REAL ESTATE MATH PROBLEMS 2024 WITH POSSIBLE SOLUTIONS

What was the price per front foot for a 100' x 125' lot that sold for $125,000. (the first number is front foot) 1. $1,250 2. $1,000 3. $556 4. $10 - correct answer 1. $1,250 125,000÷100 = 1,250 If the bank makes 90% loan on a house valued at $88,500 how much additional cash is required as a down payment if the buyer has already paid $4,500 in earnest money 1. $3,500 2. $4,000 3. $4,350 4. $8,850 - correct answer 3. $4,350 P÷T×R 8,850÷88,500×90%-10% = $4,350 What did the sellers pay for their home if they sold it for $298,672 which gave them a 12% (+100%) profit over their original cost? Round your answer to the nearest cent. 1. $243,671.43 2. $266,671.43 3. $312,512.64 4. $334,512.64 - correct answer 2. $266,671.43 P÷T×R 298,672÷T×1.12= 266,671.43 The sale of a home is to close on Sept 28 included in the sale is a garage apt that is rented for $350 per month the tenant has paid the Sept rent what is the proration using actual days & prorating thru the day of closing 1. $325.67 2. $23.33 3. $350.00 4. $175.00 - correct answer $23.33 350÷30 = 11.666×2 days = 23.33 An owner agrees to list his property on the condition that he will receive at least $47,300 after paying a 5% broker's commission and paying $1,150 in closing costs at what price must it sell 1. $48,450 2. $50,815 3. $50,875 4. $51,000 - correct answer P÷T×R P (47300+1150=48450) R(100%-5%=95% .95) 48450÷T×.95=51000 4. $51,000