Real Estate Math
A property's assessed value is $240,000. The tax rate is 1.25%. What is the annual property tax?
A$2,400
B$3,000✓ Correct
C$3,600
D$4,200
Explanation
Annual tax = $240,000 × 1.25% = $240,000 × 0.0125 = $3,000. To solve this, multiply the relevant values: $240,000 at 1.25%.. The correct answer is $3,000.. This is a common calculation on the Delaware real estate exam.
Related Delaware Real Estate Math Questions
- A home sells for $380,000. The total commission is 5.5%. The listing broker and selling broker split the commission equally. The listing salesperson receives 60% of the listing broker's share. What does the listing salesperson earn?
- A Delaware property has a gross operating income of $55,000 and an operating expense ratio of 45%. What is the net operating income?
- A Delaware property purchased 5 years ago for $250,000 has appreciated 4% per year compounded. What is its approximate current value?
- A building in Delaware has 20 apartment units renting at $1,100/month each. Annual vacancy is 6%. Annual operating expenses are $85,000. What is the NOI?
- A 5-unit Delaware apartment property generates $1,900/month per unit. With 8% vacancy, 40% expense ratio, and an 8% cap rate applied to stabilized NOI, what is the estimated value?
- A Delaware seller wants to net $300,000 after paying a 5% commission and $8,000 in closing costs. What must the property sell for?
- A Delaware tenant pays $2,000/month rent. The landlord raises rent by 4%. What is the new monthly rent?
- What is the monthly payment on a $200,000, 30-year mortgage at 7% using the factor of $6.65 per $1,000 borrowed?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →