# 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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Leaving the page and or closing the browser now or at any moment during the exam will reset your answers. You can always go back and retake any practice test. You can also go over your answers at any moment during the practice test by clicking "List" and picking one of the questions that interests you.