Real Estate Math
A home is purchased with an 80% conventional loan at $350,000. What is the down payment?
A$52,500
B$63,000
C$70,000✓ Correct
D$75,000
Explanation
Down payment = $350,000 × 20% = $70,000. To solve this, multiply the relevant values: $350,000 at 80%.. The correct answer is $70,000.. This is a common calculation on the Ohio real estate exam.
Related Ohio Real Estate Math Questions
- A property has a gross rent multiplier (GRM) of 100 for monthly rent. The annual gross income is $36,000. What is the estimated property value?
- A salesperson earns a 2.5% co-op commission on a $320,000 sale. The broker takes 30% of the salesperson's commission. How much does the salesperson keep?
- An Ohio tenant's monthly rent is $1,400. The lease says rent increases 3% annually. What is the monthly rent in year 2?
- A property's net operating income is $28,000. If the capitalization rate is 8%, what is the property's estimated value?
- An Ohio seller owes $195,000 on their mortgage. The property sells for $285,000. After a 5.5% commission, what are the seller's net proceeds before other closing costs?
- A seller receives $310,000 for their home. After paying a 5% commission, what are the net proceeds before other closing costs?
- An Ohio office building has 15,000 square feet of rentable space. The owner charges $18 per sq ft annually. At 90% occupancy, what is the annual income?
- An Ohio property is assessed at $96,000. The millage rate is 55 mills. What is the annual property tax?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →