Real Estate Math
A listing expires after 90 days. The property was listed on March 1. When does the listing expire?
AMay 30✓ Correct
BMay 31
CJune 1
DJune 2
Explanation
March has 31 days: 31 − 1 = 30 remaining days in March. April has 30 days.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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