Real Estate Math
A section of land in the rectangular survey system contains how many square miles?
A1/4 square mile
B1 square mile✓ Correct
C4 square miles
D36 square miles
Explanation
One section = 1 square mile = 640 acres. A township contains 36 sections.
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Key Terms to Know
Amortization
The 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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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