A broker lists a property for $615,000. After 45 days, the seller reduces the price by 4%. What is the new list price?
Why A. $590,400 Is Correct
Answer A: A. $590,400
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
People Also Study
Related Colorado Questions
- A Colorado property is listed for $595,000. After 60 days with no offers, the seller reduces the price by 4%. What is the new list price?Real Estate Math
- A Colorado seller lists their home at $550,000 and receives an offer for 96% of the list price. What is the offer price?Real Estate Math
- A Colorado property is listed at $459,000 and sells for 97% of list price. The broker charges 5.5% commission. What is the commission amount?Real Estate Math
- A Colorado broker has a listing at $389,000. An offer comes in at $375,000. At a 6% commission rate, what is the commission difference between list price and offer price?Real Estate Math
- In Colorado, disclosure of a 'superfund site' (CERCLA National Priorities List site) near a property is relevant because:Environmental
Key Terms to Know
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.
Study This Topic
Practice More Colorado Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →