Real Estate Math
A NJ seller purchased their home for $320,000 and sold it for $415,000. They paid $20,750 in commission and $12,000 in other costs. What is the net gain?
A$62,250✓ Correct
B$82,250
C$95,000
D$75,000
Explanation
Net gain = Sale price – Purchase price – Total costs = $415,000 – $320,000 – $20,750 – $12,000 = $62,250.
Related New Jersey Real Estate Math Questions
- 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 buyer obtains a $320,000 mortgage at 6.5% annual interest. What is the first month's interest payment?
- An investor buys a duplex for $350,000, collects $1,800/month from each unit, and has annual operating expenses of $18,000. What is the annual NOI?
- A NJ buyer makes a $20,000 earnest money deposit on a $500,000 home purchase. What percentage is the deposit of the purchase price?
- A NJ property is listed for $385,000. After 60 days without an offer, the seller reduces the price by 3%. What is the new list price?
- An interest-only loan of $400,000 at 5.25% annual interest carries a monthly payment of:
- A NJ property's assessed value is $375,000 at a 95% equalization ratio. What is the estimated market value?
- A NJ homebuyer is told the monthly PITI payment is $3,200. If the lender requires a maximum 28% housing ratio, what minimum gross monthly income is required?
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 →