Real Estate Math
A property was purchased 3 years ago for $280,000 and appreciated at 4% per year (compounded). What is the approximate current value?
A$313,600
B$313,881✓ Correct
C$316,800
D$314,800
Explanation
Compounded value = $280,000 × (1.04)^3 = $280,000 × 1.
Related Illinois Real Estate Math Questions
- An Illinois property has gross rents of $144,000 and sells for $1,080,000. What is the gross rent multiplier (annual)?
- A property in Illinois was purchased for $250,000 and sold 3 years later for $295,000. What was the percentage gain on the investment?
- An Illinois commercial property has potential gross income of $120,000, a 5% vacancy allowance, and operating expenses of $38,000. What is the NOI?
- A buyer in Illinois makes an offer of $350,000 with 3.5% FHA down payment. What is the minimum down payment required?
- A property in Illinois sold for $520,000. The seller had purchased it for $380,000, made $45,000 in improvements, and had selling costs of $31,200. What is the adjusted basis and what is the taxable gain?
- A buyer in Illinois purchases a home for $320,000. The transfer tax is $1.50 per $500 of purchase price (or fraction thereof). What is the total transfer tax?
- A property in Cook County, Illinois has an assessed value of $120,000, an equalization factor of 2.916, and the tax rate is 7.2%. What are the annual property taxes?
- An Illinois investor purchases a rental property for $180,000. She makes a 25% down payment and finances the remainder. What is the loan amount?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →