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57 Cards in this Set
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- Back
- 3rd side (hint)
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1 foot = |
12 inches |
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1 yard = |
3 feet |
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1 mile = |
5,280 ft |
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1 square yard= |
9 square feet (3 feet x 3 feet) |
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1 acre= |
43,560 square ft |
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A section = |
1 square mile or 640 acres |
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A section = _____ on each side |
5,280 feet (1 mile on each side) |
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1 cubic yard = |
27 cubic feet (3ft x 3ft x 3ft) |
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The formula for calculating the area of a square and a rectangle is the same. What is it? |
L x W = A |
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The formula for the area of a triangle |
1/2 base x height = Area or base x height divided by 2 = area |
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Formula to find the area of a circle |
Pie(3.1416..) x radius squared= area |
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How to find the volume of any figure |
L x W x H |
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Volume is expressed in cubic measurements. T or F? |
True |
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Area is expressed in cubic measurements. T or F? |
False |
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.008 = ___ % |
0.8% |
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8.50%=___ |
0.085 |
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800%=____ |
8 |
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What is your commission from a house with sale of $400,000 with a 5% commision rate? |
$20,000 |
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commission earned/(diveded by) sale price= |
commision rate |
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Your firm receives a $20,000 commission that is to be split 60/40 between you and your broker. How much will you receive? |
$20,000 x 0.60 = $12,000 |
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commission amount x percentage share=_____ |
Commission amount share |
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$30,000 commission is earned on the sale of a house. The listing broker and buyer broker split the commission evenly. The listing salesperson receives 40 percent of the listing side. How much will the salesperson receive? |
$30,000 x .5 = 15,000 next $15,000 x .4 = $6,000 |
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Your seller wants to net $300,000 after paying your 6% commission. How much does the house have to sell for to do this? |
$319,149 100%-6%=94% $300,000 / .94 = $319,149 |
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You earn an $18,000 commission, which is 6 percent of the selling price. How much did the house sell for? |
$300,000 18,000/x = 0.06/100 18,000 / 0.06 = 300,000 |
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net to seller / (100% - commission rate) = |
selling price |
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Commission amount in dollars / commission rate = |
selling price |
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You borrow $200,000 at 5% for 30 years in an amortized mortgage loan. How much interest will you pay the first year? |
$10,000 Loan amount x interest rate = first years interest the 30 years doesnt matter. |
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You borrow $300,000 at 4 percent internest for 30 years in an amortized loan. What is the first months interest on the loan? |
$1,000 300,000 x .04 = 12,000 12,000 / 12 = 1,000 |
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You borrow $300,000 at 4 percent internest for 30 years in an amortized loan. The monthly payments (MP) are $1,432. What is the second months interest on the loan? |
300,000 x .04 = 12,000 12,000 / 12 = 1,000 (first months interest 1,432 (MP) - 1,000 = 432(principle) 300,000 - 432 = 299,568(loan balance after first months payment 299,568 x .04 = 11,982.72(remaining interest owed for next 12 mo) 11,982.72 / 12 mo= 998.56 |
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loan amount x interest rate = |
first years interest |
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first years interest / 12mo = |
first months interest |
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Say you borrow 300,000 at 5% for 30 years in an amortized loan. Your monthly payments are $1,610. What is the total interest on the loan? |
279,600 1,610 x 12mo x 30 years= 579,600 579,600 - 300,000 = 279,600 |
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The Factor for a 20 year-loan at 6% is $7.16. What is the monthly payment for a $150,000 loan? |
1,074 a month $150,000 / $1000 = 150 (units of a $1000) 150 x 7.16 (factor to pay off 1,000) = 1,074 |
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A property has a market value of $200,000. The assessment ratio is 60 percent. What is the assessed value? |
200,000 x 0.06 = 120,000 |
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market value x assessment ratio = _____ |
assessed value |
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What is the assessment ratio of a property whose market value is $200,000 and whose assessed value is 120,000? |
120,000 / 200,000 = .06 |
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assessed value / market value=_____ |
assessment ratio |
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What is the market value of a property assessed at a 60 percent assessment ratio whose assessed value is $120,000? |
120,000 / 0.60 = 200,000 |
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assessed value / assessment ratio = |
market value |
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MILLS The tax rate in town is 24 mills. The assessed value of the property is $30,000. What are the taxes on the property? |
30,000 x $0.024 = $720 |
When working with mills, move the decimal 3 spaces over. Its based on tenths of a cent. |
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TAXES PER HUNDRED The tax rate is $2.24 per $100 assessed value. What are the taxes on a property assessed at $30,000? |
30,000 x (2.4 /100) = 720 |
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TAXES PER THOUSAND The tax rate on a property assessed at $30,000 is $24 per thousand. What are the taxes? |
30,000 x (24 /1000) = $720 |
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______ is the allocation or dividing of certain money items at the closing. |
Proration |
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The seller has paid taxes of $3,000 for the entire year ahed on January 1 and sells his property and closes title on June 1. Who owes what to whom? |
3000 / 12 (mo) = 250 (per mo) 250 x 5 mo = 1,250 (time the sell owned the property) 250 x 7 mo = 1,750 (the new buyers time in the house) |
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in terms of proration the buyer gets the _____ and the seller gets the _____. |
debit/ credit |
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Arrears |
after the fact |
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A buyer pays $2,400 in taxes in arrears for the entire year on December 31. He bought the house on September 1. Who owes what to whom? |
$2,400 / 12 (mo) = $200 (per mo) $200 x 8 (mo) = 1,600 |
the buyer should only pay for 4 months (200 x 4 mo) |
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An owner sells a house, closes on May 17, but paid a full years taxes of 3600 in advance on Jan 1. What is the proration of taxes? |
The buyer owes the seller $2,240 3600 / 12 (mo) = 300 per mo 300 / 30 days = 10 per day 4 mo x 300 per mo = 1200 16 days x 10 per day = 160 1200 + 160 = 1360 (taxes used by the seller) |
subtract the taxes used by the seller to know what the buyer owes. |
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an increase in a property's value caused by factor like inflation, increasing demand, and improvements to the property. |
Appreciation |
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A decrease in the value of a property caused by lower demand, deflation int he ecomony, deterioration, or the influence of other undesirable factors |
Depreciation |
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You bought a house for $200,000 and 5 years later sold it for 250,000. What is the rate at which the house appreciated? |
25% more 250,000- 200,000 = 50,000 50,000 / 200,000 = .25 = 25% |
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You bought a house for $200,000 and five years later sold it for $150,000. By what percentage did it depreciate? |
25% less 200,00 - 150,000 = 50,000 50,000 / 200,000 = .25 = 25% |
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A house sold for $260,000, which is 130 percent of what you paid for it. How much did you pay for it? |
$200,000 paid 260,000 / 1.3 = 200,000 |
1.3 = 130% |
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You bought a house for $300,000, which is 75% of what you sell it for 5 years later. What price did you sell it for? |
300,000 / .75 = 400,000 |
.75 = 75% |
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The ability to depreciate a building market value over a period of time is called what? |
Cost recovery period |
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You have a building worth $250,000. You are allowed to depreciate it over a period of 27.5 years. What is the annual amount of depreciation? |
250,000 / 27.5 = $9.090.91 |
cost of property / cost recovery period = annual amount of depreciation |
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You are allowed to depreciate a building over a period of 39 years. what is the annual rate of depreciation? |
2.56% 100 / 39 = 2.56% per year |
or 1 / 39 = .0256 |
