Real Estate Math
A Maine homeowner's insurance policy has a $1,000 deductible and covers $280,000 in dwelling coverage. After a $15,000 fire loss, the insurance company pays:
A$13,000
B$14,000✓ Correct
C$15,000
D$16,000
Explanation
Insurance pays = Loss − Deductible = $15,000 − $1,000 = $14,000. Using the values given ($1,000, $280,000), apply the appropriate formula.. The correct answer is $14,000.. This is a common calculation on the Maine real estate exam.
Related Maine Real Estate Math Questions
- A Maine broker earns a 5.5% commission on a $380,000 sale. The cooperating broker splits 50/50. How much does each broker receive?
- A Maine agent earns 3% commission on the buyer's side. If the property sells for $415,000 and the agent's split with their broker is 65%, the agent nets:
- A Maine property has an assessed value of $240,000 and a mill rate of 15 mills. What is the annual property tax?
- A Maine homeowner has a $320,000 mortgage at 7% annual interest. The first month's interest charge is:
- A Maine buyer finances $256,000 at 6.5% for 30 years. Using a factor of $6.32 per $1,000, the monthly P&I payment is:
- A Maine home was listed at $329,000, reduced to $315,000, and sold at $308,000. The total reduction from original list price is:
- A Maine homeowner takes out a 30-year, $240,000 mortgage at 6%. Using a monthly factor of $6.00 per $1,000, the monthly P&I payment is:
- A seller owes $145,000 on their mortgage. The home sells for $265,000, and closing costs are $6,000 (including a 5% commission). What are the seller's net proceeds?
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →