Real Estate Math
A NJ property owner wants a net of $400,000 after paying a 5% broker commission. At what price must the property sell?
A$420,000
B$421,053✓ Correct
C$415,000
D$400,000
Explanation
Net = Selling Price × (1 – 0.05); $400,000 = SP × 0.95; SP = $400,000 ÷ 0.95 = $421,052.63, rounded to $421,053.
Related New Jersey Real Estate Math Questions
- A rectangular lot measures 150 feet wide by 200 feet deep. What is its area in acres? (1 acre = 43,560 sq ft)
- A NJ broker's escrow account has a starting balance of $50,000. The broker deposits two checks of $8,500 and $12,000 and disburses $6,000 to a closing. What is the new balance?
- A triangular lot has a base of 200 feet and a height of 150 feet. What is the area in square feet?
- A seller's home is listed at $389,000. They receive an offer at 97% of the list price with a 6% commission. What is the seller's net proceeds before other closing costs?
- A NJ seller paid $375,000 for their home 8 years ago. Annual appreciation averaged 4%. What is the approximate current value?
- A buyer makes a 25% down payment on a $480,000 home. What is the loan amount?
- A commercial space of 4,500 sq ft leases at $18 per square foot per year on a NNN basis. What is the annual base rent?
- A NJ seller receives a full-price offer of $485,000. After paying 5% commission, $2,000 attorney fee, $1,500 transfer tax, and paying off their $280,000 mortgage, what are the net proceeds?
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →