Real Estate Calculations Exam Prep

MANTLE REALTY

Taxes are based on an assessment ratio of 45% of market value. This year, the school system collects 23 mills per $1 of assessed value. Calculate the annual school tax for a property valued at $325,000.
- $3,363.75
- $7,475.75
- $6,581.25
- $8,970.50
A property has a tax value of $200,000 with a tax rate of $3.10 per hundred dollars of assessment. What are the monthly taxes? Round your answer to the nearest dollar.
- $64,516
- $500
- $517
- $6,200
A property is appraised at $300,000 and assessed for tax purposes at 45% of value. Calculate the annual taxes if the mills total is 65.
- $1,688
- $13,500
- $7,413
- $8,775
A property is appraised at $435,000 and assessed for tax purposes at 55% of value. Calculate the annual taxes if the mills total is 75.
- $17,943.75
- $179,437.50
- $32,625.25
- $23,925.75
What tax rate would be used if a property assessed at $199,900 generates $8,995.50 in taxes?
- 45 mills
- 5 mills
- 4.5 mills
- 4 mills
Maxtown Realty sold a listing for $234,500. If they charged a 6 1/2% commission rate, what commission would they earn?
- $15,210.00
- $16,462.00
- $14,070.00
- $15,242.50
What must a property's assessed value be if its taxes are $3,600 and taxed at 62 mills?
- $46,032.50
- $58,064.52
- $22,320.00
- $54,580.64
Samantha has sold a condominium unit for $500,000. The commission rate is 6% of the first $200,000, and 5% for everything over $200,000. Samantha is on a 50-50 commission split. She puts 10% into her retirement account. How much did she contribute to her retirement account?
- $27,000
- $1,350
- $13,500
- $2,700
A lender charged a 3% loan origination fee and 2 discount points to make a 90% conventional insured mortgage loan in the amount of $86,500. What was the cost of these charges to the borrower?
- $4,325
- $1,730
- $3,892.50
- $2,595
Property taxes on a home are $2,900 year. They are paid through the first quarter of the year. The property has been sold and the closing date will take place on September 15 of the same year. What amount of prorated taxes will be due the buyer if using a banker's year?
- $1,329.17
- $514.52
- $1,208.30
- $531.69
A duplex sold for $124,700. The mortgage balance was $42,200, escrow fees were $375, deed preparation was $110, and a 6.5% commission was paid. The seller received a $665 tax credit and gave an $18,000 second mortgage to the buyer. What did the seller receive at closing?
- $55,909.50
- $56,574.50
- $74,574.50
- $60,519.02
A real estate agent receives a commission of $7,200 as half of the total commission. The sale price of the property was $225,000. What rate of commission did the broker charge?
- 7.20%
- 6.50%
- 6.40%
- 5.75%
Using a banker's/statutory year (360 days), prorate the taxes to determine the debit to the seller/credit due the buyer for a July 23 closing if taxes have been paid through the end of the previous year. The annual tax bill is $3,350 and is to be prorated through the day of closing.
- $1,889.02
- $1,872.72
- $1,783.44
- $1,887.90
Sam buys a $150,000 home. The LTV is 80%. He pays three points and there is $2,500 in closing costs. What are his expenses?
- $30,000
- $120,000
- $8,100
- $6,100
What tax rate would be used if a property assessed at $99,000 generates $7,400 in taxes?
- 75 mills
- 72 mills
- 68 mills
- 63 mills

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