Real Estate Math
A Kentucky building has 8,000 square feet of leasable space. It is 87.5% occupied. What is the amount of vacant space?
A700 sq ft
B1,000 sq ft✓ Correct
C1,200 sq ft
D7,000 sq ft
Explanation
Occupied space: 8,000 x 87.5% = 7,000 sq ft.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe 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.
Math Concepts
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