Real Estate Math
A Maine seller wants to net $275,000 after paying a 6% commission. What must the selling price be?
A$291,500
B$292,553✓ Correct
C$293,500
D$294,900
Explanation
Net = Sale Price × (1 − 0.06) = 0.94 × Price = $275,000. Price = $275,000 ÷ 0.94 = $292,553. To solve this, multiply the relevant values: $275,000 at 6%.. The correct answer is $292,553.. This is a common calculation on the Maine real estate exam.
Related Maine Real Estate Math Questions
- A Maine property has an annual NOI of $36,000 and sells for $450,000. The capitalization rate is:
- 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 homeowner took a $300,000 30-year mortgage at 6.5% (payment factor $6.32/thousand). After 5 years, they've made 60 payments. Approximately how much principal remains? (Monthly payment ≈ $1,896)
- A Maine property's square footage is 2,150 sq ft. If the listing agent erroneously advertises it as 2,500 sq ft and the buyer pays $225 per square foot based on that figure, the buyer overpaid by:
- A Maine broker charges a 5.5% commission on a $450,000 sale. The buyer's agent receives 47% of the total commission. The buyer's agent's share is:
- A Maine broker's escrow account contains $45,000 in client funds. The broker accidentally pays a $300 office supply bill from this account. This is known as:
- A Maine investment property generates $72,000 annual gross income. Vacancy and collection loss is 8%. Operating expenses are $28,000. The NOI is:
- A Maine rectangular parcel measures 330 feet by 660 feet. How many acres is this? (1 mile = 5,280 feet; 1 acre = 43,560 sq ft)
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →