Real Estate Math
A New Mexico 3-bedroom home has 1,850 square feet. Comparable homes in the area sell for $170/sq ft. What is the estimated market value using the square footage comparison?
A$297,500
B$314,500✓ Correct
C$333,000
D$297,000
Explanation
Estimated value = 1,850 sq ft × $170/sq ft = $314,500. Using the values given ($170), apply the appropriate formula.. The correct answer is $314,500.. This is a common calculation on the New Mexico real estate exam.
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