South Carolina Real Estate Math
Practice Questions & Answers (2026)
Real estate math questions appear on every South Carolina real estate exam and test a focused set of calculations: commission splits, prorations (property tax, rent, interest), loan-to-value ratios, appreciation and depreciation, and area calculations. The South Carolina Real Estate Commission does not provide a calculator — but the math is designed to be workable without one if you know the right formulas. South Carolina candidates consistently lose points on proration questions because they apply the wrong day-count convention (360-day vs. 365-day year) or miscalculate the seller's vs. buyer's share. Work through every problem in this section until you can solve each type without hesitation.
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South Carolina Real Estate Math — Practice Questions & Answers
150 questions on Real Estate Math from the South Carolina real estate question bank. First 10 are free — sign up to unlock all 150.
Q1. A South Carolina home sells for $320,000. Deed stamps are $1.85 per $500. The 6% commission is split equally between listing and buyer's broker. The seller also pays $2,500 in other closing costs. What are the seller's total closing costs (deed stamps + commission + other costs)?
Explanation
Deed stamps: ($320,000 ÷ $500) × $1.85 = 640 × $1.85 = $1,184. Commission: $320,000 × 0.06 = $19,200. Other costs: $2,500. Total: $1,184 + $19,200 + $2,500 = $22,884.
Q2. A property was purchased for $185,000 and sold 4 years later for $223,850. What was the annual rate of appreciation (simple interest method)?
Explanation
Total appreciation: $223,850 − $185,000 = $38,850. Percentage gain: $38,850 ÷ $185,000 = 21%. Annual rate (simple): 21% ÷ 4 years = 5.25% per year.
Q3. A buyer's monthly gross income is $6,500. Using a 36% back-end debt-to-income ratio, and the buyer already has $500/month in recurring debts, what is the maximum monthly mortgage payment (PITI) the lender will allow?
Explanation
Maximum total debt at 36%: $6,500 × 0.36 = $2,340. Existing monthly debts: $500. Maximum PITI: $2,340 − $500 = $1,840.
Q4. An investor purchases a duplex for $280,000. Each unit rents for $1,100/month. Annual operating expenses are $8,400. What is the annual net operating income (NOI) and cap rate?
Explanation
Gross annual income: 2 units × $1,100/month × 12 months = $26,400. NOI = $26,400 − $8,400 = $18,000. Cap rate = $18,000 ÷ $280,000 = 0.0643 = 6.4%.
Q5. A South Carolina seller owes $145,000 on their mortgage. The home sells for $225,000. Selling costs are 7% of the sales price. What are the seller's net proceeds?
Explanation
Selling costs: $225,000 × 7% = $15,750. Net proceeds = $225,000 − $15,750 − $145,000 = $64,250.
Q6. A property in Charleston sells for $485,000. What is the South Carolina deed recording fee owed at closing?
Explanation
SC deed recording fee = $1.85 per $500. $485,000 ÷ $500 = 970 units. 970 × $1.85 = $1,794.50. Wait—recalculating: 970 × 1.85 = 1794.50. The closest is $1,794.50. Let me recalc: 485000/500 = 970; 970 × 1.85 = 1794.50.
Q7. A Myrtle Beach rental property generates $2,400/month in gross rent. The gross rent multiplier (GRM) is 120. What is the estimated property value?
Explanation
Annual gross rent = $2,400 × 12 = $28,800. Value = Annual Gross Rent × GRM = $28,800 × 120 / 12... Actually: GRM typically uses monthly rent. Value = Monthly Rent × GRM = $2,400 × 120 = $288,000.
Q8. A South Carolina broker charges a 5.5% commission on a $320,000 sale. The listing agent retains 60% of the total commission. How much does the listing agent earn?
Explanation
Total commission: $320,000 × 5.5% = $17,600. Listing agent's share: $17,600 × 60% = $10,560.
Q9. A South Carolina property was purchased for $180,000 and sold 5 years later for $225,000. What is the percentage appreciation?
Explanation
Appreciation = (Sale Price − Purchase Price) ÷ Purchase Price × 100. ($225,000 − $180,000) ÷ $180,000 = $45,000 ÷ $180,000 = 0.25 = 25%.
Q10. A Greenville property has an assessed value of $120,000 (at 4% assessment ratio for primary residence) and a millage rate of 250 mills. What is the annual property tax?
Explanation
Assessed value × assessment ratio = taxable value. $120,000 is the fair market value; taxable value = $120,000 × 4% = $4,800. Tax = $4,800 × 250/1000 = $4,800 × 0.25 = $1,200.
Q11. A rectangular Columbia lot measures 150 feet by 200 feet. How many acres is this lot? (1 acre = 43,560 sq ft)
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