Real Estate Math
A Connecticut property's assessed value is $196,000 at a 70% assessment ratio. What is the market value?
A$245,000
B$280,000✓ Correct
C$294,000
D$320,000
Explanation
Market value = Assessed value ÷ Assessment ratio = $196,000 ÷ 0.70 = $280,000.
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Key Terms to Know
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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