSWER
Eleanor Rigby bought a townhouse in Arden, NC for $184,000.00. The townhouse is now worth $215,000.00. What is the percentage of profit for Ms. Rigby?
(A) 17.4%
(B) 16.2%
(C) 16.8%
(D) 16%
ANSWER
Winston Lennon is set to close on a property on June 6 and the taxes remain unpaid. Annual taxes are $1350 on the property. How will this be included on the closing disclosure?
$585 debit the buyer and $585 credit the seller
(B) $585 debit the seller and $585 credit the buyer
C. $912 debit the buyer and $324 credit the seller
D. $911 debit the buyer and $196 credit the seller
ANSWER
