Podcast
Questions and Answers
What is the area of the rectangle with dimensions 150 feet by 200 feet?
What is the area of the rectangle with dimensions 150 feet by 200 feet?
How many square feet remain for parking after 10% of the lot is condemned and 30% is occupied by a convenience store?
How many square feet remain for parking after 10% of the lot is condemned and 30% is occupied by a convenience store?
If the property sells for $330,000 and the commission is 6%, what is the total commission amount?
If the property sells for $330,000 and the commission is 6%, what is the total commission amount?
What percentage of the property was used for the convenience store if it occupies 30% of the total lot?
What percentage of the property was used for the convenience store if it occupies 30% of the total lot?
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How much does the monthly payment of $704.41 reduce the loan balance after the first payment?
How much does the monthly payment of $704.41 reduce the loan balance after the first payment?
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What is the monthly interest amount for a loan balance of $96,000 at an 8% interest rate?
What is the monthly interest amount for a loan balance of $96,000 at an 8% interest rate?
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What is the new loan balance after the first payment of $704.41 is made?
What is the new loan balance after the first payment of $704.41 is made?
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If the steps are repeated for a second payment, what would be the monthly principal deduction?
If the steps are repeated for a second payment, what would be the monthly principal deduction?
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If the Culebras sell their property for 12% more than the purchase price of $536,800, what is the selling price?
If the Culebras sell their property for 12% more than the purchase price of $536,800, what is the selling price?
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What is the correct formula to calculate the annual interest from a loan balance?
What is the correct formula to calculate the annual interest from a loan balance?
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To find the required appreciation amount, what calculation should be performed after determining the selling price?
To find the required appreciation amount, what calculation should be performed after determining the selling price?
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How is the percentage received calculated when there is a loss?
How is the percentage received calculated when there is a loss?
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In a loss calculation, if a house sells for $220,000 representing a 30% loss, what value should be used for the percentage in the formula?
In a loss calculation, if a house sells for $220,000 representing a 30% loss, what value should be used for the percentage in the formula?
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What is the correct formula to find the percentage when you have values for 'Now' and 'Then'?
What is the correct formula to find the percentage when you have values for 'Now' and 'Then'?
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If Smith wants to make a 25% profit on a home originally bought for $210,000, what should the desired net be after deducting costs?
If Smith wants to make a 25% profit on a home originally bought for $210,000, what should the desired net be after deducting costs?
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Study Notes
Learning Objectives
- Students should be able to list the four steps involved in solving math problems
- Convert fractions to percentages and percentages to fractions
- Differentiate between area, volume, and percentage problems
- Identify correct formulas for various math problems (area, volume, percentage, capitalization rate, tax assessment, seller's net, proration)
- Describe how to calculate the seller's net
- Explain how to prorate various expenses (rent, mortgage interest, property taxes, insurance premiums)
Suggested Lesson Plan
- Students review the previous chapter ("California Real Estate License Law") using Exercise 17.1
- Overview of Chapter 17 ("Real Estate Math") and review of learning objectives
Solving Math Problems
- Four-step approach
- Read the question
- Write down the formula
- Substitute relevant numbers
- Calculate the answer
- Convert fractions or percentages to decimals
Area Problems
- Area = Length × Width
- Squares and rectangles use this formula
- Triangles use the formula Area = ½ Base × Height
- Odd shapes are divided into simpler shapes, and their areas are added
Volume Problems
- Volume = Length x Width x Height
Percentage Problems
- Part = Whole × Percentage
- Whole = Part ÷ Percentage
- Percentage = Part ÷ Whole
- In commission problems, the part is the commission, the whole is the sales price, and the percentage is the commission rate
- In loan problems, the part is the annual interest, the whole is the loan amount, and the percentage is the annual interest rate
- Profit/loss problems: Now = Then × Percentage (where percentage = original + profit OR original - loss)
- Capitalization problems: Income = Value × Capitalization Rate
Tax Assessment Problems
- Tax = Assessed Value × Tax Rate
- Tax rate can be expressed as a percentage, a dollar amount per hundred, or per thousand, or in mills
Seller's Net Problems
- Calculate the net proceeds + the costs (excluding commission)
- Subtract the commission rate from 100%
- Divide the result from the first step by the result from the second step to get the selling price.
Proration Problems
- Calculate the daily rate of the expense
- Determine how many days a party is responsible for
- Multiply the daily rate by the number of days
Exercises 17.1, 17.2, 17.3, 17.4, 17.5, 17.6
- Review exercises covering the material discussed within the respective sections
Chapter 17 Quiz
- Review of the entire chapter content
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Description
This quiz covers essential concepts from Chapter 17 of your real estate studies, focusing on solving math problems commonly encountered in the field. Topics include converting fractions to percentages, understanding area and volume, and applying appropriate formulas. Enhance your skills in calculating seller's net and prorating expenses effectively.
