Real Estate Math Prep Quiz
Real Estate Math Prep #1
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Question 1 |
The balance on Lois’s loan is $42,000. Of her monthly payment, $297.50 is applied to interest. What is the interest rate on the loan?
A | 8.5% |
B | 7.0% |
C | 9.5% |
D | 8.0% |
Question 1 Explanation:
$297.50 x 12 months = $3,570 annual interest $3,570 ÷ $42,000 = .085 or 8.5% interest rate
Question 2 |
Joan is selling her home. She needs to pay off a $65,000 first mortgage, a $15,000 second mortgage, and wants $30,000 in cash for herself. If closing costs total $1,200 and must pay a 7% commission, for how much must she sell the property?
A | $87,311.82 |
B | $103,416.00 |
C | $119,569.89 |
D | $110,759.64 |
Question 2 Explanation:
100% - 7% = 93% (net to owner) $65,000 + $15,000 + $30,000 + $1,200 = $111,200 (known expenses) $111,200 ÷ 0.93 (93%) = $119,569.89
Question 3 |
Geoff takes out a $144,000 mortgage at an interest rate of 6%. When he makes the very first mortgage payment, how much will be applied to interest?
A | $560 |
B | $288 |
C | $720 |
D | $844 |
Question 3 Explanation:
$144,000 x .06 = $8,640 annual interest $8,640 ÷ 12 months = $720 applied to interest
Question 4 |
If the volume of a pool is 345 cubic feet, how many gallons of water will it take to fill it?
A | 2,580.6 gallons |
B | 9,315 gallons |
C | 3,145.80 gallons |
D | 3,450.0 gallons |
Question 4 Explanation:
345 x 7.48 = 2,580.6 gallons 1 Cubic Foot= 7.48 gallons
Question 5 |
One brokerage sells another brokerage’s listing. Both receive half of the 8% commission. If each company receives $12,120, what is the price of the home?
A | $420,000 |
B | $75,750 |
C | $210,500 |
D | $303,000 |
Question 5 Explanation:
$12,120 x 2 = $24,240 $24,240 ÷ .08 = $303,000
Question 6 |
Adam purchases land for $100,000. He divides it into three lots that are sold for $40,000 each. What is his return on investment?
A | 14% |
B | 10% |
C | 20% |
D | 25% |
Question 6 Explanation:
3 x $40,000 = $120,000 $120,000 - $100,000 = $20,000 $20,000 ÷ $100,000 = 20%
Question 7 |
A property lists for $200,000 and sells in a cooperative transaction for $190,000. The commission rate is 6%, which the brokerages split evenly. How much does each company get?
A | $8,500 |
B | $5,700 |
C | $11,400 |
D | $6,000 |
Question 7 Explanation:
$190,000 x .06 = $11,400 $11,400÷ 2 = $5,700
Question 8 |
A triangular lot measures 160’ across the front and is 40’ deep. What is the square footage of the lot?
A | 3,200 square feet |
B | 2,133 square feet |
C | 3,000 square feet |
D | 2,500 square feet |
Question 8 Explanation:
160' ÷ 2 = 80' 80’ x 40’ = 3,200 square feet
Question 9 |
Jennifer purchases an investment property for $200,000. She later sells it at a loss of $30,000. What is Jennifer’s percent of loss?
A | 23% |
B | 6% |
C | 15% |
D | 30% |
Question 9 Explanation:
$30,000 ÷ $200,000 = 0.15 or 15%
Question 10 |
An agent sells his own listing; the broker gets half of the commission and the agent gets half, which is $7,582. The home sells for $209,300. What is the commission rate?
A | 5% |
B | 3.8% |
C | 7.58% |
D | 7.25% |
Question 10 Explanation:
$7,582 x 2 = $15,164 $15,164 ÷ $209,300 = 7.25%
Question 11 |
The Millers are selling their house for $220,000. They have to pay 6% commission and closing costs of $8,900. They have to pay off the balance of their existing loan, which is $113,500. How much money will they have left to use as a down payment on their next home? If they use the entire net to seller to make a 15% down payment, what’s the most they could afford to pay for a new home?
A | $84,400 (net to seller) $562,666 (maximum new home price) |
B | $75,000 (net to seller) $550,000 (maximum new home price) |
C | $50,000 (net to seller) $475,000 (maximum new home price) |
D | $63,500 (net to seller) $374,800 (maximum new home price) |
Question 11 Explanation:
$220,000 x .06 = $13,200 (commission) $13,200 + $8,900 + $113,500 = $135,600 (expenses) $220,000 - $135,600 = $84,400 (net to seller) $84,400 ÷ .15 = $562,666 (maximum new home price)
Question 12 |
A local nature preserve takes up 50 acres of land. How many square feet is that?
A | 1,900,000 |
B | 1,7500,000 |
C | 2,1000,500 |
D | 2,178,000 square feet |
Question 12 Explanation:
43,560 x 50 = 2,178,000 square feet
Question 13 |
A property measures 300 feet x 380 feet. If it sells for $20,000 per acre and the commission rate is 7.5%, how much commission will the seller pay?
A | $5,000 |
B | $3,925.50 |
C | $7,750.25 |
D | $4,930.68 |
Question 13 Explanation:
300’ x 380’ = 114,000 square feet 114,000 ÷ 43,560 = 2.6170 acres 2.6170 x $20,000 = $52,340 $52,340 x .075 = $3,925.50
Question 14 |
Jane has an interest-only loan of $10,000 with an interest rate of 8%. Every month, she pays $75. After 20 payments, what is the balance of the loan?
A | $10,000 |
B | $8,500 |
C | $7,500 |
D | $5,000 |
Question 14 Explanation:
It is an interest-only loan; therefore, the balance remains the same: $10,000
Question 15 |
Tom sold his property for $360,700. making a 32% profit. What did he originally pay for the property?
A | $273,257 |
B | $225,000 |
C | $294,680 |
D | $301,200 |
Question 15 Explanation:
$360,700 / 132 = $2732.57 $2732.57 x 100 = $273,257
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