Real Estate Math
A Maine buyer wants to offer $340,000 for a $360,000 listed property. Their agent advises that comparable properties are selling for 97% of list price on average. Based on the comps, the fair market value is approximately:
A$340,000
B$349,200✓ Correct
C$360,000
D$371,100
Explanation
FMV ≈ $360,000 × 97% = $349,200. To solve this, multiply the relevant values: $340,000 and $360,000 at 97%.. The correct answer is $349,200.. This is a common calculation on the Maine real estate exam.
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