National Math Module ACTUAL EXAM WITH A STUDY
GUIDE | GUARANTEED PASS | LATEST UPDATE 2025
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?
8 cubic feet
24 cubic feet
12 cubic feet
24 square feet - CORRECT ANSWER 12 cubic feet
4 x 2 x 3 = 24
24/2 = 12
If a square-shaped lot measures 200' on one side, what is the square footage of
the lot?
4,000
40,000
400
40 - CORRECT ANSWER 40,000
200 x 200 = 40,000
A developer wants to develop a 20-acre subdivision. He figures that the streets and
common area will take up about 25% of this overall area. If the minimum lot size is
to be 10,000 SF, how many lots can the developer have on this property?
43
65
86
66 - CORRECT ANSWER 65
,20 x .25 = 5
20 - 5=15
15 x 43560 = 653,400
653,400/10,000 = 65.34
John 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?
16,000 SF
8,000 SF
24,000
12,000 SF - CORRECT ANSWER 12,000 SF
160 + 80 = 240
240/2 = 120
120 x 100 = 12,000
If an investor wants to combine a 3/4 acre parcel with a 1.6 acre parcel, how big
will the parcel be, expressed as a decimal?
2.35 acres
2.5 acres
2.6 acres
2.85 acres - CORRECT ANSWER 2.35
3/4 = .75
.75 + 1.6 = 2.35
A property is being appraised by the cost approach. The appraiser estimates that
the land is worth $17,000 and the replacement cost of the improvements is
$235,000. Total depreciation from all causes is $23,000. What is the indicated
value of the property?
$229,000
$275,000
$252,000
,$212,000 - CORRECT ANSWER $229,000
17,000 + 235,000 - 23,000 = 229,000
A property has a net income of $770,000 and sells for $9,800,000. What is its cap
rate?
0.079
0.127
0.092
0.113 - CORRECT ANSWER 0.079
770,000/9,800,000 = 0.079
The owner of a $200,000 property decided to buy a new $15,000 roof (which
added no value to the property). The economic life of the roof is 12 years.
Assuming the straight-line method of depreciation, what is the depreciated value
of the property (attributable to the roof) after 2 years?
$202,500
$200,000
$197,500
$187,500 - CORRECT ANSWER $197,500
15,000/12 = 1,250
1,250 x 2 = 2,500
200,000 - 2,500 = 197,500
What is the GIM of a strip mall with annual income of $547,500 and a value of
$6,345,000?
8.6
139.1
103.2
11.6 - CORRECT ANSWER 11.6
6,345,000/547,500 = 11.6
, A commercial property sold recently for $620,000. The property had an NOI, or net
income, of $45,000. What was the capitalization rate at which this property sold?
0.072
0.138
0.045
0.062 - CORRECT ANSWER 0.072
45,000/620,000 = 0.072
What is the GIM of a gas station with Annual rent of $104,400 and a value of
$970,000?
8.3
9.3
10.3
99.9 - CORRECT ANSWER 9.3
970,000/104,400 = 9.3
The Browns obtain a fixed-rate amortized 30-year loan for $310,000 @ 6%
interest. If the monthly payments are $1,815, how much interest do the Browns
pay in the first month of the loan?
$1,815
$1,550
$265
$1,495 - CORRECT ANSWER $1,550
310,000 x .06 = 18,600
18,600/12 = 1,550
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%?
GUIDE | GUARANTEED PASS | LATEST UPDATE 2025
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?
8 cubic feet
24 cubic feet
12 cubic feet
24 square feet - CORRECT ANSWER 12 cubic feet
4 x 2 x 3 = 24
24/2 = 12
If a square-shaped lot measures 200' on one side, what is the square footage of
the lot?
4,000
40,000
400
40 - CORRECT ANSWER 40,000
200 x 200 = 40,000
A developer wants to develop a 20-acre subdivision. He figures that the streets and
common area will take up about 25% of this overall area. If the minimum lot size is
to be 10,000 SF, how many lots can the developer have on this property?
43
65
86
66 - CORRECT ANSWER 65
,20 x .25 = 5
20 - 5=15
15 x 43560 = 653,400
653,400/10,000 = 65.34
John 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?
16,000 SF
8,000 SF
24,000
12,000 SF - CORRECT ANSWER 12,000 SF
160 + 80 = 240
240/2 = 120
120 x 100 = 12,000
If an investor wants to combine a 3/4 acre parcel with a 1.6 acre parcel, how big
will the parcel be, expressed as a decimal?
2.35 acres
2.5 acres
2.6 acres
2.85 acres - CORRECT ANSWER 2.35
3/4 = .75
.75 + 1.6 = 2.35
A property is being appraised by the cost approach. The appraiser estimates that
the land is worth $17,000 and the replacement cost of the improvements is
$235,000. Total depreciation from all causes is $23,000. What is the indicated
value of the property?
$229,000
$275,000
$252,000
,$212,000 - CORRECT ANSWER $229,000
17,000 + 235,000 - 23,000 = 229,000
A property has a net income of $770,000 and sells for $9,800,000. What is its cap
rate?
0.079
0.127
0.092
0.113 - CORRECT ANSWER 0.079
770,000/9,800,000 = 0.079
The owner of a $200,000 property decided to buy a new $15,000 roof (which
added no value to the property). The economic life of the roof is 12 years.
Assuming the straight-line method of depreciation, what is the depreciated value
of the property (attributable to the roof) after 2 years?
$202,500
$200,000
$197,500
$187,500 - CORRECT ANSWER $197,500
15,000/12 = 1,250
1,250 x 2 = 2,500
200,000 - 2,500 = 197,500
What is the GIM of a strip mall with annual income of $547,500 and a value of
$6,345,000?
8.6
139.1
103.2
11.6 - CORRECT ANSWER 11.6
6,345,000/547,500 = 11.6
, A commercial property sold recently for $620,000. The property had an NOI, or net
income, of $45,000. What was the capitalization rate at which this property sold?
0.072
0.138
0.045
0.062 - CORRECT ANSWER 0.072
45,000/620,000 = 0.072
What is the GIM of a gas station with Annual rent of $104,400 and a value of
$970,000?
8.3
9.3
10.3
99.9 - CORRECT ANSWER 9.3
970,000/104,400 = 9.3
The Browns obtain a fixed-rate amortized 30-year loan for $310,000 @ 6%
interest. If the monthly payments are $1,815, how much interest do the Browns
pay in the first month of the loan?
$1,815
$1,550
$265
$1,495 - CORRECT ANSWER $1,550
310,000 x .06 = 18,600
18,600/12 = 1,550
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%?
