Real Estate Math
A North Dakota property has annual taxes of $4,200. Closing occurs on April 1. How much does the seller owe the buyer in prorated taxes (using a 365-day year, taxes not yet paid)?
A$850
B$1,036✓ Correct
C$1,225
D$1,400
Explanation
Seller's share: Jan 1 through March 31 = 90 days. Daily tax rate = $4,200 / 365 = $11.507/day. Seller's proration = 90 × $11.507 = $1,035.62 ≈ $1,050.
Related North Dakota Real Estate Math Questions
- A North Dakota buyer takes a $220,000 mortgage at 6.5% interest. The first month's interest portion of the payment is:
- A North Dakota property has an assessed value of $175,000. The assessment ratio in the county is 50%. What is the taxable value?
- A North Dakota broker's annual trust account audit shows $185,000 in client funds held. The broker's own funds in the account are $300 (allowed minimum). What is the total trust account balance?
- A North Dakota property manager charges 8% of collected rent for management. Monthly rents total $6,500. What is the monthly management fee?
- A North Dakota apartment building with 8 units rents each unit for $950/month. Annual vacancy is 5%. What is the effective gross income (EGI)?
- A North Dakota buyer pays $420,000 for a property. They put 20% down and their monthly mortgage payment (P&I) is $1,680. What is the annual interest rate (approximate) on the 30-year loan? (Hint: LTV=80%)
- A North Dakota buyer makes a $5,000 earnest money deposit on a $295,000 home. The deposit represents what percentage of the purchase price?
- A North Dakota buyer signs a 30-year mortgage for $225,000 at 4% annual interest. The monthly factor at 4% for 30 years is $4.77 per $1,000. What is the approximate monthly payment?
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 →