Georgia Real Estate Math with 100- correct answers already graded A+

Intangible taxes are charged against the amount new funds burrowed by the buyer (less any part of the seller's loan assumed by the buyer). Alex bought a condo for $110,750 and put $11,500 down. What would the intangible recording tax be? $110,750 - $11,500= $99,250 in new debt/ 500= $198.50 (round up to $199) x $1.50= $298.50 Dain and Sherly's home sold for $751,150. They owe $675,900 on their mortgage. What will their net be after they pay $24,500 in expenses and a 6.8% commission? Commission= ($751,150 x .068)= $51,078.20 $751,150 price- $675,900 mortgage - $24,500 costs - $51,078 commission= $17,672 net proceeds Transfer taxes are charged against the sales price of the property (less any part of the seller's loan assumed by the buyer) A home sold for $375,900. the buyer obtained a mortgage for $305,750. what will the transfer tax be on this sale? Transfer taxes are calculated against sales, not loans, Multiply the sales price by the 1/10th percent to determine the tax: $375,900 x .001= $375.0 If a seller prepaid the taxes of $4,400 and the closing is set for May 19, using the 12-month/30-day method what will the buyer owe the seller as prorated taxes? Find the daily taxes: ($4,400 annual/360=$12.22 per day) Find the number of days from the beginning od the tax year (assume January 1) through May 19 closing ( assume that day is paid by the seller): (4 months x 30 days + 19 days= 139 days) To find the seller's cost multiply the daily tax rate by the days ($12.22 x 139= $1,698.89 or round to $1,700) Subtract the seller's cost from the amount prepaid to find to find the amount owed the seller by the buyer as a refund ($4,440-$1,700= $2,700) If Jessica purchases a property for $290,000 and borrows $200,00 she is said to have a LTV ratio of ...? A $200,00 loan that is obtained to purchase a $290,000 property is a ($200,00/$290,000= 68.9% 69%) LTV Ratio Emma's property is assessed at $650,000. Her property qualified for a $50,000 homestead tax exemption and was appraised at $800,000. What is the taxable value of Emma's property? The assessed value of a property is usually only a portion of its appraised value, and the amount is usually determined by the state government. But some properties have partial or total exemptions depending on their use ( farm or family home, perhaps.) In this case the Assessed value is $650,00 and the exemption is $50,000 so the taxable value is $600,000. The appraised value is not needed to answer this question. How many acres are there in the W 1/2 of the S 1/4 of the SW 1/4 of a section of land? 2x2x4=16 640/16=40 acres A retail property valued at $710,000 earns $4,650 per month. What is the annual percent of return? ($4,650 x 12 months= $55,800) $55,800/$710,000=.07859 (7.9%) In a comparative market analysis, the subject property has 2 bedrooms, 2 baths, a 1/2-acre lot and a swimming pool. A $115,000 comparable has 2 bedrooms, 1 bathroom, no pool, a 1/2 acre lot, and a screened porch. The appraiser adjusts by $9,000 for the bath, $11,000 for the pool, and $5,800 for the porch. What is the indicated value of the subject? ($115,000+ $9,000 for the bath + $11,000 for the pool- $5,800 for not having a porch resulting in an indicated value of $129,200