Real Estate Math
A buyer in Illinois makes an offer of $350,000 with 3.5% FHA down payment. What is the minimum down payment required?
A$3,500
B$10,500
C$337,750✓ Correct
D$17,500
Explanation
FHA minimum down payment = Purchase Price × 3.5% = $350,000 × 0.
Related Illinois Real Estate Math Questions
- A property has an annual NOI of $32,400 and sells at an 8.1% cap rate. What is the sale price?
- A Chicago building has a city transfer tax of $3.75 per $500 and a state transfer tax of $0.50 per $500. The property sells for $750,000. What is the total transfer tax if the buyer pays the city portion and the seller pays the state portion?
- An Illinois home sold for $395,000. The buyer paid $15,800 (4%) down. How much PMI would the buyer pay monthly if the PMI rate is 0.8% annually?
- A seller in Illinois receives $312,000 net after paying a 6% broker commission. What was the original selling price?
- An Illinois buyer's loan is $360,000 at 6.5% for 30 years. Using a payment factor of $6.32 per $1,000, what is the total interest paid over the life of the loan?
- A Chicago property is purchased for $600,000. The Chicago city transfer tax is $3.75 per $500. How much is the Chicago city transfer tax (paid by buyer)?
- A property in Illinois has a GIM (gross income multiplier) of 8.5 and annual gross income of $72,000. What is the estimated value?
- An Illinois investor uses a $50,000 down payment to buy a $250,000 rental property. The property appreciates 5% in the first year. What is the return on equity (leverage effect)?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →