National Math Module ACTUAL EXAM WITH A STUDY
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A rented office space has a monthly income of $3,800. A
suitable gross income multiplier derived from market data is
11.1. What would the estimated value be? Round to the nearest
$1,000.
A: $380,000
B: $422,000
C: $506,000
D: $342,000 - CORRECT ANSWER C: $506,000
A strip mall generates $215,000 in effective rental income and
$3,000 in other income. The same mall has $102,000 in
operating expenses and $15,000 as reserves. What is the net
operating income of the strip mall?
A: $113,000
B: $99,000
C: $101,000
D: $116,000 - CORRECT ANSWER C: $101,000
How many acres are there in the N ½ of the NE ¼ and the NE ¼
of the SE ¼ of a section?
A: 20 acres
B: 40 acres
C: 80 acres
D: 120 acres - CORRECT ANSWER D: 120 acres
,A property is being appraised using the income capitalization
approach. Annually, it has an estimated gross income of
$48,000, vacancy and credit losses of $3,600, and operating
expenses of $15,000. Using a capitalization rate of 8%, what is
the property's value (rounded up to the nearest $1,000)?
A: $413,000
B: $368,000
C: $340,000
D: $600,000 - CORRECT ANSWER B: $368,000
An FHA-insured loan in the amount of $57,500 at a 6 ½%
interest rate for 30 years was closed on March 17. The first
monthly payment is not due until May 1. If the interest is paid
monthly in arrears, how much pre-paid interest does the buyer
owe at closing? (Use a 360-day year)
A: $145.32
B: $311.52
C: $551.20
D: $3,737.50 - CORRECT ANSWER A: $145.32
If a square-shaped lot measures 125' on one side, what is the
square footage of the lot?
A: 250'
B: 15,625 square feet
C: 500'
D: 1,855 square feet - CORRECT ANSWER B: 15,625 square feet
The annual property taxes of $1,700 were paid in arrears by the
buyer. If the closing took place on June 4th and the seller paid
,through the day of closing, how did this appear on the
settlement sheet if the 360-day method is used?
A: $727 DS, CB
B: $727 DB, CS
C: $973 DS, CB
D: $973 DB, CS - CORRECT ANSWER A: $727 DS, CB
Ralph is buying Terry's house. The buyer's loan amount is
$105,580. If the buyer has agreed to pay 3 points at closing, how
much will he pay for the points?
A: $4,223
B: $1,584
C: $396
D: $3,167 - CORRECT ANSWER D: $3,167
Two parcels of land priced at $1,200 per acre were purchased.
One parcel was 15 acres in size and the other was 1 mile square
in size. How much did these two parcels cost together?
A: $180,000
B: $640,000
C: $786,000
D: $1,020,000 - CORRECT ANSWER C: $786,000
What is the number one rule of adjusting properties when using
the sales comparison approach to value?
A: If the comparable is inferior to the subject, subtract value
from the comparable.
B: If the comparable is superior to the subject, add value to the
comparable.
, C: Never adjust the subject property
D: Always use assessed value, not market value - CORRECT
ANSWER C: Never adjust the subject property
Six years ago a commercial property owner paid $490,000 for
her complex which included 10 acres of land valued at
$100,000. Using a 40-year straight-line depreciation method,
what would be the current value of the apartment complex?
A: $330,000
B: $390,000
C: $400,000
D: $431,500 - CORRECT ANSWER D: $431,500
The current value of a property is $60,000. For real estate tax
purposes, the property is assessed at 30 percent of its current
value, with an equalization factor of 1.25 applied to the assessed
value. If the tax rate is $4 per $100 of assessed valuation, what
is the amount of tax due on the property?
A: $720
B: $900
C: $1,800
D: $2,250 - CORRECT ANSWER B: $900
A fine jewelry store leased a space at the mall with a base rent
of $1,800 a month, plus 4% of all sales over $200,000. If the
gross sales were $325,000, what was the total amount of rent
paid by Heinz Fine Jewelry at the end of the year?
A: $26,600
B: $21,600
GUIDE | GUARANTEED PASS | LATEST UPDATE 2025
A rented office space has a monthly income of $3,800. A
suitable gross income multiplier derived from market data is
11.1. What would the estimated value be? Round to the nearest
$1,000.
A: $380,000
B: $422,000
C: $506,000
D: $342,000 - CORRECT ANSWER C: $506,000
A strip mall generates $215,000 in effective rental income and
$3,000 in other income. The same mall has $102,000 in
operating expenses and $15,000 as reserves. What is the net
operating income of the strip mall?
A: $113,000
B: $99,000
C: $101,000
D: $116,000 - CORRECT ANSWER C: $101,000
How many acres are there in the N ½ of the NE ¼ and the NE ¼
of the SE ¼ of a section?
A: 20 acres
B: 40 acres
C: 80 acres
D: 120 acres - CORRECT ANSWER D: 120 acres
,A property is being appraised using the income capitalization
approach. Annually, it has an estimated gross income of
$48,000, vacancy and credit losses of $3,600, and operating
expenses of $15,000. Using a capitalization rate of 8%, what is
the property's value (rounded up to the nearest $1,000)?
A: $413,000
B: $368,000
C: $340,000
D: $600,000 - CORRECT ANSWER B: $368,000
An FHA-insured loan in the amount of $57,500 at a 6 ½%
interest rate for 30 years was closed on March 17. The first
monthly payment is not due until May 1. If the interest is paid
monthly in arrears, how much pre-paid interest does the buyer
owe at closing? (Use a 360-day year)
A: $145.32
B: $311.52
C: $551.20
D: $3,737.50 - CORRECT ANSWER A: $145.32
If a square-shaped lot measures 125' on one side, what is the
square footage of the lot?
A: 250'
B: 15,625 square feet
C: 500'
D: 1,855 square feet - CORRECT ANSWER B: 15,625 square feet
The annual property taxes of $1,700 were paid in arrears by the
buyer. If the closing took place on June 4th and the seller paid
,through the day of closing, how did this appear on the
settlement sheet if the 360-day method is used?
A: $727 DS, CB
B: $727 DB, CS
C: $973 DS, CB
D: $973 DB, CS - CORRECT ANSWER A: $727 DS, CB
Ralph is buying Terry's house. The buyer's loan amount is
$105,580. If the buyer has agreed to pay 3 points at closing, how
much will he pay for the points?
A: $4,223
B: $1,584
C: $396
D: $3,167 - CORRECT ANSWER D: $3,167
Two parcels of land priced at $1,200 per acre were purchased.
One parcel was 15 acres in size and the other was 1 mile square
in size. How much did these two parcels cost together?
A: $180,000
B: $640,000
C: $786,000
D: $1,020,000 - CORRECT ANSWER C: $786,000
What is the number one rule of adjusting properties when using
the sales comparison approach to value?
A: If the comparable is inferior to the subject, subtract value
from the comparable.
B: If the comparable is superior to the subject, add value to the
comparable.
, C: Never adjust the subject property
D: Always use assessed value, not market value - CORRECT
ANSWER C: Never adjust the subject property
Six years ago a commercial property owner paid $490,000 for
her complex which included 10 acres of land valued at
$100,000. Using a 40-year straight-line depreciation method,
what would be the current value of the apartment complex?
A: $330,000
B: $390,000
C: $400,000
D: $431,500 - CORRECT ANSWER D: $431,500
The current value of a property is $60,000. For real estate tax
purposes, the property is assessed at 30 percent of its current
value, with an equalization factor of 1.25 applied to the assessed
value. If the tax rate is $4 per $100 of assessed valuation, what
is the amount of tax due on the property?
A: $720
B: $900
C: $1,800
D: $2,250 - CORRECT ANSWER B: $900
A fine jewelry store leased a space at the mall with a base rent
of $1,800 a month, plus 4% of all sales over $200,000. If the
gross sales were $325,000, what was the total amount of rent
paid by Heinz Fine Jewelry at the end of the year?
A: $26,600
B: $21,600
