Module 14 Quiz Flashcards
Learning Objectives: Solve basic math and percentage problems (using the T bar and Delta key on the calculator)
A property owner sold her 3/4-acre site for $3.50 per square foot. What was the final selling price of the land?
$114,345
Note: 43,560 sq. ft. × 0.75 = 32,670 sq. ft. × $3.50 per sq. ft. = $114,345
The property taxes on a land parcel increased by $984 in the last year. If the taxes were $12,300, what is the percentage of increase?
8%
Note:HP 12C calculation: $12,300 [Enter] $13,284 [D%] equals 8.00%
($13,284 used above was derived by adding $12,300 and $984)
An existing building cost $450,000 when it was new. Over the years, the building has depreciated 15% due to wear and tear. What is the depreciated cost of the building?
$382,500
Note: In the above solution, think of the building as 85% depreciated or alternatively: $450,000 × 0.15 = $67,500 amount of depreciation $450,000 − $67,500 = $382,500 depreciated cost of the building
The Fairchilds’ property was listed for $525,000, but it was reduced in price to $493,500 due to a lack of market interest. What is the price discount expressed
as a percentage?
6%
Note: $525,000 − $493,500 = $31,500 / $525,000 = 0.06 or 6% discount HP 12C calculation: $525,000 \ $493,500 [D%] equals −6.00
A property listed on an Internet auction Web site had a minimum reserve of $160,000, which is the price not revealed to online bidders. After the bidding opened, the offers exceeded the reserve, and the property eventually sold for $174,400. What percent over their reserve price did the sellers receive?
9%
Note: $174,400 − $160,000 = 14,400 / $160,000 = 0.09 or 9% increase
HP 12C calculations: $160,000 \ $174,400 [D%] equals 9.00
BONUS:
Mosley is appraising a vacant land site that is two thirds of an acre in size and has 112.3 feet of frontage on the street. The appraiser’s market data indicates a price of $2.90 per square foot. What is the price per foot for the 112.3 feet of road frontage?
$749.92
Note:
1) 1 acre = 43,560 / 3 = 14,520 × 2 = 29,040 sq. ft. for the land
2) 29,040 * $2.09 = $84,216
3) $84,216/112.3 = $749.92 per front foot (or $750)
A property owner discounted his asking price by 12% in
order to attract market interest in the property. If the original asking price was $250,000, how much was the price reduction?
$30,000
Note: Multiply .12 x $250,000
Culver discounted his asking price by $45,000. If the original asking price was $300,000, what was the percentage price reduction?
15%
Note: $45,000 / $300,000
McDaniel lowered his asking price by 10%. If the original asking price was $450,000, what was the revised asking price of the property?
$405,000
Note:
1) 100 - 10% = 90% = .90
2) .90 x 450,000 = 405,000
A tenant gave the landlord a damage deposit that was 150% of the monthly rent. If the monthly rent is $2,100, what is the amount of the damage deposit?
$3,150
Note:
1) 150% = 1.5
2) 1.5 x $2,100 = $3,50
A seller was charged a $43,500 commission fee by her
real estate broker. If the sale price was $725,000, what was the broker’s commission percentage?
6%
Note: $43,500 / $725,000
A client included $5,000 rush service in the overall assignment fee of $25,000.
What is the percent attributable to the rush service fee?
20%
How much money does Torres need to deposit to earn $3,000 in annual interest if the annual interest rate is 5%?
$60,000
Note: $3,500 / .05
Conventional financing requires 20% as a down payment, and a pre-qualified buyer has $70,000 cash available. What is the maximum price the buyer can afford?
$350,000
Jeter paid $10,800 in debt service last year (principal
and interest) based on an original mortgage amount of
$150,000. What percent is the annual debt service to the mortgage amount?
7%