Write the formula before the numbers. Prorations are days times a daily amount; commission splits run from the top down; an acre is 43,560 square feet.
A sale closes on June 15. This year's property taxes of $4,380 will be paid in arrears at the end of the year and are unpaid at closing. Prorate on a 365-day year; the seller owns the day of closing. How is the tax prorated on the closing statement?
A sale closes on September 20. This year's property taxes of $3,600 will be paid in arrears at the end of the year and are unpaid at closing. Prorate on a 360-day year (30-day months); the seller owns the day of closing. How is the tax prorated on the closing statement?
A sale closes on March 10. This year's property taxes of $5,110 will be paid in arrears at the end of the year and are unpaid at closing. Prorate on a 365-day year; the buyer owns the day of closing. How is the tax prorated on the closing statement?
A sale closes on November 30. This year's property taxes of $2,880 will be paid in arrears at the end of the year and are unpaid at closing. Prorate on a 360-day year (30-day months); the buyer owns the day of closing. How is the tax prorated on the closing statement?
A sale closes on August 1. This year's property taxes of $6,570 will be paid in arrears at the end of the year and are unpaid at closing. Prorate on a 365-day year; the seller owns the day of closing. How is the tax prorated on the closing statement?
A seller paid this year's property taxes of $4,800 in full in January. The sale closes on April 15. Prorate on a 360-day year (30-day months); the seller owns the day of closing. How is the tax prorated on the closing statement?
A seller paid this year's property taxes of $5,475 in full in January. The sale closes on October 1. Prorate on a 365-day year; the buyer owns the day of closing. How is the tax prorated on the closing statement?
A seller paid this year's property taxes of $3,960 in full in January. The sale closes on February 28. Prorate on a 360-day year (30-day months); the seller owns the day of closing. How is the tax prorated on the closing statement?
A rental home sells with the tenant in place. On June 1 the seller collected the month's rent of $1,800. Closing is June 12. Prorate on the actual days in the month (30 days); the seller owns the day of closing. How is the rent prorated?
A rental home sells with the tenant in place. On September 1 the seller collected the month's rent of $2,400. Closing is September 21. Prorate on a 30-day month (30 days); the buyer owns the day of closing. How is the rent prorated?
A rental home sells with the tenant in place. On March 1 the seller collected the month's rent of $1,550. Closing is March 18. Prorate on the actual days in the month (31 days); the buyer owns the day of closing. How is the rent prorated?
A rental home sells with the tenant in place. On April 1 the seller collected the month's rent of $2,100. Closing is April 16. Prorate on the actual days in the month (30 days); the seller owns the day of closing. How is the rent prorated?
A home sells for $385,000 with a 6% commission. The listing brokerage keeps 50% of the commission and pays the rest to the buyer's brokerage. The listing agent's split with her broker is 70% to her. How much does the listing agent earn?
A home sells for $412,500 with a 5.5% commission. The listing brokerage keeps 50% of the commission and pays the rest to the buyer's brokerage. The listing agent's split with her broker is 60% to her. How much does the listing agent earn?
A home sells for $298,000 with a 6% commission. The listing brokerage keeps 45% of the commission and pays the rest to the buyer's brokerage. The listing agent's split with her broker is 75% to her. How much does the listing agent earn?
A home sells for $540,000 with a 5% commission. The listing brokerage keeps 50% of the commission and pays the rest to the buyer's brokerage. The listing agent's split with her broker is 80% to her. How much does the listing agent earn?
A seller wants to walk away with $250,000 after paying $12,000 of closing costs and a 6% commission on the sale price. To the nearest dollar, what must the home sell for?
A seller wants to walk away with $180,000 after paying $4,500 of closing costs and a 5% commission on the sale price. To the nearest dollar, what must the home sell for?
A seller wants to walk away with $210,000 after paying $6,000 of closing costs and a 6% commission on the sale price. To the nearest dollar, what must the home sell for?
A buyer agrees to pay $340,000. The home appraises at $330,000. The lender will lend 80% of the price or the appraised value, whichever is less. How much cash must the buyer bring for the down payment?
A buyer agrees to pay $425,000. The home appraises at $432,000. The lender will lend 90% of the price or the appraised value, whichever is less. How much cash must the buyer bring for the down payment?
A buyer agrees to pay $289,000. The home appraises at $280,000. The lender will lend 95% of the price or the appraised value, whichever is less. How much cash must the buyer bring for the down payment?
A buyer pays $380,000 with an 80% loan and is charged 2 discount points. What do the points cost?
A buyer pays $250,000 with a 90% loan and is charged 1.5 discount points. What do the points cost?
A 30-year loan of $300,000 at 6% has a monthly principal and interest payment of $1,798.65. How much of the first payment reduces the principal?
A 30-year loan of $250,000 at 6.6% has a monthly principal and interest payment of $1,596.65. How much of the first payment reduces the principal?
A 15-year loan of $180,000 at 6% has a monthly principal and interest payment of $1,518.94. How much of the first payment reduces the principal?
A rectangular lot measures 660 feet by 330 feet. How many acres is it?
A rectangular lot measures 1320 feet by 495 feet. How many acres is it?
A rectangular lot measures 435.6 feet by 500 feet. How many acres is it?
A one-story rectangular house measures 42 feet by 36 feet. Similar homes nearby sell for $185 a square foot. What is it worth on that basis?
A one-story rectangular house measures 55 feet by 40 feet. Similar homes nearby sell for $210 a square foot. What is it worth on that basis?
A home has a market value of $400,000 and is assessed at 25% of market value. The tax rate is 65 mills. What is the annual property tax?
A home has a market value of $320,000 and is assessed at 90% of market value. The tax rate is 22.5 mills. What is the annual property tax?
A home has a market value of $360,000 and is assessed at 35% of market value. The tax rate is 60 mills. What is the annual property tax?
An apartment building has potential gross rent of $96,000 a year, a 5% vacancy and collection loss, and operating expenses of $31,200. Similar buildings sell at a 8% capitalization rate. What is its value by the income approach?
An apartment building has potential gross rent of $150,000 a year, a 6% vacancy and collection loss, and operating expenses of $52,000. Similar buildings sell at a 7.5% capitalization rate. What is its value by the income approach?
An apartment building has potential gross rent of $120,000 a year, a 5% vacancy and collection loss, and operating expenses of $42,000. Similar buildings sell at a 7% capitalization rate. What is its value by the income approach?
Homes like this rent for $2,250 a month, and the local gross rent multiplier is 150, based on monthly rent. What is the estimated value?
A building would cost $360,000 to build new today and has an economic life of 50 years. It is 12 years old. The land is worth $95,000. Using straight-line depreciation, what is the property's value by the cost approach?
A building would cost $280,000 to build new today and has an economic life of 40 years. It is 10 years old. The land is worth $70,000. Using straight-line depreciation, what is the property's value by the cost approach?
A home bought for $240,000 rises in value by 4% each year, compounded. To the nearest dollar, what is it worth after 3 years?
A buyer is paying $350,000. She has a $10,000 earnest money deposit held in escrow and a new loan of $280,000. Her closing costs are $6,850, and she receives a $1,275.50 credit for the seller's unpaid taxes. How much cash must she bring to closing?
A buyer is paying $265,000. She has a $5,000 earnest money deposit held in escrow and a new loan of $212,000. Her closing costs are $5,430, and she receives a $1,610.75 credit for the seller's unpaid taxes. How much cash must she bring to closing?
A home sells for $420,000 with a 6% commission. The seller's loan payoff is $238,400, her other closing costs are $3,150, and she is debited $2,045.80 for unpaid taxes. What are her net proceeds?
A home sells for $300,000 with a 6% commission. The seller's loan payoff is $175,000, her other closing costs are $2,500, and she is debited $1,200.00 for unpaid taxes. What are her net proceeds?
A property manager earns 8% of rent collected. The building has 24 units renting for $1,350 a month, and 92% of the rent is collected over the year. What does the manager earn for the year?
A county charges a transfer tax of $0.50 for each $500 of the sale price or fraction of $500. What is the tax on a $318,500 sale?