Real Estate Math
A rectangular lot in Chester County, PA has 200 feet of street frontage and is 300 feet deep. The property sells for $10 per square foot. What is the total sale price?
A$500,000
B$600,000✓ Correct
C$300,000
D$200,000
Explanation
Area = 200 × 300 = 60,000 sq ft. Sale price = 60,000 × $10 = $600,000.
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Key Terms to Know
Gross Rent Multiplier (GRM)
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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