Real Estate Math
A North Dakota buyer's closing disclosure shows total loan costs of $6,800, total other costs of $4,200, and a lender credit of $1,500. What are the net closing costs?
A$8,000
B$9,500✓ Correct
C$10,000
D$12,500
Explanation
Net closing costs = Total loan costs + Total other costs − Lender credit = $6,800 + $4,200 − $1,500 = $9,500.
Related North Dakota Real Estate Math Questions
- A North Dakota appraisal shows the cost new of a building is $280,000. Physical depreciation is estimated at 20%, functional obsolescence at 5%, and external obsolescence at 5%. What is the total depreciation in dollars?
- A North Dakota investor buys land for $120,000 and sells it 4 years later for $168,000. What is the total percentage gain?
- A North Dakota property is described as the NE¼ of the SW¼ of Section 6. How many acres does this description contain?
- A building has a reproduction cost of $500,000. It has 20% physical depreciation. The land value is $80,000. What is the estimated total value?
- A property has a NOI of $45,000 and sells at a 7.5% cap rate. What is the sales price?
- A property's NOI is $28,800 per year. The capitalization rate is 8%. What is the estimated value using the income approach?
- A North Dakota lot is 150 feet wide and 200 feet deep. What is its area in square feet?
- A 640-acre North Dakota section is sold for $1,800 per acre. What is the total sale price?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →