Real Estate Math Drill

How to use it

Practice gives one question at a time and shows the worked solution after each answer. Your streak and best streak are kept; the best streak is remembered on this device only.

Exam of 10 gives ten questions from the topics you chose, fifteen minutes in all, with no answers shown until the review. You can go back before you finish.

Typed answers accept dollar signs, commas and percent signs. Pick Choices for exam-style multiple choice, or Mixed for some of each. With the keyboard, Tab moves between controls, arrow keys move between choices, and Enter checks.

Conventions this drill uses

• An acre is 43,560 square feet; a section is 640 acres.
• Prorations say which year to use. The 360-day statutory year has twelve 30-day months; the 365-day year counts actual days and keeps the daily rate unrounded. In this drill the seller owns the day of closing.
• Commission rates, transfer-tax rates, mill rates and qualifying ratios (28%/36%) are “in this example” numbers; they vary by state, lender and contract.
• Lenders figure LTV on the lower of price and appraised value. One point is 1% of the loan amount.
• In sales comparison you adjust the comparable, never the subject: comparable better, subtract; comparable poorer, add.
• Land does not depreciate; the cost approach adds it back after depreciating the building.

Try it

1. Turn on only “Tax prorations” and work five on paper before you check; mix 360 and 365.
2. Take an exam of 10 with every topic on. Which misses share a mistake?
3. In “Net to seller,” explain why you divide by (1 − rate) instead of multiplying by (1 + rate).
4. Run a streak of 10 in “Rectangular survey acres” without a pencil.

“Prepare thy work without, and make it fit for thyself in the field; and afterwards build thine house.” Proverbs 24:27