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All real estate math California, questions and execise
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All REAL MATH CHEAT SHEET SALESPERSON ONLINE COMPUTRAINER Question # What is the legal description of the parcel in the figure below? How many acres is the parcel? Answer: The legal description is E ½ NW ¼ SW ¼ of Section 12 and it is 20 acres.
- A property sold for $33,700. This was 7% less than what the property originally cost. The original cost was approximately: A: $36,236; (1) 100% - 7% = 93% (2) 93% of cost = $33,700 (3) $33,700 divided by .93 = $36,236.
Spatial or Area Measurements (Length x Width) 1 acre = 10 square chains; 160 square rods; 4,840 square yards; 43,560 square feet A section = 1 square mile or 640 acres A township = 36 square miles A quarter section = 160 acres
- Karen recently sold a home for 6% commission. If her commission was $20,700. How much did the property sell for?
**- Seller Gary needs to net $15,000 on the sale of his home. His loan payoff is $160,000, his closing costs are $5,500, and commission is 7 %. What is the lowest offer Gary can accept? $15,000 + $160,000= $175, 175,000 / 0.95 = $184,210. $184,210.526+ $5,500= $189,711 (round up)
S.T.U.D – Elements of Value This acronym refers to how property is valued. Scarcity – the fewer comparable properties, the higher the value Transferability – must be transferable with a clear title Utility – how property can be used Demand – when demand is high, value increases T.T.I.P – Joint Tenancy This acronym refers to the four factors that determine joint tenancy. Time – owners must get titles at the same time Title – each owner’s name must be on the title Interest – owners must have equal ownership Possession – owners have equal rights to possession of the property