Math 1280 Final Exam: Questions With Verified
Solutions
If a home that originally cost $142,500 three years ago is now valued at 127%
of its original cost, what is the current market value?
164025
172205
174310
180975 Correct Answer - 180975
$142,500 x 127% = $180,975
In order for the seller to sell his property, he must replace the carpet in the
living room. What would it cost to put new carpet in the room measuring 15
feet by 20 feet if the carpet costs $26.95 per square yard, plus $450
installation charge?
2322
1348
3109
2335 Correct Answer - 1348
There are 9 square feet in a square yard, it's because 1 yard is 3 feet and in a
square all sides are equal in length, which makes 1 sq. yard equals to 3 * 3 = 9
square feet. So,the calculation for this questions is 15 sq ft x 20 sq ft = 300
sq.ft. 300sq ft / 9 ( here it is - a square yard is 3 yards by 3 yards or 9 square
feet) = 33.33 sq yds x $26.95 = $898.33 + $450 = $1348.33
A parcel of land described as "the NW 1/4 and the SW 1/4 of Section 6, T4N,
R8W of the Third Principal Meridian" was sold for $875 per acre. The listing
broker will receive a 5% commission on the total sales price. How much will
the broker receive?
1750
5040
14000
,15040 Correct Answer - 14000
First let's figure out how many acres: ¼ of a section is 160 acres, so 160 acres
+ 160 acres = 320 acres. If it sold for $875 then it is 320 x $875 = $280,000.
The listing broker will receive a 5% commission, so $280,000 x 5% = $14,000
commission to the listing agent.
Purchase price is $180,000 and buyer has a 90% loan at 7%; if the closing is
July 7 how will the interest be shown on the settlement sheet?
$186.41 debit to the buyer, credit to the broker
$776.71 debit to the buyer, credit to the broker
$776.71 debit to the buyer, credit to the seller
$186.41 debit to the buyer, credit to the seller Correct Answer - $776.71
debit to the buyer, credit to the broker
$180,000 X 90% = $162,000 X 7% = $11, = $31.0685 X 25 = $776.71
Prorate an annual insurance premium for an assumed loan, which was paid in
advance on Jan 1 by the sellers. Closing is Oct 5 and the policy amount was
$985. Since the buyer is benefiting from the Seller paying the year in advance,
the buyer owes money to the seller. How much?
237.48
747.52
757.9
227.1 Correct Answer - 237.48
Cost of the annual insurance $985 divided by 365 days = $2.6986 the cost of
insurance per day X 88 days remaining on the policy which was paid on Jan 1
= $237.48 which would be a debit to the buyer and a credit to the seller.
The real estate taxes for last year were $3,685 what would the settlement
statement show if the closing were September 19?
$2645.12 debit seller, credit buyer
$2635.02 debit seller, credit buyer
, $1039.88 debit seller, credit buyer
$1029.78 debit seller, credit buyer Correct Answer - $2635.02 debit
seller, credit buyer
$3, = $10.0959 per day X 261 days of seller ownership (Jan1 -Sept
18, Buyer has day of closing) = $2,635.02 debit seller, credit buyer (buyer is
going to recieve annual property tax bill on Jan 1)
How many 50-foot by 110-foot lots could be obtained from an acre of land?
6
7
8
9 Correct Answer - 7
This question involves calculating square footage. Whenever you do math
questions like this you need to get all the factors converted to a common
measure. You've got two measures here - one is "50-foot by 110-foot" and the
other is "acre". In order to calculate how many of one (the lots) can be carved
out of the other (the acre), you need to convert them to the common measure
of square feet.
Multiply 50 x 110 to get the square footage of one lot or 5500 square feet. The
acre is a little trickier; you have to just know the total square feet (for us and
the state test). It is 43560. Divide 5500 into 43560 and you get 7.920 lots. The
question wants to know how many 50 x 100 foot lots you can get of an acre -
the answer is 7. The .920 is not a full lot.
A house is closed on May 15. HOA dues are $108 per month and are due and
payable on the first day of each month. The HOA dues will appear on the
closing statement as a:
$49 debit to the seller
$59 debit to the seller
$59 credit to the seller
$49 credit to seller Correct Answer - $59 credit to the seller
Solutions
If a home that originally cost $142,500 three years ago is now valued at 127%
of its original cost, what is the current market value?
164025
172205
174310
180975 Correct Answer - 180975
$142,500 x 127% = $180,975
In order for the seller to sell his property, he must replace the carpet in the
living room. What would it cost to put new carpet in the room measuring 15
feet by 20 feet if the carpet costs $26.95 per square yard, plus $450
installation charge?
2322
1348
3109
2335 Correct Answer - 1348
There are 9 square feet in a square yard, it's because 1 yard is 3 feet and in a
square all sides are equal in length, which makes 1 sq. yard equals to 3 * 3 = 9
square feet. So,the calculation for this questions is 15 sq ft x 20 sq ft = 300
sq.ft. 300sq ft / 9 ( here it is - a square yard is 3 yards by 3 yards or 9 square
feet) = 33.33 sq yds x $26.95 = $898.33 + $450 = $1348.33
A parcel of land described as "the NW 1/4 and the SW 1/4 of Section 6, T4N,
R8W of the Third Principal Meridian" was sold for $875 per acre. The listing
broker will receive a 5% commission on the total sales price. How much will
the broker receive?
1750
5040
14000
,15040 Correct Answer - 14000
First let's figure out how many acres: ¼ of a section is 160 acres, so 160 acres
+ 160 acres = 320 acres. If it sold for $875 then it is 320 x $875 = $280,000.
The listing broker will receive a 5% commission, so $280,000 x 5% = $14,000
commission to the listing agent.
Purchase price is $180,000 and buyer has a 90% loan at 7%; if the closing is
July 7 how will the interest be shown on the settlement sheet?
$186.41 debit to the buyer, credit to the broker
$776.71 debit to the buyer, credit to the broker
$776.71 debit to the buyer, credit to the seller
$186.41 debit to the buyer, credit to the seller Correct Answer - $776.71
debit to the buyer, credit to the broker
$180,000 X 90% = $162,000 X 7% = $11, = $31.0685 X 25 = $776.71
Prorate an annual insurance premium for an assumed loan, which was paid in
advance on Jan 1 by the sellers. Closing is Oct 5 and the policy amount was
$985. Since the buyer is benefiting from the Seller paying the year in advance,
the buyer owes money to the seller. How much?
237.48
747.52
757.9
227.1 Correct Answer - 237.48
Cost of the annual insurance $985 divided by 365 days = $2.6986 the cost of
insurance per day X 88 days remaining on the policy which was paid on Jan 1
= $237.48 which would be a debit to the buyer and a credit to the seller.
The real estate taxes for last year were $3,685 what would the settlement
statement show if the closing were September 19?
$2645.12 debit seller, credit buyer
$2635.02 debit seller, credit buyer
, $1039.88 debit seller, credit buyer
$1029.78 debit seller, credit buyer Correct Answer - $2635.02 debit
seller, credit buyer
$3, = $10.0959 per day X 261 days of seller ownership (Jan1 -Sept
18, Buyer has day of closing) = $2,635.02 debit seller, credit buyer (buyer is
going to recieve annual property tax bill on Jan 1)
How many 50-foot by 110-foot lots could be obtained from an acre of land?
6
7
8
9 Correct Answer - 7
This question involves calculating square footage. Whenever you do math
questions like this you need to get all the factors converted to a common
measure. You've got two measures here - one is "50-foot by 110-foot" and the
other is "acre". In order to calculate how many of one (the lots) can be carved
out of the other (the acre), you need to convert them to the common measure
of square feet.
Multiply 50 x 110 to get the square footage of one lot or 5500 square feet. The
acre is a little trickier; you have to just know the total square feet (for us and
the state test). It is 43560. Divide 5500 into 43560 and you get 7.920 lots. The
question wants to know how many 50 x 100 foot lots you can get of an acre -
the answer is 7. The .920 is not a full lot.
A house is closed on May 15. HOA dues are $108 per month and are due and
payable on the first day of each month. The HOA dues will appear on the
closing statement as a:
$49 debit to the seller
$59 debit to the seller
$59 credit to the seller
$49 credit to seller Correct Answer - $59 credit to the seller
