A Delaware buyer purchases a home for $280,000. The buyer puts 10% down. What is the loan amount?
Why $252,000 Is Correct
Answer A: $252,000
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 Delaware Questions
- A buyer puts 20% down on a $375,000 home and finances the rest. What is the loan amount?Real Estate Math
- Plottage value results from:Property Valuation
- A Delaware buyer puts 15% down on a $380,000 home. What is the loan amount?Real Estate Math
- A Delaware home's appraised value is $385,000. The buyer puts 20% down and finances the rest at 30 years, 5.5%. What is the loan amount?Real Estate Math
- A Delaware buyer puts 5% down on a $320,000 home. The lender requires PMI at an annual rate of 0.85% of the original loan amount. What is the annual PMI premium?Real Estate Math
- At a Delaware closing, the attorney's role includes:Escrow & Title
- Paired sales analysis is used in appraisal to:Property Valuation
- A Delaware first-time homebuyer receives a $15,000 down payment assistance grant from a state program. How does this affect their LTV ratio on a $200,000 home if they put the full $15,000 down?Finance
Key Terms to Know
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →