Real Estate Math
A Massachusetts condominium assessed at $320,000 has a residential tax exemption of $294.95. The tax rate is $10.74 per $1,000. What is the net annual tax?
A$3,141.85✓ Correct
B$3,436.80
C$3,200
D$2,857.85
Explanation
Gross tax = ($320,000 ÷ $1,000) × $10.74 = 320 × $10.
Related Massachusetts Real Estate Math Questions
- A lease requires monthly rent of $2,200 with 3% annual increases. What will the monthly rent be in year 3?
- A Massachusetts buyer purchases a home for $595,000 with 15% down. If the annual interest rate is 6.75%, what is the first month's interest payment?
- A property is assessed at $412,000. The town tax rate is $11.85 per $1,000 of assessed value. What are the quarterly property tax payments?
- A broker lists a property for $620,000. After a price reduction of 4%, the property sells. The commission is 5.5% of the actual sale price. What is the commission?
- A Massachusetts property is listed at $475,000. After a 6% price reduction, the buyer also negotiates an additional $5,000 credit at closing. What is the net effective sale price?
- A home sells for $525,000. The buyer pays a 20% down payment and finances the rest. The lender charges 1.5 discount points on the loan. How much will the buyer pay in discount points?
- A home sells for $575,000. The listing broker receives 2.5% and the buyer's broker receives 2.5%. Each broker splits 50/50 with their salesperson. How much does the listing salesperson earn?
- A Massachusetts property sells for $685,000. The deed excise tax is $4.56 per $1,000. What is the excise tax?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →