Real Estate Math
A home's assessed value is $400,000, which represents 80% of market value. What is the estimated market value?
A$460,000
B$480,000
C$500,000✓ Correct
D$520,000
Explanation
Market value = Assessed value / Assessment ratio = $400,000 / 0.80 = $500,000. To solve this, multiply the relevant values: $400,000, at 80%.. The correct answer is $500,000.. This is a common calculation on the New York real estate exam.
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