Real Estate Math
An Iowa rectangular survey description reads: 'the S1/2 of the NE1/4 of Section 7, T85N, R23W.' How many acres is this parcel?
A40 acres
B80 acres✓ Correct
C160 acres
D320 acres
Explanation
NE1/4 of a section = 160 acres. The S1/2 of the NE1/4 = 160 / 2 = 80 acres.
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Key Terms to Know
Amortization
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.
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