Real Estate Math
A Virginia seller's closing statement shows proceeds of $310,000. They owe $185,000 on their mortgage and $4,500 in other liens. What do they walk away with?
A$115,000
B$120,500✓ Correct
C$125,000
D$125,500
Explanation
Net proceeds = $310,000 – $185,000 – $4,500 = $120,500. Using the values given ($310,000, $185,000), apply the appropriate formula.. The correct answer is $120,500.. This is a common calculation on the Virginia real estate exam.
Related Virginia Real Estate Math Questions
- A Virginia rental property generates $2,400 per month in gross rent. The gross rent multiplier (GRM) for comparable properties is 120. What is the estimated value of the property?
- A Virginia buyer's monthly gross income is $9,000. Their lender has a maximum front-end ratio of 28%. What is the maximum monthly PITI allowed?
- A Virginia property sold for $250,000. The Grantor's Tax is $0.50 per $500. What does the seller pay in Grantor's Tax?
- A Virginia property is purchased for $500,000 with 25% down. Closing costs are $8,000. What is the total cash needed at closing?
- A buyer in Virginia purchases a home for $350,000 with a 10% down payment. The lender charges 2 discount points. What is the cost of the discount points?
- A Virginia buyer puts 20% down on a $450,000 home. What is the loan amount?
- A Virginia apartment complex has 20 units, each renting for $1,100/month. The vacancy rate is 5%. What is the annual effective gross income?
- A Virginia property has monthly expenses of $1,200 and rents for $2,000/month. The effective gross income is $2,000/month. What is the annual net operating income (NOI)?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →