Real Estate Math
A property's assessed value is $320,000 and the equalization rate is 80%. What is the full market value?
A$256,000
B$400,000✓ Correct
C$320,000
D$360,000
Explanation
Market Value = Assessed Value ÷ Equalization Rate = $320,000 ÷ 0.80 = $400,000. To solve this, multiply the relevant values: $320,000 at 80%.. The correct answer is $400,000.. This is a common calculation on the New York real estate exam.
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