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NATIONAL MATH MODULE EXAM
Complete Q&A Study Guide (Verified
Questions & Answers)
A seller leaves a buyer approximately one half of a tank of heating oil at the closing. If the tank measures 4' x 2' x 3', how many cubic feet did the buyer receive? 8 cubic feet 24 cubic feet 12 cubic feet 24 square feet - CORRECT ANSWER 12 cubic feet 4 x 2 x 3 = 24 24/2 = 12 If a square-shaped lot measures 200' on one side, what is the square footage of the lot? 4, 40, 400 40 - CORRECT ANSWER 40, 200 x 200 = 40, A developer wants to develop a 20-acre subdivision. He figures that the streets and common area will take up about 25% of this overall area. If the minimum lot size is to be 10,000 SF, how many lots can the developer have on this property?
66 - CORRECT ANSWER 65
20 x .25 = 5 20 - 5= 15 x 43560 = 653, 653,400/10,000 = 65. John bought an odd-shaped lot that was 100 feet deep, but the front footage was 160 feet and the length of the back side of the lot was 80 feet. What is the square footage of his lot? 16,000 SF 8,000 SF 24, 12,000 SF - CORRECT ANSWER 12,000 SF If an investor wants to combine a 3/4 acre parcel with a 1.6 acre parcel, how big will the parcel be, expressed as a decimal? 2.35 acres 2.5 acres 2.6 acres 2.85 acres - CORRECT ANSWER 2. 3/4 =. .75 + 1.6 = 2. A property is being appraised by the cost approach. The appraiser estimates that
120 x 100 = 12,
What is the GIM of a strip mall with annual income of $547,500 and a value of $6,345,000?
11.6 - CORRECT ANSWER 11. 6,345,000/547,500 = 11. A commercial property sold recently for $620,000. The property had an NOI, or net income, of $45,000. What was the capitalization rate at which this property sold?
0.062 - CORRECT ANSWER 0. 45,000/620,000 = 0. What is the GIM of a gas station with Annual rent of $104,400 and a value of $970,000? 970,000/104,400 = 9. The Browns obtain a fixed-rate amortized 30-year loan for $310,000 @ 6% interest. If the monthly payments are $1,815, how much interest do the Browns pay in the first month of the loan?
99.9 - CORRECT ANSWER 9.
$1,495 - CORRECT ANSWER $1,
310,000 x .06 = 18, 18,600/12 = 1, A loan applicant has an annual gross income of $76,000. How much will a lender allow the applicant to pay for monthly housing expense to qualify for a loan if the lender uses an income ratio of 30%? $2, $2, $2, $1,900 - CORRECT ANSWER $1, 76,000 x .3 = 22, 22,800/12 = 1, How much is a discount point? 1/8% of the loan amount $1, 1% of the loan amount $100 - CORRECT ANSWER 1% of the loan amount A home buyer pays $1,800 / month for the interest-only loan on his new house. The loan's interest rate is 6%. If he obtained a 80% loan, what was the purchase price? $216, $275, $450,
$2,619,000 - CORRECT ANSWER $4,583,
A home that was purchased for $440,000 with a $320,000 loan is now worth $530,000. The current loan balance is $280,000. What is the homeowner's equity? $120, $160, $250, $280,000 - CORRECT ANSWER $250, 530,000 - 280,000 = 250, An apartment complex generates $778,000 in effective rental income and $7, in other income. The same complex has $378,000 in operating expenses and $12,000 as reserves. What is the net operating income of the complex? $395, $407, $400, $387,000 - CORRECT ANSWER $395, 778,000 + 7,000 = 785, 785,000 - 378,000 = 407, 407,000 - 12,000 = 395, An office building has NOI of $110,000, interest expense of $47,000 and annual depreciation of $16,000. Assuming a 28% tax bracket, what is its income tax liability? $17, $28, $10,
$13,160 - CORRECT ANSWER $13,
47,000 x .28 = 13, A homeowner paid $385,000 in cash for a house three years ago. The house sold today for $413,000. How much has the property appreciated in total? $9, $33, $28, $10,000 - CORRECT ANSWER $28, 413,000 - 385,000 = 28, A building generates $87,000 NOI after expenses and has a debt payment of $33,000. What is its cash flow? $54, $87, $120, $38,000 - CORRECT ANSWER $54, 87,000 - 33,000 = 54, The sellers, Mr. and Mrs. Hernandez, listed their property for $112,000 and agreed to an exclusive right to sell listing agreement at a 4% commission to be paid to Lucky Nines Estate Company at closing. The sellers sold the property themselves during the listing period for $106,000. How much commission, if any, would Lucky Nines Real Estate Company be entitled to at closing? $4, $4, $ $4,360 - CORRECT ANSWER $4,
A restaurant generates $72,000 in sales per month. The lease calls for 2.2% percentage rent. What is the monthly rent amount? $1, $2, $1, $1,100 - CORRECT ANSWER $1, 72,000 x .022 = 1, 600,000/74,000,000 = 0. 0.0081 x 1,000 = 8. Sheryl's home is valued at $280,000. She has insurance coverage of $200,000 with an 80% co-insurance clause. If Sheryl has a damage claim amounting to $150,000, how much will she receive from her policy? $107, $120, $133, $160,000 - CORRECT ANSWER $133, 280000 x .8 = 224, 200,000/224,000 = 0. 0.89 x 150,000 = 133, A town has a tax base of $74,000,000 and a budget of $600,000. What is the tax rate in terms of mills? 12.3 mill s 10 mills 8.1 mills 15.2 mills - CORRECT ANSWER 8.1 mills
A property's real estate taxes are $1,400, and this amount is paid in arrears. The closing was on August 7th (day 219 of the year). How much did the seller have to pay the buyer for his/her share of the taxes? Assume the taxes remain the same, the seller owns the day of closing, and use the 365-day method. $ $ $ $844 - CORRECT ANSWER $ 1,400/365 = 3. 3.84 x 219 = 840 The Saunders carry a property insurance policy which covers 78% of the replacement cost of their insurable property, valued at $200,000. They have an 85% co-insurance requirement in the policy. If the family incurs a $170,000 loss, what amount will the Saunders recover? $144, $132, $148, $156,000 - CORRECT ANSWER $156, 200,000 x .78 = 156, A property's real estate taxes are $1,000, and this amount is paid in arrears. The closing was on May 5th. How would the entry read on the closing statement? Assume the taxes remain the same, the seller owns the day of closing, and use the 360 - day method.
$155,000 - CORRECT ANSWER $155,
1 acre = 43,560 sq ft 750,000/43,560 = 17. 17.22 x 9,000 = 154, How many acres are there in the N ½ of the NE ¼ and the NE ¼ of the SE ¼ of a section? 20 acres 40 acres 80 acres 120 acres - CORRECT ANSWER 120 acres 1 section = 640 acres 640/4 = 160 160/2 = 80 160/4 = 40 80 + 40 = 120 If a square-shaped lot measures 125' on one side, what is the square footage of the lot? 250' 15,625 square feet 500' 1,855 square feet - CORRECT ANSWER 15,625 square feet 125 x 125 = 15,
If a borrower's monthly interest payment on an interest-only loan at an annual interest rate of 7.3% is $877, how much was the loan amount (rounded to the nearest hundred)? $120, $100, $144, $134,200 - CORRECT ANSWER $144, 877 x 12 = 10, 10,524/.073 = 144, Stacey owns a lot that has 180 feet of front footage and contains 36,000 square feet. He purchases two identically-sized lots adjacent to each side of his lot. These side lots are each 200 feet deep and each side lot contains 19,000 square feet. What is the total front footage of all three lots? 190 200 275 370 - CORRECT ANSWER 370 36,000 + 19,000 + 19,000 = 74, 74,000/200 = 370 A home sells for $150,000 and has a mortgage loan balance of $100,000 at closing. If the commission is 5% and other closing costs are $6,000, what is the seller's net? $44, $40, $32, $36,500 - CORRECT ANSWER $36, 150,000 x .05 = 7, 7,500 + 6,000 + 100,000 = 113,
A property is being appraised using the income capitalization approach. Annually, it has an estimated gross income of $48,000, vacancy and credit losses of $3,600, and operating expenses of $15,000. Using a capitalization rate of 8%, what is the property's value (rounded up to the nearest $1,000)? $413, $368, $340, $600,000 - CORRECT ANSWER $368, 48,000 - 3,600 - 15,000 = 29, 29,400/.08 = 368, Violet has a FHA loan for $90,000. The lender is requiring a 1% discount point to the lower the interest rate. What amount is the lender charging for the discount point? $600. $90. $900. $1,000.00 - CORRECT ANSWER $900. 90,000 x .01 = 900 A home seller wants to net $15,000. If he has agreed to pay a 5% commission, the loan payoff is $94,000 and closing costs are $16,000, what must the minimum listing price be? Round to the nearest $100.
141.67 x5 = 708. 4.72 x4 = 18.
$131,600 - CORRECT ANSWER $131,
Ralph is buying Terry's house. The buyer's loan amount is $105,580. If the buyer has agreed to pay 3 points at closing, how much will he pay for the points? $4, $1, $ $3,167 - CORRECT ANSWER $3, 105,580 x .03 = 3, A borrower obtains a 30-year $210,000 amortized loan at a 6% interest rate. If his monthly payment is $1199.10, how much is applied to the principal balance in the first month? $143. 4 $144. 4 $
A lender determines that a homebuyer can afford to borrow $220,000 on a mortgage loan. The lender requires an 85% loan-to-value ratio. How much can the borrower pay for a property and still qualify for this loan amount (to the nearest $1,000)? $187, $243, $254, $259,000 - CORRECT ANSWER $259, 220,000/.85 = 259, What is 25% converted to a decimal?
0.025 - CORRECT ANSWER 0. Sean, age 37, sold the home he purchased three years ago and now rents an apartment. He had originally purchased his home for $86,500 and sold it for $115,300. What is Sean's capital gain? $11, $16, $28, $0 - CORRECT ANSWER $28, 115,300 - 86,500 = 28, A house is sold for $105,500 and the commission rate is 6 percent. If the commission is split 60/40 between the selling broker and the listing broker, respectively, and each broker splits his share of the commission evenly with his salesperson, how much will the listing salesperson receive from this sale?
$1,899 - CORRECT ANSWER $1,
105,500 x .06 = 6, 6,330 x .6 = 3, 6,330 x .4 = 2, 2,532/2 = 1, Assuming that the listing broker and the seller broker in a transaction split their commission equally, what was the sales price of the property if the commission rate was 6 ½ percent the listing broker received $5,187? $159, $79, $119, $179,800 - CORRECT ANSWER $159, 5,187/.065 = 79, 79,800 x 2 = 159, A tax rate on a building with a $530,000 taxable value is 4.5 mills per thousand dollars of assessed valuation. What is the annual tax liability? $23, $1, $2, $15,900 - CORRECT ANSWER $2, A five-sided lot has the following dimensions: side A = 44', side B = 67', side C = 91', side D = 18', and side E = 55'. What is the perimeter of the lot? 530,000 x .045 = 23, 23,850/10 = 2,
