Real Estate Math
A property is listed for $450,000. After 90 days without offers, the seller agrees to reduce the price by 8%. What is the new list price?
A$414,000✓ Correct
B$441,000
C$406,000
D$36,000
Explanation
Price reduction = $450,000 × 8% = $36,000. New list price = $450,000 − $36,000 = $414,000. To solve this, multiply the relevant values: $450,000 at 8%.. The correct answer is $414,000.. This is a common calculation on the Illinois real estate exam.
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