Commissions
A broker receives a 6% commission on a $150,000 home. What is the commission?
Answer: $9,000.
Annual taxes are $3,600. What is the daily proration amount based on a statutory year?
Answer: $10.
What is the monthly interest on a $120,000 loan at 5% annual interest?
Answer: $500.
What is the area of a lot that is 50 feet by 100 feet?
Answer: 5,000 square feet.
A property is valued at $100,000, and the tax rate is $2 per $100. What are the annual taxes?
Answer: $2,000.
If a sales agent earns 70% of a broker’s 5% commission on a $200,000 sale, what is the agent’s share?
Answer: $7,000.
Taxes are $1,200 annually, and the closing date is March 15. What is the prorated amount owed by the seller?
Answer: $275 (based on a statutory year).
A buyer takes out a 90% loan on a $200,000 property. What is the loan amount?
Answer: $180,000.
A driveway is 20 feet wide, 40 feet long, and 6 inches thick. How many cubic yards of concrete are needed?
Answer: 14.8 cubic yards.
Monthly property taxes are $150. What are the annual taxes?
Answer: $1,800.
A property sold for $180,000, and the commission was $10,800. What percentage was the commission?
Answer: 6%.
If closing occurs on September 10 and the seller has prepaid annual taxes of $4,500, how much does the buyer owe the seller?
Answer: $1,375.
A borrower’s monthly payment includes $850 for principal and interest. If the loan balance is $200,000 at 6% interest, what portion is interest?
Answer: $1,000.
A rectangular building has a perimeter of 240 feet. If the length is 80 feet, what is the width?
Answer: 40 feet.
A property is valued at $250,000, and the local tax rate is $1.75 per $100. What is the tax amount?
Answer: $4,375.
A broker’s commission was $8,500, which was 5.5% of the sales price. What was the sales price?
Answer: $154,545.45.
Calculate the proration for $5,000 annual property taxes, closing on May 20.
Answer: $1,902.78.
Calculate the total interest paid on a 30-year fixed loan of $150,000 at 4% annual interest.
Answer: $108,000.
What is the volume of a pool that is 15 feet wide, 30 feet long, and 6 feet deep?
Answer: 2,700 cubic feet.
A homeowner’s property taxes increased from $3,200 to $3,680. What was the percentage increase?
Answer: 15%.
Two brokers split a 7% commission equally on a $500,000 sale. What did each broker earn?
Answer: $17,500.
If annual homeowner’s insurance is $1,800 and closing is on October 25, how much is the prorated refund to the seller?
Answer: $375.
If the interest portion of a monthly mortgage payment is $400, and the annual interest rate is 6%, what is the loan balance?
Answer: $80,000.
How many acres are in a property that is 660 feet by 1,320 feet?
Answer: 20 acres.
If property taxes are $1,800 annually, and a new tax rate raises the amount by 12%, what is the new annual tax bill?
Answer: $2,016.