Real Estate Math
A Washington homeowner's mortgage balance is $285,000. The current appraised value is $380,000. What is the homeowner's equity percentage?
A75%
B25%✓ Correct
C80%
D20%
Explanation
Equity = $380,000 – $285,000 = $95,000. Equity percentage = $95,000 ÷ $380,000 = 25%. Using the values given ($285,000, $380,000), apply the appropriate formula.. The correct answer is 25%.. This is a common calculation on the Washington real estate exam.
Related Washington Real Estate Math Questions
- A Washington investment property has a potential gross income of $96,000/year, a 7% vacancy rate, and fixed operating expenses of $28,000. What is the NOI?
- A Washington buyer makes a $25,000 earnest money deposit on a $500,000 purchase. What percentage is the earnest money of the purchase price?
- A Washington property is bought for $265,000 and sold for $310,000 two years later. After paying a 5.5% commission and $3,200 in other closing costs, what is the net profit?
- A Seattle investment property is purchased for $1,200,000 with 25% down. What is the equity at purchase?
- A Tacoma property sells for $485,000. Washington's REET applies the first tier rate of 1.1% to the first $525,000. What is the REET owed?
- A property has a NOI of $72,000 and sells at a cap rate of 8%. What is the value?
- An investor wants a 9% return on a $1,200,000 investment in a commercial property. What is the minimum annual NOI required?
- A Washington building has 8 units, each renting for $1,400/month. The vacancy rate is 10%. What is the effective gross income (EGI) per year?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →