![]() ![]() At the time of the purchase, the land was valued at $18,000. An investment property now worth $180,000 was purchased seven years ago for $142,000. If he sold the property on June 23 of that same year, how much would he be credited at closing? (Use a 360-day year.) $119,743.59. Which amount represents the property's market price? $815 What would it cost to put new carpeting in a room measuring 15 feet by 20 feet if the carpet costs $16.95 per square yard, plus a $250 installation charge? $1,218.10 On January 1, George paid the $2,345 in taxes for the current year. The homeowner bought the property for $190,000 and added $50,000 in improvements, for a total of $240,000. How many points is this equivalent to? $222,500 According to a broker's comparative market analysis (CMA), a property is worth $225,000. What will her gross income be from this commission over the life of the lease? 2.5 A $75,000 mortgage loan requires a discount of $1,875 to be paid by the seller. She will receive a commission of 7.5% for the first five years, 5% for the next three years, and 3.5% for the final two years. Which of the following is the formula for calculating property taxes in Arkansas? $28560 A real estate professional leased a building for 10 years at an annual rent of $48,000. What was the sale price of the property? The answer is $160,000. After paying closing expenses of $550 and a 6% commission, the seller received a check for $149,850. How much was the referring agent paid? The answer is $160,000. The buyer purchased a $350,000 home, and the 7% commission was split as follows: listing brokerage, 2% listing agent, 2% buyer's brokerage, 1.5% buyer's agent, 1.5%. The referring agent is to receive 25%of buyer side commission when the transaction closes. The 30-year loan results in total payments of what percentage of the 15-year total payments? The answer is $1,312.50. 235% 142% A $100,000 loan at 6% could be amortized with monthly payments of $843.86 on a 15-year basis or payments of $599.55 on a 30-year basis. What was its original cost if it had depreciated at the rate of 2-1/4% for the past 8 years (use straight line depreciation). A property has a present depreciated value of $36,900.00. If X is the original value, X multiplied by 82% (100% minus 18%) equals $36,900.00. Thus, the property has depreciated 18% from its original 100% value. What is the indicated value of the property? CORRECT ANSWER: $45,000.00Ģ-1/4% depreciation over the past 8 years would be a total depreciation of 18%. A property has been renting for $750 per month. GRM is always calculated on an annual basis. The indicated value using a GRM (Gross Rent Multiplier) is the (monthly rent x 12 (months)) x GRM. Calculate the semi-annual tax bill if the mills total is 80. ![]() A property is appraised at $150,000 and assessed for tax purposes at 35 % value. This will give you an answer of $4,200, but you must remember to divide by 2 since the question asks for the semi-annual tax bill. Next, take the assessed value x the millage of 80 and divide the answer by 1,000, as mills are $1 per 1,000. The formula for obtaining property taxes is as follows: take the appraised value of $150,000 x the assessed rate of 35%, which will yield the assessed value. What is the market value of the property? CORRECT ANSWER: $2,100.00ĭon't forget to divide the answer by 2 as a final step. A rental property has a return rate of 8%. In this case, multiply $600.00 by 12 the income is given as monthly. Rate of return is computed by dividing the annual net income by the rate of return. Assuming 30 year straight-line depreciation, what is the basis of the property after 10 years? CORRECT ANSWER: $90,000.00 An investor buys a single-family rental property with an initial basis of $150,000. A real property transfer fee of 1 mill on the sale of real estate at a total consideration of $63,500 equals: CORRECT ANSWER: $100,000 ![]()
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