(ANSWERS WILL BE REVEALED WITH PROPER SUBSCRIPTION)
Sample Math Questions Edition with no answers:
1) A residential zoning category requires at least 8,500 square feet per lot. The developer is reserving 25% of the land to streets, sidewalks, a park and a community center. The tract of land for development consists of 100 acres. How many residential lots are available for development?
2) You are appraising a four-year-old, single-family residence. The main dwelling is 80 feet by 40 feet. The garage is 25 feet by 20 feet. According to figures obtained from a cost- estimating service, the base construction cost per square foot of main dwelling is $105 and $89 per square foot for the garage. Calculate the reproduction cost new of the structure.
3) A duplex is scheduled to close on April 10. On the first of the month, the seller collected total rent for April amounting to $1150. According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. Use the actual number of days in the closing month. Calculate the proration and indicate who is debited and who is credited.
4) A lender quotes a mortgage loan of $175,000 at 5 1⁄4% interest. The monthly payment is $966.00. How much of the second monthly payment will apply to the principal reduction?
5) A broker’s listing agreement specifies that 6 percent commission is to be paid on the sale price. The sales associate for the firm lists and sells the property and is to receive 60 percent of the total sale commission. How much will the sales associate earn if she sells the property for $269,000?
6) A building rents for $23 per square foot with an index of 1.4. The index increases to 1.7. What is the adjusted rental rate?
7) A homesteaded property is located in Orlando, Florida, in Orange County. The city tax rate is 8.2 mills, the county tax rate is 9.1 mills, and the school district tax rate is 5 mills. The homeowner is blind and has qualified for homestead exemption. The home has been assessed at $185,000. What must the homeowner pay in property taxes?
8) The street in front of your house is to be paved at a cost of $48 per foot. The city has agreed to pay 30 percent of the paving cost and will assess abutting properties for the remainder. If your lot frontage on the street is 80 feet, what is your portion of the special assessment?
9) Closing date is May 8. The buyer is assuming the seller’s mortgage loan that has a principal balance of $215,000 at 5 1/4% interest. The day of closing is charged to the buyer. What is the proration and how is it entered on the settlement statement?