Real Estate Math
A property's assessed value is $220,000 and the assessment ratio is 80%. What is the full (market) value used by the assessor?
A$176,000
B$275,000✓ Correct
C$264,000
D$200,000
Explanation
Assessed value = Market value × Assessment ratio. $220,000 = Market value × 0.80. Market value = $220,000 ÷ 0.80 = $275,000.
Related Pennsylvania Real Estate Math Questions
- A buyer makes a 15% down payment on a $280,000 home. What is the loan amount and what is the LTV ratio?
- A Pennsylvania buyer purchases a home for $340,000 with a 10% down payment. What is the loan amount and the approximate monthly PMI (at 0.8% per year)?
- A Pennsylvania broker charges 6% commission on a sale. After paying a 50/50 split to the cooperating buyer's broker, each side earns how much on a $380,000 sale?
- A Pennsylvania home purchased for $250,000 is assessed at 75% of market value. The local millage rate is 40 mills. What is the annual property tax?
- A Pennsylvania seller nets $285,000 after paying a 5% broker commission and $8,000 in closing costs. What was the selling price?
- A buyer takes out a $240,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A property in Allentown, PA, sold for $315,000 with 4% seller concessions. What did the buyer effectively pay (net of concessions)?
- A buyer obtains a 30-year fixed mortgage of $225,000 at 5.75%. What is the approximate monthly interest for month one?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →