Real Estate Math
A South Carolina property's assessment is $168,000 (6% investment property ratio applied to fair market value). What is the fair market value?
A$2,800,000✓ Correct
B$2,420,000
C$1,680,000
D$168,000
Explanation
Assessed value = FMV × assessment ratio. $168,000 = FMV × 6%. FMV = $168,000 ÷ 0.06 = $2,800,000. To solve this, multiply the relevant values: $168,000 at 6%.. The correct answer is $2,800,000.. This is a common calculation on the South Carolina real estate exam.
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