[CH.2] (National Math) Tennessee Affiliate Broker Pre-license Course exam with 100% correct answers

[CH.2] (National Math) Tennessee Affiliate Broker Pre-license Course exam with 100% correct ansJohn bought an odd-shaped lot that was 100 feet deep, but the front footage was 160 feet and the length of the back side of the lot was 80 feet. What is the square footage of his lot? 12,000 SF Terry bought a home that home that had an attached one-car garage and a screened porch that spanned the length of the home. If the garage measured 16' in depth which was half the depth of the house and the screened porch was 64' in width, what is the GLA of the house? 2,048 SF Stacey owns a lot that has 180 feet of front footage and contains 36,000 square feet. She purchases two lots adjacent to each side of his lot. These side lots are each 200 feet deep and contain 19,000 square feet. What is the total front footage of all three lots? 370 (First, calculate the depth of the original lot: 36,000 ÷ 180 = 200; Next, calculate the front footage of the side lots using the area: 19,000 ÷ 200 = 95. Total up the front footage dimensions: 95 + 180 + 95 = 370 total front footage.) If a salesperson sells 3/4 of an acre for $80,000, what was the price per square foot rounded to two decimal spaces? $2.45 An A-frame house has a front facade measuring 30' across and 20' in height. What is the area of the facade? 300 SF (30' x 20' ÷ 2 = 300 SF) An investor just purchased a rectangular 1-acre retail lot for $250 a frontage foot. If she paid $100,000 total, what was the depth of the lot? 109 feet A rancher has a rectangular 40 acre piece of property fronting a highway. He wants to put a barbed-wire fence along his road frontage. How much fence does he need if his property depth is 1,200'? 1,452' A seller leaves a buyer approximately one half of a tank of heating oil at the closing. If the tank measures 4' x 2' x 3', how many cubic feet did the buyer receive? 12 cubic feet Two parcels of land priced at $1,500 per acre were purchased. One parcel was 25 acres in size and the other was 1 mile square in size. How much did these two parcels cost together? $997,500 A property is being appraised using the income capitalization approach. Annually, it has potential gross income of $40,000, vacancy and credit losses of $3,500, and operating expenses of $16,000. Using a capitalization rate of 8%, what is the indicated value (to the nearest $1,000)? $256,000 An apartment building that sold for $900,000 had annual gross income of $124,000. What was its Annual Gross Income multiplier? 7.3 A commercial property sold for $564,000 and its GIM was 8.7. What was the annual income of the property (rounded to the nearest $100)? $64,800 The subject property does not have a pool or a screen porch. A comparable that sold for $205,000 has a $1,000 screen porch, one more $2,500 half-bathroom, and a $6,000 pool. Assuming all else is equal, what is the adjusted value of the comparable? $195,500 If gross income on a property is $84,000, net income is $40,000 and the cap rate is 7%, the value of the property using the income capitalization method is? (Round to the nearest $100) $571,400 What is the GRM of a condominium with monthly rent of $1,700 and a value of $240,000? 141.2 A loan applicant has an annual gross income of $76,000. How much will a lender allow the applicant to pay for monthly housing expense to qualify for a loan if the lender uses an income ratio of 30%? $1,900 A borrower has a monthly payment of $1,980 on a loan with a monthly constant of 6.45. What is the loan amount (to the nearest hundred)? $307,000wers