Maine Real Estate Exam Math Practice

Maine Real Estate Exam Math Practice

Math questions make up roughly 10% of the national section of the Maine real estate exam — about 8 questions out of 120. These questions are entirely formula-based. You cannot bring a calculator, but PSI provides an on-screen calculator. The formulas are simple once you know them.

Essential Formulas

Commission Commission = Sale Price × Commission Rate If a broker charges 5% on a $280,000 sale: $280,000 × 0.05 = $14,000

Commission Split If the broker keeps 40% and pays the agent 60%: Agent earns: $14,000 × 0.60 = $8,400

Proration (30-day month method) Used for property taxes, rent, and HOA fees at closing. Daily rate = Annual amount ÷ 360 (or 365 — the exam specifies) Seller's share = Daily rate × Days seller owned the property in closing month

Example: Annual taxes = $3,600. Closing on June 20 (seller owns Jan 1–June 20 = 170 days). Daily rate = $3,600 ÷ 360 = $10/day Seller's share = $10 × 170 = $1,700 (seller owes buyer at closing)

Property Tax Tax = Assessed Value × Mill Rate Mill rate is per $1,000 of assessed value. Example: Home assessed at $200,000, mill rate = 15. Tax = $200,000 × (15/1,000) = $3,000

Loan-to-Value Ratio LTV = Loan Amount ÷ Appraised Value $180,000 loan on a $225,000 home: $180,000 ÷ $225,000 = 0.80 = 80% LTV

Gross Rent Multiplier GRM = Sale Price ÷ Monthly Gross Rent Property sells for $240,000, rents for $2,000/month: $240,000 ÷ $2,000 = GRM of 120

Practice Problems

Problem 1: A house in Portland sells for $350,000. The listing broker charges 6% and splits 50/50 with the buyer's broker. How much does the listing agent receive if she splits 70/30 with her broker? *Step 1:* Total commission = $350,000 × 0.06 = $21,000 *Step 2:* Listing broker receives = $21,000 × 0.50 = $10,500 *Step 3:* Listing agent's share = $10,500 × 0.70 = $7,350

Problem 2: Closing is on October 10. Annual property taxes are $4,320. The seller has not yet paid. How much does the seller owe at closing (using 360-day year)? *Step 1:* Daily rate = $4,320 ÷ 360 = $12/day *Step 2:* Days Jan 1 to Oct 10 = 9 months × 30 days + 10 days = 280 days *Step 3:* Seller owes = $12 × 280 = $3,360 (debit to seller, credit to buyer)

Problem 3: A buyer puts 20% down on a $275,000 home. What is the loan amount? Down payment = $275,000 × 0.20 = $55,000 Loan amount = $275,000 − $55,000 = $220,000

Tips for Exam Day

• Use the on-screen calculator for every math question — don't do it in your head.
• Write out what you know before calculating. Organize: sale price, rate, days, etc.
• If a proration question doesn't specify 360 or 365, use 360 (standard on PSI exams).
• Check your answer by working backwards.

More Maine Exam Prep

[CARealestate.com/states/maine](https://carealestate.com/states/maine) includes math-focused practice questions with step-by-step explanations. 5 free questions — no signup needed.