Real Estate Math
A listing agreement in Utah specifies a 90-day listing period. If signed on January 1, when does the listing expire?
AApril 1
BMarch 31✓ Correct
CMarch 30
DApril 2
Explanation
90 days from January 1: January has 31 days (30 remaining after Jan 1), February has 28 days, March has 31 days. 30 + 28 + 31 = 89 days brings us to March 31.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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