Real Estate Math
Real property taxes for the year are $9,600. Closing occurs on March 1 (taxes paid in arrears for the prior year). The seller is responsible for taxes from January 1 through February 28 (59 days out of 365). How much does the seller owe the buyer?
A$800
B$1,550.14✓ Correct
C$9,600
D$2,400
Explanation
Daily tax rate = $9,600 ÷ 365 = $26.30/day.
Related New York Real Estate Math Questions
- An agent earns a 3% commission on both the buyer and seller side of a $900,000 sale. What is the total commission?
- A seller owes $285,000 on a mortgage. The property sells for $375,000, with a 5% broker commission and $8,000 in other closing costs. How much does the seller net?
- A New York real estate investment generates annual rent of $48,000 and is purchased for $600,000. What is the Gross Rent Multiplier (GRM)?
- A New York commercial building sells for $3,600,000 and has an annual NOI of $252,000. What is the cap rate?
- A New York investor sells a property for $980,000. After paying a 5% commission and $18,000 in closing costs, what are the net proceeds?
- A New York broker earns a 6% commission on a $395,000 sale and splits it equally with the cooperating broker. Each broker keeps 70% of their half and pays their salesperson 30%. How much does each salesperson earn?
- A property in New York generates $150,000 in annual gross income with a 7% vacancy rate and $52,000 in annual operating expenses. What is the NOI?
- A home's assessed value is $400,000, which represents 80% of market value. What is the estimated market value?
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →