A Delaware house has 2,400 square feet of living space. The comparable homes in the area sell for $175/sq ft. What is the indicated value by sales comparison?
Why $420,000 Is Correct
Answer B: $420,000
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
- The sales comparison approach to value is most appropriate for:Property Valuation
- When appraising using the sales comparison approach, a positive adjustment to a comparable sale is made when:Property Valuation
- A property appraised using the sales comparison approach has three comparables. The appraiser adjusts each comparable. The final step is to:Property Valuation
- The sales comparison approach to value is most appropriate for:Property Valuation
- A lender's title insurance policy protects:Escrow & Title
- Which federal law requires lenders to provide a Closing Disclosure at least 3 business days before closing?Finance
- A Delaware building has 12,000 square feet of rentable space. It is 85% occupied. How many square feet are occupied?Real Estate Math
- A Delaware commercial building has 15,000 sq ft of total space, 2,500 sq ft of common areas (not rentable), and 12,500 sq ft of net rentable area. What is the load factor?Real Estate Math
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.
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.
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.
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 →