Quiz

Math & Computations — 20 Questions

1. Question 1. A 30-year loan has 360 monthly payments. If the borrower has made 24 payments, how many remain?

   A. 324 B. 336 C. 340 D. 348
2. Question 2. If 43,560 square feet equals one acre, how many acres is a 87,120-square-foot tract?

   A. 1 acre B. 1.5 acres C. 2 acres D. 2.5 acres
3. Question 3. A buyer makes a 10% down payment on a $350,000 home. What is the loan amount?

   A. $35,000 B. $280,000 C. $315,000 D. $325,000
4. Question 4. A property sold for $250,000 last year and $275,000 this year. What is the percentage increase?

   A. 8% B. 10% C. 12% D. 15%
5. Question 5. A buyer obtains a loan at 80% LTV on a $275,000 purchase. What is the down payment?

   A. $45,000 B. $50,000 C. $55,000 D. $60,000
6. Question 6. A property tax bill is $2,920 per year. What is the daily tax amount using a 365-day year?

   A. $6.00 B. $7.00 C. $8.00 D. $9.00
7. Question 7. A parcel measures 100 feet by 150 feet. How many square feet is the lot?

   A. 12,500 B. 15,000 C. 16,500 D. 18,000
8. Question 8. Monthly HOA dues are $185. What is the annual HOA amount?

   A. $1,850 B. $2,040 C. $2,220 D. $2,400
9. Question 9. Property taxes are $3,600 per year. What is the monthly tax amount?

   A. $200 B. $250 C. $300 D. $360
10. Question 10. A commission of $18,000 is split 60/40 between listing and selling sides. What does the selling side receive?

    A. $7,200 B. $8,000 C. $10,800 D. $12,000
11. Question 11. A broker earns a 5% commission on a $500,000 sale and keeps 40% after splitting with the office. What does the broker receive?

    A. $8,000 B. $10,000 C. $12,000 D. $20,000
12. Question 12. A rectangular lot is 80 feet wide and contains 12,000 square feet. What is its depth?

    A. 120 feet B. 140 feet C. 150 feet D. 160 feet
13. Question 13. A buyer deposits 3% earnest money on a $410,000 contract. What is the deposit?

    A. $10,300 B. $11,300 C. $12,300 D. $13,300
14. Question 14. A loan balance is $180,000 at 6% annual simple interest. What is one month’s interest-only payment?

    A. $600 B. $750 C. $900 D. $1,080
15. Question 15. A seller wants net proceeds of $282,000 after a 6% commission. What sale price is needed, ignoring other costs?

    A. $292,000 B. $300,000 C. $306,000 D. $318,000
16. Question 16. A home appraises for $310,000 and the lender allows 90% LTV based on the lower of price or appraisal. If the price is $300,000, what is the maximum loan?

    A. $270,000 B. $279,000 C. $290,000 D. $300,000
17. Question 17. A property sells for $240,000 with a 6% commission. What is the total commission?

    A. $12,400 B. $13,600 C. $14,400 D. $15,600
18. Question 18. A property rents for $1,850 per month. What is the annual gross rental income?

    A. $20,200 B. $21,450 C. $22,200 D. $24,000
19. Question 19. A commission rate is 5.5% on a $360,000 sale. What is the commission?

    A. $18,800 B. $19,800 C. $20,800 D. $21,800
20. Question 20. A home is listed at $420,000 and sells for 95% of list price. What is the sale price?

    A. $389,000 B. $399,000 C. $409,500 D. $419,500

Submit