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PA Real Estate - MATH Practice Flashcards A building was sold for $115,000. Earnest money in the amount of $15,000 was deposited, and the buyer obtained a loan for the balance. The lender charged a fee of 2% of the loan. What was the total cash used by the buyer for this purchase?$115,000 - $15,000 = $100,000$100,000 X .02 as (2%) = $2,000$15,000 + $2,000 = $17, 000 Total Cash If a house sold for $80,000 and the buyer obtained a loan for $72,000, how much money would the buyer pay if the lender charged 3 points?
$72,000 X .03 = $2,160
Cubic Yard (cubic means 3)9 ft X 3 ft = 27 cubic feet Square FeetLength times width W is a salesperson working for Broker V. W sells a home for $150,000. The listed commission is 6.5% of selling price. Out of this amount, 5% is payable to the referring network. 35% goes to listing broker, and 60% belongs to cooperating broker. Broker V and W agree that W would receive 55% of commission generated for the office. For
this transaction, W is entitled to receive:
$150,000 X .065 = 9,7509,750 X .60= $5, $5,850
cooperating broker$5,8 50 X .55 = $3, 217 Commission RateCommission divided by Sales Price A buyer has a gross income of $4,000 per month. She has a car payment of $350, a student loan payment of $200, and a credit card payment of $25. What is the highest mortgage payment she can be approved for?
Front end % = 28%Back end % = 36%Debts: 350 + 200 +
25 = 5754,000 x .28 = 1,1204,000 x .36 = 1,4401440 -575
= $865
How many lots, each measuring 72.5 feet wide by 100 feet deep, could be made from a two-acre parcel of land?43, 560feet X 2acres = 87, 12072.5 ft X 100 ft = 7, 25087, 120 divided by 7, 250 = 12 lots A buyer is going to purchase a home for $185,000 and will put 10% down. If the lender is going to charge him 2 points, how much money is needed at closing?
Because the buyer is putting 10% down:185,000 x .10 =
18, 500Then:185,000 x .90 = 166,500166,500 x .02 (2
points) = $3,33018,500 + 3,330 = $21, 830 for closing A lot with a depth of 80 feet and an area of 4,800 square feet was sold for $350 per front foot. What was the total sales price?4, 800 sq ft divided by 80 ft = 6060 ft X $350 = $21, 000 The listing and selling brokers agree to split a 7% commission 50/50 on a $95, 900 sale. The listing broker gives the listing salesperson 30% of his commission and the selling broker gives the selling salesperson 35% of his commission. How much does the selling salesperson earn from the sale after deducting expenses of $35?
$95, 900 X .07 = $6, 713$6, 713 X .50 = $3, 356.50$3,
356.50 X .35 = $1, 174.78$1, 174.78 - $35 = $1, 139.78
Net to SellerSales Price (100% - commission rate) How many linear feet of fence are needed along 1.5 miles of roadway?
1.5 miles X 5280 ft = 7,920 ft If the interest rate on an FHA insured mortgage loan is 11 1/2% and the monthly payment is $1,412, the principal sum
would be:
$1,412 X 11.5 = $162, 380
A 300 acre farm is going to be divided into 280 lots. If the streets require 1/8 of the whole farm, how many square feet is each lot?43,560 sq ft x 300 acres = 13,068,000 sq ft(divide 1 by 8 from 1/8) = .012513,068,000 x .0125 = 1,633,500 sq ft streets13,068,000 - 1,633,500 = 11,434,400 sq ft11,434,400 ÷ 280 lots = 40,838 sq ft per lot If a lender is going to provide a loan for 80% Loan To Value (LTV) and the sales price is $116,900, the appraisal price is $114,500. How much will the loan be approved for?
They choose the lowest price: in this case that is the
appraised price.114,500 x .80 = $91,600 if a buyer obtains a $50,000 mortgage with 4 points, how much will the lender charge at closing?$50,000 X .04 = $2,000 at closing Square Foot144 square inches (12 in X 12 in) When a property sells, the sales price is equal to 100% of the money being transferred. Therefore, if a broker is to receive a 6% commission, 94% will be left for the sellers other expenses and equity. To calculate a commission using a sales price of $225, 000 and a commission rate of 6%, multiply the sales price by the commission rate.$225, 000 X .06 = $13, 500 commission Townships36 square miles - each section is 1 sq mile or 640 acres Sales PriceCommission divided by Commission Rate Acre43, 560 square feet An owner wants to receive $25,000 on the sale of their home after the 7% commission, $5,050 in closing, and a mortgage pay-off of $24,899. How much does the house need to sell for?
24,899 + 5,050 = $29,94929,949 + 25,000 =
$54,949P/RTP = 54,949R = .93 (since commission is 7%)T
= 54,949 ÷ .93 = $59, 084.95
Change acreage into square footageMultiply the acreage by 43, 5601.3 acres X 43, 560 = 56, 628 sq ft To calculate the net to the seller using a sales price of $125, 000 and a commission rate of 8%, multiply the sales price by 100% minus the commission rate.$125, 000 x (100% - 8%)or$125, 000 X .92 = $115, 000 To calculate the commission rate using a commission of $8, 200 and a sales price of $164, 000, divide the commission by the sales price.$8,200 divided by $164,000 = .05 or 5% A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How much money would a salesperson receive for her 60% share in the 10% commission?200 ft X 80 ft =16, 000 ft16,000 ft X 10% (.10) =
$1,600$1,600 X 60% (.60) = $960
Square Yard9 square feet (3 ft X 3 ft) CommissionSales Price X Commission Rate Change square footage into acreageDivide the square footage by 43, 56025,000 sq ft/43, 560 = .57 acres Mile5, 280 feet or 1, 760 yards Land is valued at $40,000 and the building is valued at $160,000. What is the value if a an appraiser uses a 30% depreciation rate?
Depreciation is building only:160,000 x .30 =
$48,000160,000 - 48,000 = 112,000Then add the total to
the land value:112,000 + 40,000 = $152,000
A home is valued at $146,000 and is assessed at 70% of the value. The taxes are $2.84 per $100. What are the
SEMI-ANNUAL taxes?146,000 x .70 = 102,200102,200 ÷ 100 = 1,0221,022 x
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