812.503. 1,199.11 - 812.50 386.614. 162,500 - 386.61

Principles of Real Estate 2 Champions MATH SECTION Flashcards A loan balance of $162,500 at 6% interest was recorded on the MIL (Mortgage's Information Letter) on June 1, 2008.When the July 1 monthly payment of $1199.11 has been made, the new loan balance will be what amount?a.$161,450.27b.$162,440.43c.$162,113.39d.$156,

250.00

c.$162,113.391.) 162,500 x .06 = 9,7502.) 9,750 / 12 -

812.503.) 1,199.11 - 812.50 = 386.614.) 162,500 - 386.61

= 162,113.39

A property has been depreciating at 3% a year for 6 years.Today it is worth $144,238.00. What was the original cost of the property?$175,9001.) 3% x 6 = 18%2.) 100% - 18% = 82%3.)

$144,238 / 82%

A property has been appreciating at 5% a year for 4 years.The original purchase price was $269,500. What is it worth today?$323,4001.) 5% x 4 = 20%2.) 100% + 20% = 120%3.) 269,500 x 1.2 John owns 9 acres of land. He wants to subdivide it into half acre lots. He must leave room for a road 1980' by 33'.How many lots will he have?15 lots1.) 43,560 x 9 = 392,040 sq ft of property2.) 1980 x 33 = 65,340 sq ft of what to save3.) 392,040 - 65,340 = 326,700 left4.) 43,560 / 2 = 21,780 half acre lots5.) 326,700 / 21,780 = 15 lots How many cubic feet of storage space will there be in a warehouse measuring 80' x 60' with 20 foot ceilings and a 10' x 10' office space (to the ceiling)?94,000 cubic feet1.) 80 x 60 x 20 = 96,0002.) 10 x 10 x 20

= 2,0003.) 96,000 - 2,000 = 94,000

Mary wishes to net $50,000 after selling her property. She has a mortgage balance of $120,310 and must pay $5,000 in repairs and other closing costs. She has agreed to pay the broker 6%. What is the lowest price she can accept for her property?

$186,500175,310 / .94

Mary, a sales agent for ABC Realty, earns 40% of her broker's share of a commission on any property she sells. If Mary recently sold a property at the price of $224,500 where the listing agent had negotiated a 6.5% commission to be split equally between the listing and selling broker, how much would Mary make?

$2,918.50

A borrower has to pay 2 1/2 points at closing. The amount of principal borrowed is $155,000.00 on a sales price of $198,000.00. What amount will be charged for points?a.$3875b.$4950c.$1075d.$3100 a.$38751.) 2.5% x 155,000 A seller wants to net $25,000 after paying closing costs of $3,200 and a loan balance of $66,800. He has agreed to pay a 5% commission on the sale. At what price should he sell his property?

$100,0001.) 25,000 + 3,200 + 66,800 = 95,0002.) 95,000 /

.95 = $100,000

A property was listed for $159,500 and sold for $157,000.The listing agent had negotiated a 6% commission on the sale. What commission was paid to the broker at the

closing?

$9,420

Bob purchased a property 8 years ago for $365,000. It has been appreciating at 3% per year. How much has the

property appreciated?$87,6001.) 8 x 3% = 24%2.) 24% x 365,000

The market value of a property is $425,000. The appraised value is 95% of market value. What is the appraised value of the property?a. $403,750b. $21,250c. $416,350d.

$395,675

• $403,7501.) 425,000 x .95 = 403,750

Mary purchased a property 6 years ago for $120,000. It has depreciated 2% a year. How much has it depreciated?$14,4001.) 6 x 2% = 12%2.) 12% x 120,000 What part of an acre is a lot 150 feet x 100 feet?.344 acres1.) 15,000 / 43,560 A property is assessed at $182,000 for property tax purposes. If the rate is $2.00/100, what yearly amount is owed?a.$3460b.$3640c.$1820d.$1968 b.$3640182,000 x .02 = 3,640 Mark and Ann have a mortgage loan balance of $126,385.20. Their monthly loan payment is $908.70. The interest rate on their loan is 7.5%. How much interest will they owe on their current payment?$789.911.) 7.5% x 126,385.202.) 9,478.89 / 12 = 789.91 If Mary paid $300 in interest only on the first month's loan payment, and the interest rate on her loan was 9%, how much did she borrow?$40,0001.) 300 / 9% = 3,333.332.) 3,333.33 x 12 = 40,000 If a 4-story building has dimensions of 100' x 125' and construction costs are $55.00 per square foot, what is the cost to build this building?$2,750,0001.) 100 x 125 x 4 = 50,0002.) 50,000 x $55 =

2,750,000

If the commission rate charged was 7% and the commission earned was $11,410, at what price did the property sell?

$163,000

Sales agent, John Simmons, earned $5458.75 as his half of a 5.5% commission. What price did the property sell for?

$198,500

The sale of a $292,500 home gave the listing broker $10,237.50. The selling broker received the same amount of commission. What was the rate of the commission charged?a. 5.3%b. 9.25%c. 7.3%d. 7%

• 7%1.) 10,237.50 x 2 = 20,4752.) 20,475 / 292,500 = .07

John owns 787,253 square feet of land. How many acres does he own?a. 20b. 18c. 180d. 10

• 181.) 787,253 / 43,560 = 18.07