Real Estate Math
A Utah condominium HOA has a $60,000 annual budget for 40 units assessed equally. What is each unit's monthly HOA fee?
A$125✓ Correct
B$150
C$100
D$175
Explanation
Annual per-unit share = $60,000 ÷ 40 = $1,500. Monthly = $1,500 ÷ 12 = $125.
People Also Study
Related Utah Questions
- A Utah condominium unit has an assessed value of $180,000 and is subject to a millage rate of 12 mills. What is the annual property tax?Real Estate Math
- A Utah HOA with 120 units collects $200/month per unit in assessments. Annual operating costs are $180,000. How much is reserved each year?Real Estate Math
- A property owner in Utah pays $3,850 in annual property taxes. The tax rate is 0.007 (0.7%). What is the assessed value?Real Estate Math
- Under Utah's Condominium Ownership Act, the common areas of a condominium complex are owned by:Property Ownership
- A Utah property is worth $655,000. It is assessed at 55% of value. The mill levy is 12 mills. What are the annual taxes?Real Estate Math
- Under Utah's condominium law, common elements in a condominium project are owned:Property Ownership
- A Utah condominium unit owner who fails to pay HOA assessments may face:Property Management
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.
Study This Topic
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →