Real Estate Math
A Nevada homeowner bought their home for $280,000 five years ago and is selling it for $392,000. What is the percentage gain?
A28.6%
B40.0%✓ Correct
C32.0%
D35.0%
Explanation
Percentage gain = (Sale Price - Purchase Price) ÷ Purchase Price × 100 = ($392,000 - $280,000) ÷ $280,000 × 100 = $112,000 ÷ $280,000 × 100 = 40.0%.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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