Real Estate Mathematics
A real estate broker earns a $12,500 commission in the sale of a condominium. His commission rate is 7%. What is the price of the condo?
What is $178,571?
A fibrous mineral used in many construction applications such as ceiling tiles and roof shingles is called:
A. Lead
B. Asbestos
C. radon
D. UFFI
B. Asbestos
A type of insurance policy that includes different types of coverage in one policy is
What is a Package Policy?
What is blockbusting?
What is an comparative market analysis?
A property sells for $120,000. The buyer obtains an 80% loan. If the bank charges 3 points at closing, how much in points must the buyer pay?
what is $2,880?
Which department remediates drinking water?
A. Department of Environmental Conservation
B.Local Department of Health
C. Department of Agriculture
D. Department of State
B. Local Department of Health
Monica files a claim against Jesse because she tripped and fell on Jesse’s property while visiting him. Which type of insurance should Jesse have to best cover this claim?
What is Liability?
Denying or restricting loans in a certain area by a lending institution
What is redlining?
An owner who uses a residential property for vacation purposes only may attribute which type of value to this property.
What is Value in Use?
A property closes on November 15. The yearly property taxes are $2,500. What is the credit to the seller on the closing statement?
What is $312.50
What is the wooden skeleton of a residental property called?
a. frame
b. walls
c.sheetrock
D. Foundation
A. Frame
Accoridng to New York Law, a deductible that must be disclosed to the insured
What is windstorm?
Leading prospective homeowners toward or away from certain ares
What is steering?
In contruction of a property, the costs of architectural engineering fees
What are indirect costs?
If the annual net income for a property is $670,000 and the capitalization rate is 9%, which of the following is the estimate of the property value (rounded)?
What is 7,444,444?
If the indoor air quality if a commercial building causes large numbers of people to fall ill
What is Sick Building Syndrome?
A clause in an insurance policy that modifies or changes the insurance policy in some way
a. endorsement
b. peril
c.deductible
d. umbrella
a. endorsement
An area designated by NYS Departmet of State where salesperson and brokers may not solicit listings
What is a cease and desist zone?
Which of the following is NOT an appropriate comparable for a comparative market anaylsis?
A. Expired listings
B. Current competing properties
C. Properties yet to be built
D. Sold Properties
C. Properties yet to be built
A broker earns a commission of $8,250. His commission rate is 7.5%. What is the selling price of the property?
What is $110,000?
The first wooden member of the house is used as the nailing surface for the floor system
What is the sill plate?
What is umbrella policy?
This Act prohibits all discrimination based on race
What is Civil Rights Act of 1866?
Which of the following methods are NOT used for appraisal purposes?
A. Income approach
B. Sales comparison approach
C. Cost approach
D. Comparative market analysis
D. Comparative market analysis