Real Estate Math
An Ohio property's taxes are paid in arrears. The annual tax is $4,800. If the property closes on April 30, how much does the seller owe in tax proration (using a 360-day year, 30-day months)?
A$1,200
B$1,600✓ Correct
C$2,000
D$2,400
Explanation
Daily rate = $4,800 / 360 = $13.33.
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 broker earns a 6% commission on a $390,000 sale and splits it 60/40 with the co-op broker. How much does the listing broker receive?
- 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 Cleveland home sells for $185,000. The county conveyance fee is $4 per $1,000 (including the state portion). What is the total conveyance fee?
- A salesperson is paid 55% of the commission earned by the broker. The broker earns $14,000. How much does the salesperson receive?
- A commercial property generates $120,000 annual gross income. Operating expenses are 45%. What is the NOI?
- A home is purchased with an 80% conventional loan at $350,000. What is the down payment?
- 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?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →