Real Estate Math
A Concord home's assessed value is $295,000 and the equalization ratio is 95%. What is the estimated market value?
A$280,250
B$310,526
C$295,000✓ Correct
D$305,000
Explanation
Market Value = Assessed Value / Equalization Ratio = $295,000 / 0.95 ≈ $310,526.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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