CA Real Estate Real Estate Mathematics 2

Question 1

Annual property taxes are $3,600. If closing occurs on April 1 (taxes paid in arrears), how much does the seller owe the buyer at closing for taxes?

Accepted Answer

$900

Answer

$1,800

Answer

$2,700

Answer

$3,600

Question 2

A monthly mortgage payment is $1,850. If the annual interest rate is 7% and the loan balance is $250,000, how much of the first payment goes toward interest?

Accepted Answer

$1,458.33

Answer

$1,750.00

Answer

$1,291.67

Answer

$1,166.67

Question 3

A property has a market value of $400,000 and an assessed value of 80% of market value. The tax rate is $1.25 per $100 of assessed value. What are the annual taxes?

Accepted Answer

$4,000

Answer

$5,000

Answer

$6,000

Answer

$3,200

Question 4

A salesperson earns 60% of the commission her broker receives. The broker receives 50% of the 6% total commission on a $500,000 sale. How much does the salesperson earn?

Accepted Answer

$9,000

Answer

$15,000

Answer

$6,000

Answer

$18,000

Question 5

A rectangular building measures 40 feet by 60 feet. At $85 per square foot, what is the replacement cost?

Accepted Answer

$204,000

Answer

$102,000

Answer

$255,000

Answer

$179,000

Question 6

A loan of $180,000 has an LTV ratio of 80%. What is the purchase price of the property?

Accepted Answer

$225,000

Answer

$200,000

Answer

$210,000

Answer

$240,000

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