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Real Estate Math — Printable Practice Pack

National portion · tested in every state · 20 questions · Answer key on the last page · agentexamcoach.com

Name: ______________________Date: ______________Score: _____ / 20
  1. 1.A home sells for $430,000 with a 5.5% commission split evenly between the listing and selling brokerages. How much does each brokerage receive?
    (A)$13,008
    (B)$11,825
    (C)$23,650
    (D)$27,950
  2. 2.A tenant paid $2,700 rent for the full month. The sale closes on day 21 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$810.00
    (B)$1,889.00
    (C)$900.00
    (D)$1,890.00
  3. 3.A tenant paid $3,000 rent for the full month. The sale closes on day 19 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$1,200.00
    (B)$1,900.00
    (C)$1,100.00
    (D)$1,899.00
  4. 4.A commercial property has a net operating income of $49,000 and the market cap rate is 8%. Using the income approach, what is its estimated value?
    (A)$306,250
    (B)$490,000
    (C)$3,920
    (D)$612,500
  5. 5.How many square feet are in a 0.25-acre parcel? (1 acre = 43,560 sq ft)
    (A)5,445 sq ft
    (B)10,913 sq ft
    (C)10,890 sq ft
    (D)21,780 sq ft
  6. 6.An investor bought a property for $190,000 and wants to sell it for a 20% profit. What must the sale price be?
    (A)$38,000
    (B)$190,000
    (C)$152,000
    (D)$228,000
  7. 7.How many square feet are in a 1.5-acre parcel? (1 acre = 43,560 sq ft)
    (A)32,670 sq ft
    (B)65,475 sq ft
    (C)130,680 sq ft
    (D)65,340 sq ft
  8. 8.How many square feet are in a 0.75-acre parcel? (1 acre = 43,560 sq ft)
    (A)32,670 sq ft
    (B)65,340 sq ft
    (C)32,738 sq ft
    (D)16,335 sq ft
  9. 9.A home sells for $350,000 with a 7% commission and no other closing costs. What does the seller net?
    (A)$325,500
    (B)$24,500
    (C)$350,000
    (D)$322,000
  10. 10.An investor bought a property for $310,000 and wants to sell it for a 15% profit. What must the sale price be?
    (A)$310,000
    (B)$46,500
    (C)$263,500
    (D)$356,500
  11. 11.Annual property taxes are $7,000. Using a 365-day year, the seller is responsible for 61 days. What is the seller's prorated share?
    (A)$1,745.21
    (B)$1,186.11
    (C)$1,169.86
    (D)$5,830.14
  12. 12.A commercial property has a net operating income of $24,000 and the market cap rate is 7%. Using the income approach, what is its estimated value?
    (A)$171,429
    (B)$266,667
    (C)$1,680
    (D)$342,857
  13. 13.An investor bought a property for $340,000 and wants to sell it for a 25% profit. What must the sale price be?
    (A)$255,000
    (B)$340,000
    (C)$85,000
    (D)$425,000
  14. 14.A home sells for $190,000 with a 5% commission and no other closing costs. What does the seller net?
    (A)$178,600
    (B)$180,500
    (C)$9,500
    (D)$190,000
  15. 15.A property valued at $260,000 is assessed at 25% of value. The tax rate is $2.00 per $100 of assessed value. What is the annual tax?
    (A)$1,300
    (B)$13,000
    (C)$5,200
    (D)$130
  16. 16.How many square feet are in a 0.5-acre parcel? (1 acre = 43,560 sq ft)
    (A)21,825 sq ft
    (B)10,890 sq ft
    (C)21,780 sq ft
    (D)43,560 sq ft
  17. 17.A property valued at $200,000 is assessed at 100% of value. The tax rate is $1.50 per $100 of assessed value. What is the annual tax?
    (A)$3,000
    (B)$1,500
    (C)$300
    (D)$30,000
  18. 18.How many square feet are in a 2.5-acre parcel? (1 acre = 43,560 sq ft)
    (A)217,800 sq ft
    (B)109,125 sq ft
    (C)108,900 sq ft
    (D)54,450 sq ft
  19. 19.A commercial property has a net operating income of $29,000 and the market cap rate is 8%. Using the income approach, what is its estimated value?
    (A)$290,000
    (B)$362,500
    (C)$181,250
    (D)$2,320
  20. 20.A home sells for $340,000 with a 5.5% commission split evenly between the listing and selling brokerages. How much does each brokerage receive?
    (A)$9,350
    (B)$10,285
    (C)$18,700
    (D)$22,100

Answer key & explanations

  1. 1. B — Total commission = $430,000 × 5.5% = $23,650. Split evenly, each brokerage gets $11,825.
  2. 2. A — Daily rent = $2,700 ÷ 30 = $90.00. The buyer owns the property for the 9 remaining days, so the credit = $90.00 × 9 = $810.00.
  3. 3. C — Daily rent = $3,000 ÷ 30 = $100.00. The buyer owns the property for the 11 remaining days, so the credit = $100.00 × 11 = $1,100.00.
  4. 4. D — Value = NOI ÷ cap rate = $49,000 ÷ 8% = $612,500.
  5. 5. C — 0.25 × 43,560 = 10,890 sq ft.
  6. 6. D — Sale price = cost × (1 + profit%) = $190,000 × 1.2 = $228,000.
  7. 7. D — 1.5 × 43,560 = 65,340 sq ft.
  8. 8. A — 0.75 × 43,560 = 32,670 sq ft.
  9. 9. A — Commission = $350,000 × 7% = $24,500. Net = $350,000 − $24,500 = $325,500.
  10. 10. D — Sale price = cost × (1 + profit%) = $310,000 × 1.15 = $356,500.
  11. 11. C — Daily tax = $7,000 ÷ 365 = $19.18. Seller's share = $19.18 × 61 = $1,169.86.
  12. 12. D — Value = NOI ÷ cap rate = $24,000 ÷ 7% = $342,857.
  13. 13. D — Sale price = cost × (1 + profit%) = $340,000 × 1.25 = $425,000.
  14. 14. B — Commission = $190,000 × 5% = $9,500. Net = $190,000 − $9,500 = $180,500.
  15. 15. A — Assessed = $260,000 × 25% = $65,000. Tax = ($65,000 ÷ 100) × 2 = $1,300.
  16. 16. C — 0.5 × 43,560 = 21,780 sq ft.
  17. 17. A — Assessed = $200,000 × 100% = $200,000. Tax = ($200,000 ÷ 100) × 1.5 = $3,000.
  18. 18. C — 2.5 × 43,560 = 108,900 sq ft.
  19. 19. B — Value = NOI ÷ cap rate = $29,000 ÷ 8% = $362,500.
  20. 20. A — Total commission = $340,000 × 5.5% = $18,700. Split evenly, each brokerage gets $9,350.

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