10 Most Asked Math Questions Florida Real Estate Flashcards

10 Most Asked Math Questions Florida Real Estate Flashcards A developer has 20 lots that are 21,780 square feet each.How many acres does he own?Choose only ONE best answer.Aa. 20 acresBb. 10 acresCc. 75 acresDd. 40 acres

• 10 acres21,780 x 20 = 435,600 square feet435,600 /

43,560 = 10

The S 1/4 of the N 1/4 of the E 1/4 of the SW 1/2 and the S 1/2 of the E 1/2, section 11, township 5 south, range 3 east describes a tract of land of how many acres and how many square feet?Choose only ONE best answer.Aa. 165 acres and 2,052,000 square feetBb. 165 acres and 7,187,400 square feetCc. 120 acres and 5,227,200 square feetDd.125 acres and 7,000,000 square feet

• 165 acres and 7,187,400 square feet640/4/4/4/2 = 5

acres640/2/2 = 160 acres(we stopped in between because of the word AND)5 + 160 = 165 acres1 acre contains 43,560 square feet165 x 43,560 = 7,187,400 What is the effective yield to the lender if the borrower is charged 3% interest on a loan, and purchases 6 discount points?Choose only ONE best answer.Aa. 6 1/2%Bb. 3 1/2%Cc. 3 3/4%Dd. 3 1/8%

• 3 3/4%Every discount point bought increases the lenders

yield (profit) by 1/8 of a percent.6 points will increase the yield 6/8% or 3/4%You add the 3/4% to the 3% = 3.75% If a man can borrow $286,000 and this is 2.5 times his salary, how much is his weekly pay?Choose only ONE best answer.Aa. $4,100Bb. $1,600Cc. $1,110Dd. $2,200

• $2,200$286,000 / 2.5 = $114,400$114,400 / 52 = $2,200

The developer is reserving 20% of the land for streets, sidewalks, and a community center. The tract of land for the development consists of 75 acres. How many residential lots are available for development?Choose only ONE best answer.Aa. 632 lotsBb. 261 lotsCc. 450 lotsDd.285 lots

• 261 lots75 x 43,560 (this is how many square feet are in

one acre) = 3,267,0003,267,000 x .80 (this is how much of the 100% you can use for development of lots) = 2,613,6002,613,600 / 10,000 (this is how big each lot is) = 261.36 lots261 is the answer because there isn't enough space for another lot, so you would round down The closing date is January 10th. The buyer is assuming the seller's mortgage loan that has a principal balance of $209,000 at 4.5% interest. The day of closing is charged to the buyer. What is the proration and how is it entered on the closing disclosure?Choose only ONE best answer.Aa.$231.90 debit the seller, credit the buyerBb. $231.90 debit the buyer, credit the sellerCc. $257.67 debit the seller, credit the buyerDd. $257.67 debit the buyer, credit the seller

• $231.90 debit the seller, credit the buyer209,000 x .045

= $9,405 (this is how much interest is paid for the year)$9,405 / 365 = $25.7671233 (this is how much interest is paid for one day)$25.7671233 x 9 (this is how many days the seller owned the house)Debit the seller, credit the buyer $231.90 A building is 3 stories high and each floor is 100 x 50 square feet. If 30% of each floor could not be used, how many bins would fit in the building if each bin was 5 x 5?Choose only ONE best answer.Aa. 250 binsBb. 700 binsCc. 420 binsDd. 270 bins

• 420100 x 50 = 5,000 (this is how much space in each

floor)5,000 x 3 (this is how many floors)15,000 x .70 (you can only use 70% of the floors)10,500 / 25 (this is how big each bin is)420 bins The city is repaving the streets in a neighborhood. The city will assume 15% of the expense. The city has approved a bid to pave the streets at a cost of $30 per linear foot. How much is the special assessment for the homeowner for a lot

that measures 80' x 125' ?Choose only ONE best answer.Aa. $2,040Bb. $1,020Cc. $2,800Dd. $2,000

• $1,0200 x $30.00 = $2,400 (the 80 is the street side of

the lot)$2,400 x .85 (this is how much the owner has to pay)$2,040 / 2 = $1,020 (always divide by two because the owner only pays 1/2 of the street paving)

• A sales associate is entitled to keep 70% of all

commission earned. If a property sold for $850,000 and the sales associate received a commission check for $29,750, what was the property's commission listed at?Choose only ONE best answer.Aa. 6%Bb. 7%Cc. 8%Dd. 5%

• 5%For this question, I would use the substitution method

to figure out the answer.The formula for commission is:the

sales price multiplied by what the commission isthis will give you the amount the seller paid in commissionthen you multiply that by how much the sales associate receivesI would start with answer A and insert the commission rate until you have a match to the sales associate's check.For example $850,000 x .05 = $42,500$42,500 x .70 = $29,750So that means the commission was 5%This is the easy way but you could also work the problem backwards.How many acres are in the N 1/2 of the S 1/2 of section 11?Choose only ONE best answer.Aa. 160 acresBb. 140 acresCc. 178 acresDd. 165 acres

• 160 acres640/2/2 = 160 acres