Real Estate Math
Annual property taxes of $3,600 are prorated to closing on September 1. The seller is responsible for taxes through August 31. Using the statutory (360-day) year, how much does the seller owe?
A$2,200.00
B$2,300.00
C$2,400.00✓ Correct
D$2,430.00
Explanation
Using the 360-day (banker's) year with 30-day months: seller owes January through August = 8 months × 30 days = 240 days. Daily rate = $3,600 / 360 = $10.
Related North Carolina Real Estate Math Questions
- How many acres is a lot that measures 30,000 square feet? (1 acre = 43,560 sq ft)
- A property in NC has a capitalization rate of 8.5% and an NOI of $68,000. The estimated value is:
- A NC investment property has an asking price of $650,000 and an NOI of $45,500. The implied cap rate is:
- A property generates annual net income of $36,000 and is purchased for $450,000. What is the overall (cap) rate?
- A buyer secures a 30-year fixed mortgage on a $350,000 NC home with 10% down at 7% annual interest. The loan amount is:
- A NC listing agent negotiates a 5.5% commission on a $679,000 sale. The listing firm earns 55% of the total commission. The listing firm's share is:
- A building in Wilmington, NC has a replacement cost of $420,000 and has depreciated 25%. The lot is worth $85,000. What is the indicated value via the cost approach?
- A rental property in Durham, NC rents for $1,800/month. Using a GRM of 150, what is the estimated property value?
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →