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5 Cards in this Set
- Front
- Back
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A seller wants to net $135,000 from the sale of their home. They will give your company a listing and pay a 6% commission. Their closing costs should run them $1,800. What must the listed price be to net them $135,000?
A. $145,417.02 B. $145,531.91 C. $141,817.02 D. $141,702.13 |
Correct Answer: B $135,000 + $1,800 = $136,800 divided by .94 = $145,531.91
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A property is now worth $96,000. It has depreciated for the last 4 years at 5% per year. What was the value of the property 5 years ago?
A. $100,000 B. $115,200 C. $116,688 D. $120,000 |
Correct Answer: D $96,000 divided by .80 = $120,000.
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How much interest would you pay over the life of a 30 year amortized loan of $80,000 at 8% interest with monthly payments of $587.01?
A. $211,323.60 B. $80,000.00 C. $131,323.60 D. $192,000.00 |
Correct Answer: C $587.01 X 360 payments = $211,323.60 minus $80,000 = $131,323.60
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You sell the back 200 feet of a parcel that is 330 feet by 660 feet. How much did you receive if you get $3.30 per square foot?
A. $217,800 B. $435,600 C. $108,900 D. $54,450 |
Correct Answer: A Parcel size is 200 feet by 330 feet which is 66,000 sqft times $3.30 per sq ft = $217,800.
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Your friend just sold her home for $210,000. That price included a 30% profit. What did your friend pay for her property?
A. $300,000 B. $273,000 C. $147,000 D. $161,538 |
Correct Answer: D $210,000 divided by 1.3 = $161,538.
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