Real Estate Math
A real estate license exam question: a parcel measures 1/4 mile by 1/4 mile. How many acres does it contain?
A40 acres✓ Correct
B80 acres
C160 acres
D320 acres
Explanation
1/4 mile = 1,320 feet. Area = 1,320 × 1,320 = 1,742,400 sq ft.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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