The SW 1/4 of the N 1/2 of Section 18 contains how many acres and how many square feet?
80 acres and 3,484,800 sq. ft.
40 acres and 1,742,400 sq.
... [Show More] ft.
80 acres and 3,492,000 sq. ft.
160 acres and 6,984,000 sq. ft.
80 acres and 3,484,800 sq. ft.
Determining the square footage of a portion of a section requires starting at the end of the description and working backward. A section contains 640 acres. Thus, the first step in this problem is:
640 acres / 2 = 320 acres (N 1/2 of a section)
The next step requires dividing the north 1/2 of a section by 4 as the question asks for 1/4 of the previous portion of the section.
320 acres / 4 = 80 acres (SW 1/4 of N 1/2 of a section)
Finally, multiply 80 acres by the square footage in an acre (43,560 sq. ft.).
43,560 sq. ft. x 80 acres = 3,484,800 sq. ft.
Solution: 80 acres or 3,484,800 sq. ft.
The NW 1/4 of the SE 1/4 of Section 21 sold for $4.00 per square foot. What was the sales price?
$1,742,400.
$6,969,600.
$13,939,200.
$3,484,800.
$6,969,600.
Here again, begin with the section (640 acres) and divide by 4 (the SE 1/4 of the section).
640 acres / 4 = 160 (SE 1/4 of the section)
Next, divide 160 by 4 (the SW 1/4).
160 acres / 4 = 40 acres (NW 1/4 of SE 1/4 of a section)
Multiply 40 acres by the square footage in an acre (43,560 sq. ft.).
43,560 sq. ft. x 40 = 1,742,400 sq. ft.
Finally, now that it is known how many square feet are in this parcel of land, multiply this total by the price per square foot.
1,742,400 sq. ft. x $4 = $6,969,600
A salesperson working under a broker had an employment contract calling for a 50/50 split of any commissions received. The salesperson negotiated a sale representing the buyer. The sales price was $490,000. The purchase agreement called for a fee of 3% of the sales price to be paid to the buyer's broker. How much did the salesperson receive from their broker?
$29,400
$14,700
$7,350
$735
$7,350.
In this first commission problem, we are told that the property sold for $490,000 with a 3% commission paid to the buyer's broker. This first step looks like this:
$490,000 x 0.03 = $14,700
Next, calculate the 50% portion of the broker's $14,700 fee that is paid to the salesperson.
$14,700 x 0.5 = $7,350
An experienced salesperson arranged an employment contract calling for a 70/30 split of any commissions received. The salesperson completed a sale representing both the buyer and seller. The sales price was $650,000. The escrow instructions called for a 5% fee paid to the broker. How much did the salesperson receive from their broker?
$22,750
$32,500
$16,250
$9,750
$22,750.
In the second commission problem, the total fee paid to the broker is 5% of the sales price.
$650,000 x 0.05 = $32,500
In this scenario, the more experienced salesperson earned 70% of the $32,500 fee and represented both the buyer and the seller.
$32,500 x 0.7 = $22,750
The local and state property taxes on a particular property amount to 1.2% of the tax assessment value of the property. The tax rolls indicate a current value of $385,000. What is the first half of the current year's tax bill?
$4,620
$2,310
$3,850
$1,925
$2,310.
Annual property taxes are calculated as a percentage of the assessed value and are paid in two installments. Begin by calculating the total annual tax on a property valued at $385,000.
$385,000 x 0.012 = $4,620
Note the question asked only for the first installment, not the annual total.
$4,620 / 2 = $2,310
At the close of escrow for the sale of a property, the title insurance company obtained transfer tax stamps for the purchase price of $387,600. How much was the transfer tax charged?
$426.80
$213.13
$426.25
$213.40
$426.80.
At the close of escrow, a tax is paid to the county as part of the recording process. The basic tax rate is $0.55 per $500. For this problem, first determine the rate per $1,000.
$0.55 x 2 = $1.10 per $1,000
Remember, transfer tax is charged by rounding up to the next $500 increment. Therefore, in this problem, the value is rounded up to $388,000. Since the tax rate will be calculated on a per $1,000 basis, divide the rounded sales price by 1,000. [Show Less]