A Delaware property sold for 6% below the listed price of $310,000. What was the sale price?
Why $291,400 Is Correct
Answer A: $291,400
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 Delaware Questions
- A Delaware property is listed at $289,000 and sells for $275,000. What percentage below list price did it sell for?Real Estate Math
- A Delaware home is listed at $359,000 and sells for 97% of list price. What is the sale price?Real Estate Math
- A Delaware home is listed for $485,000. After negotiations, it sells for $467,000. What is the sale price as a percentage of list price?Real Estate Math
- A property sells for $425,000. Delaware transfer tax is 4% of the sale price (split equally between buyer and seller). What is each party's transfer tax obligation?Real Estate Math
- Delaware's transfer tax of 4% of the sale price is typically:Delaware License Law
- In Delaware, which type of deed is most commonly used when a property is sold at a sheriff's sale (foreclosure)?Property Ownership
- What does Delaware law require regarding the display of a 'For Sale' sign on a listed property?Delaware License Law
- A Delaware seller's agent receives an offer significantly below the list price. The agent thinks the offer is not worth presenting. What must the agent do?Agency
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 Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →