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Real Estate Math

Math formulas and practice questions

QuestionAnswer
How many square feet in an acre 43, 560
To determine a rectangles square footage Multiply the length of one side by the length of the other side
To convert square footage to acreage Divide the number of square feet by 43, 560
To convert acreage to square feet Multiply the number of acres by 43, 560
If you are given the dimension only (300x200) the first number is considered to be Front footage
A parcel of land measures 400x400 (sq.) how many acres are contained in this parcel? 400x400 = 160,000 square feet 160,000 sq ft / 43, 560 = 3.6731 Acres
A parcel of land is 7.5 acres. How many square feet are in the parcel? 43, 560 X 7.5 = 326, 700 sq. ft.
To calculate a sales commission: X the selling price by the commission rate
To calculate a commission split between broker and sales associate: X the total sales commission by the appropriate percentage that either the broker or sales associate is entitled to receive.
To calculate the appropriate selling price so that the seller will receive a certain amount to money after paying closing costs and the sales commission Selling price= Sellers net + Closing cost divided by / 100% - Commission rate
Broker Gary sold a home for $375, 000 with an agreed upon commission of 7.5% of the sales price. How much is the sales commission? $375,000 X 7.5% =$28,125
Broker Bob has agreed to pay salesperson Jo 2/3 all commissions warned as a result of Jo's efforts. If Rafael sells a property for $600,000 with an agreed upon commission of 6% how much is Jo's share of the commission $600,000 X 6% = $36,000 $36,000 / 3 = $12,000
Seller Aaron wants to Net $ 259,000, agrees to commissions as follows: 5% - first $100,000 6% - next $100,000 7% - anything over $200,000 If the sales price is $335, 300 what is the brokers commision $100,000 X 5%= $5,000 $100,000 X 6%= $6,000 $135,300 X 7%= $9,471 $5,000+$6000+$9471= $20,471
Cost Depreciation Approach Step one: Reproduction Cost / Economic Life X Effective Age = Total Depreciation / (means divided by) Step two: Reproduction cost - Total Depreciation (and step 1) + Land value = Depreciated Value of the Property
If a building is valued at $300,000, it has an economic life of 20 years and effective age of 4 years, what is the value of the property if the lot is worth $40,000 Step 1: $300,000 / 20 X 4= $60,000 Step 2: $300,000 - $60,000 +$40,000 = $280,000
Income Capitalization Approach I / R x V
If net operating income is $40,000 and the capitalization rate is 10% what is the value of the property? $40,000 / 10% = $40,000
Gross Rent Multiplier Approach V / R x M
If the value of a property is $720,000 and the annual rental income is $60,000, how much is the gross income multiplier? $720,000 / $60,000 = 12 Value/ Annual Rental Income = Multiplier (V / R =M)
Discount points One point is calculated as 1% of the loan
Loan amount $90,000 annual interest rate of 7%. If the lender charges 4 discount points what is the cost to the buyer? $90,000 X 4%= $36,000
Amortization I / P x R x T I= Amount of Interest paid in dollars P=Principal balance of a loan R=Rate of Interest T= Time length of the loan in terms of years
Amortization steps 1. Loan amount x Annual interest rate = Annual interest / by 12= monthly interest amount 2.Deduct Monthly interest from total monthly payment amount 3. Principal balance of loan - principal portion of payment = New loan balance
$80,000 loan for 30years, interest rate of 8%. Monthly principal and interest payments of $587.01. What is the principal balance after the first payment $80,000 X .08=$6,400 /12 = $533.33 - 587.01= $54.03 $80,000-53.68 = $79, 946. 32 ( Balance after 1st payment)
Transfer tax $1.00 per thousand (seller)
GA Residential Mortgage tax $10.00 Any loan subject to GA Residential Mortgage Act (buyer)
Intangible tax $3.00 per thousand Due 90 days from the date of the instrument (buyer)
Created by: jozie723
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