Real Estate Math
If a South Dakota property's assessed value is $150,000 and the assessment ratio is 85% of market value, what is the estimated market value?
A$127,500
B$150,000✓ Correct
C$176,471
D$200,000
Explanation
Market Value = Assessed Value ÷ Assessment Ratio = $150,000 ÷ 0.85 ≈ $176,471. To solve this, multiply the relevant values: $150,000 at 85%.. The correct answer is $150,000.. This is a common calculation on the South Dakota real estate exam.
Related South Dakota Real Estate Math Questions
- A South Dakota apartment building has 10 units renting for $750/month each. The vacancy rate is 5%. What is the effective gross income?
- A buyer purchases a home for $320,000 and makes a 10% down payment. What is the loan amount?
- A property in Sioux Falls has an annual NOI of $56,000 and sells at a 7% cap rate. What is the sale price?
- A South Dakota listing agreement provides for a 5.5% commission on the first $200,000 and 4% on any amount above $200,000. The property sells for $350,000. What is the total commission?
- A property sells for $285,000. The total commission rate is 6%. The listing agent and selling agent split the commission equally. How much does each agent's brokerage receive?
- A South Dakota salesperson earned a total of $48,000 in commissions last year. If the salesperson receives 60% of the gross commission, what were the total gross commissions generated?
- A South Dakota salesperson earns 2.5% of the total 5% commission on a $280,000 sale. How much does the salesperson earn?
- A South Dakota property has a monthly gross income of $4,500 and a 5% vacancy allowance. Annual operating expenses are $22,000. At a 7% cap rate, what is the value?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →