Real Estate Math
A seller paid $175,000 for a property 8 years ago. It appreciated at 5% per year simple interest. What is the current value?
A$257,969
B$245,000✓ Correct
C$208,250
D$258,575
Explanation
Simple interest appreciation: $175,000 x (1 + 0.05 x 8) = $175,000 x 1.
Related Ohio Real Estate Math Questions
- A property's net operating income is $48,000. Operating expenses are $22,000. What is the effective gross income?
- A mortgage of $150,000 has an annual interest rate of 6%. The monthly P&I payment is $899.33. How much of the first month's payment goes to interest?
- An Ohio property is appraised at $280,000. The county auditor assesses it at 35% for tax purposes. The millage rate is 60 mills. What is the annual tax? (1 mill = $0.001 per $1 of value)
- A salesperson is paid 55% of the commission earned by the broker. The broker earns $14,000. How much does the salesperson receive?
- A Cincinnati property's market value is $420,000. At 35% assessment and 70 mills, what is the annual tax?
- A property sold for $410,000. The listing broker charges 3% and the buyer's broker charges 2.5%. What is the total commission?
- An Ohio property sells for $460,000. After paying off a $290,000 mortgage, a 5.5% commission, and $4,500 in closing costs, what does the seller net?
- A home sold for $355,000 and the buyer made a 20% down payment. The lender charges an origination fee of 1% plus a $495 appraisal fee. What is the total loan origination cost?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →