Real Estate Math
A Delaware property is purchased for $310,000 and sold three years later for $358,000. What is the percentage increase in value?
A15.48%✓ Correct
B16.22%
C13.50%
D48%
Explanation
Percentage Increase = (Sale Price − Purchase Price) ÷ Purchase Price × 100 = ($358,000 − $310,000) ÷ $310,000 × 100 = $48,000 ÷ $310,000 × 100 ≈ 15.48%.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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