Real Estate Math

A Maine investor buys a property for $480,000 and sells it 3 years later for $550,000. After $15,000 in selling costs, the net profit is:

A$55,000✓ Correct

B$70,000

C$85,000

D$100,000

Explanation

Net profit = $550,000 − $480,000 − $15,000 = $55,000. Using the values given ($480,000, $550,000), apply the appropriate formula.. The correct answer is $55,000.. This is a common calculation on the Maine real estate exam.

Related Maine Real Estate Math Questions

A Maine property has a fair market value of $450,000 and is assessed at 95% of market value. With a mill rate of 13.5, the annual property tax is:
A Maine broker runs a 10-agent office with average annual sales of $3.5 million per agent. The office charges 6% commission, split 50% with cooperating brokers. The listing side earns what annually?
A Maine seller accepts an offer of $348,000. After paying off a $205,000 mortgage, a 5.5% commission, and $2,200 in closing costs, the seller's net proceeds are:
A Maine property has annual taxes of $6,400 and the local tax rate is $16.00 per $1,000 of assessed value. The assessed value is:
A Maine home was purchased for $295,000 with a 5% down payment. The PMI rate is 0.85% of the loan amount annually. Monthly PMI is:
In a Maine property tax proration, annual taxes are $4,380 and closing is on April 30. The seller owes how many months of taxes at closing (assuming taxes are paid in arrears and the year runs January–December)?
A Maine single-family home rents for $1,650/month. The owner wants a 7% annual return on their $275,000 investment. Are they achieving their target?
A Maine property is listed at $519,000. After 60 days, the agent suggests a 4% price reduction. The new list price would be:

Practice More Maine Real Estate Questions

1,500+ questions covering all exam topics. Start free — no signup required.

Take the Free Maine Quiz →