Real Estate Math
A Wyoming buyer closes on April 15. The seller prepaid the annual homeowners insurance premium of $1,800 on January 1. Using a 365-day proration, how much does the buyer owe the seller for the insurance reimbursement?
A$900
B$1,285✓ Correct
C$616
D$1,350
Explanation
Days remaining after April 15: April 15 to December 31 = 260 days. Buyer's share = ($1,800 ÷ 365) × 260 = $4.
Related Wyoming Real Estate Math Questions
- A Wyoming broker's annual gross commission income is $240,000. The broker pays 40% in overhead. What is the broker's net income?
- A Wyoming salesperson sells a property for $625,000 at a 6% total commission. The commission is split 50/50 between listing and selling brokers. The selling salesperson earns 70% of the selling brokerage's share. How much does the selling salesperson earn?
- A Wyoming home costs $285,000. The buyer makes a 10% down payment and pays 2 points on the loan. How much are the points?
- A Wyoming home closes on September 1. Annual property taxes of $3,600 are paid in arrears on December 31. Using a 360-day year, how much does the seller owe the buyer in prorated taxes at closing?
- A Wyoming property was purchased for $420,000 and sold 5 years later for $504,000. Ignoring expenses, what was the total return?
- A Wyoming investment property generates monthly rent of $2,400 and sells for $288,000. What is the annual GRM?
- A Wyoming home is assessed at 9.5% of market value for property tax purposes. If the market value is $420,000 and the mill rate is 55 mills, what is the annual property tax?
- A Wyoming buyer wants to buy a home for $380,000 and make a 10% down payment. What is the minimum down payment needed?
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →