Exam (elaborations)
MISSISSIPPI REAL ESTATES MATH QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATES MATH QUESTIONS AND ANSWERS
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1-50 of 50A buyer secured a $125,000 loan at 4.5% interest rate. To receive a lower interest rate,
the buyer was required to buy down three discount points. How much were the
discount points?
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, Answer: $3,750
One discount point costs 1% of the loan amount. If a buyer bought
down three points it would cost $3,750.00. ($125,000 loan amount x
.03%= $3,750.00).
Assuming the FHA qualifies borrowers based on a 31% debt ratio, if a borrower's
monthly gross income is $4,400, what monthly payment for housing expenses can this
person afford based on this ratio?
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$1,364
If a hotel has an annual net operating income of $812,000 at a 9.35% cap rate, what is
its current value (to the nearest thousand)?
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$8,684,000
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?
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, Answer: $1,266
$105,500 contract price x 0.06 = $6,330 total commission; $6,330 x
0. = $1,266 listing salesperson's share
What is 25% converted to a decimal?
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0.25
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?
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$2,385
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?
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370
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