Unit 13-Math Flashcards

1
Q

The process of paying off a loan in equal installments of principal and interest

A

Amortization

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2
Q

The cost of using money

A

Interest

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3
Q

The seller’s net after commission is how much money?

A

The amount of money left after the real estate commission is deducted from the sales price.

Sales price - commission = sellers net after commission

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4
Q

T bar method is:

A

Part
———————-———-
Total | Rate

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5
Q

Formula for interest computations:

A

Principal (total) x rate (%) x time (in months i.e. 2/12) = interest (part)

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6
Q

A method of increasing the lenders yield on a loan without increasing the interest rate. One point = 1% or the loan amount

A

Loan discount

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7
Q

Formula for surface area of a triangle

A

1/2(base x height)

OR

(base x height) / 2

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8
Q

Area is expressed in

A

Square units

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9
Q

Volume is expressed in

A

Cubic units

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10
Q

The formula to compute the volume of a triangular prism:

A

1/2 (length x width x height)

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11
Q

How many days are in a statutory or banker’s year?

A

360 days

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12
Q

How many days are in a banker’s month?

A

30 days

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13
Q

Loan interest, taxes, rents, fuel, utility bills. Allowances necessary to ensure that expense are divided fairly between the seller and the buyer.

A

Prorations

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14
Q

If two dimensions are given for a tract of land but the dimensions are not labeled, what is the first dimension assumed to be?

A

The frontage

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15
Q

What is an accrued expense item?

A

Items to be prorated that are owed by the seller but eventually will be paid by the buyer. (Such as interest on an assumed loan or accrued ad valorem property taxes)

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16
Q

What are prepaid expense items?

A

Items to be prorated that have been prepaid by the seller but not fully used up (such as prepaid insurance policy)

17
Q

What are prepaid income items?

A

Items such as rental income, would be prorated and the income for the unused days transferred to the buyer from the seller at closing.