Real Estate License Exam Calculation Workbook: Volume 2 (2023 Edition)

By Coventry House Publishing

"The Real Estate License Exam Calculation Workbook" provides 250 calculation questions to prepare for the demanding Real Estate License Exam. Master exam topics with intensive practice in the areas you'll find on the test. All questions are test-level difficulty and focused solely on helping you pass. Whether you’re challenging the exam for the first time or trying again after an unsuccessful attempt, you will learn the critical skills needed to master the exam.

Included are practice exams for the following topics:
• Land Description and Development
• Agency Agreements and Commissions
• Mortgages and Finance
• Appraising Real Estate Values
• Taxation and Assessment
• Real Estate Investment Analysis
• Fundamental Math Concepts

• Language: English
• Publisher: Coventry House Publishing
• Release date: Dec 16, 2022
• ISBN: 9781005515249

Book preview

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Contents

Section 1: Land Description and Development

Questions

Answer Key

Section 2: Agency Agreements and Commissions

Questions

Answer Key

Section 3: Mortgages and Finance

Questions

Answer Key

Section 4: Appraising Real Estate Values

Questions

Answer Key

Section 5: Taxation and Assessment

Questions

Answer Key

Section 6: Real Estate Investment Analysis

Questions

Answer Key

Section 7: Fundamental Math Concepts

Questions

Answer Key

Section 1

Land Description and Development

Questions

1. Maria, a real estate developer, needs to earn $680,000 from the sale of lots in a subdivision to earn the required rate of return on her investment. The subdivision contains a total of 20 acres, and 15% of the land is to be used for roads. If each lot measures 1 acre, and no partial lots are permitted, Maria must charge _______ per lot to generate the required return.

A. $40,000

B. $45,000

C. $50,000

D. $55,000

2. Jacob purchased a parcel of land measuring one-fourth of a mile by one-fifth of a mile. The area of Jacob’s land is:

A. 28 acres.

B. 30 acres.

C. 32 acres.

D. 34 acres.

3. Beta Corporation owns a 20-acre tract of land. To develop it, they must set aside 8% of the area for a pond, and 12% for streets and sidewalks. If the minimum permissible lot size is 8,000 square feet, the maximum number of lots that can be developed is:

A. 82.

B. 87.

C. 91.

D. 95.

4. Ken’s lot sold for $190 a front foot. If the lot was 650 feet deep and had an area of 306,800 square feet, the selling price of his lot was:

A. $78,760.

B. $83,355.

C. $89,680.

D. $92,475.

5. Delta Real Estate Company purchased a 9-acre tract of land. If 10% of the land must be used for drainage and other uses, the maximum number of 10,000 square foot lots that can be platted is:

A. 35.

B. 38.

C. 41.

D. 44.

6. If a lot represents 28% of a square mile, the lot size is:

A. 173.6 acres.

B. 179.2 acres.

C. 184.4 acres.

D. 188.7 acres.

7. The number of square feet in 5 acres is:

A. 209,600.

B. 217,800.

C. 226,900.

D. 234,400.

8. Hannah sold her 3.2-acre lot for $820,000. The price per square foot was:

A. $4.86.

B. $5.21.

C. $5.67.

D. $5.88.

9. A parcel of land is square, measuring ½ mile by ½ mile. The number of acres in the parcel of land is:

A. 160.

B. 200.

C. 240.

D. 280.

10. Elaine purchased a 3.5-acre lot for $4 per square foot and built a house measuring 80 feet by 100 feet. If the price of the house was $150 per square foot, the total cost was:

A. $1,762,450.

B. $1,809,840.

C. $1,913,680.

D. $2,040,330.

11. Sigma Corporation is planning to develop a subdivision containing 150 lots averaging 20,000 square feet. If an average of 2,000 square feet of street, sidewalks, and drainage must be provided for each lot, the minimum number of acres the company will need to purchase to achieve their goal is:

A. 75.76.

B. 83.41.

C. 94.58.

D. 102.53.

12. Anna purchased a rectangular tract of land measuring 850 feet by 915 feet. The number of acres in the tract of land is:

A. 15.90.

B. 17.85.

C. 19.55.

D. 21.30.

13. Tom purchased three rectangular lots containing a total of 72,000 square feet. If each lot is 160 feet deep, then each of his lots has _______ of road frontage.

A. 110 feet

B. 130 feet

C. 150 feet

D. 170 feet

14. The number of acres in three townships is:

A. 23,040.

B. 46,080.

C. 69,120.

D. 92,160.

15. The area of two sections is:

A. 1,280 acres.

B. 1,920 acres.

C. 2,560 acres.

D. 3,200 acres.

16. If land has a perimeter of 18 miles on each side, the number of townships is:

A. 6.

B. 7.

C. 8.

D. 9.

17. Joanne owns a 10-acre plot of land that she would like to develop into lots measuring 120 feet by 200 feet. The maximum number of full lots that she can develop is:

A. 14.

B. 16.

C. 18.

D. 20.

The following information relates to questions 18 – 19.

Theta Development Company is subdividing a 6-acre tract of land into lots measuring 80 feet by 100 feet. They have allowed 53,360 square feet for streets and common areas.

18. Based on the information provided, the total number of lots that Theta Development Company can develop is:

A. 26.

B. 30.

C. 34.

D. 38.

19. Based on the information provided, if Theta Development Company plans to generate gross income of $1,300,000, they will need to sell each lot for:

A. $40,000.

B. $45,000.

C. $50,000.

D. $55,000.

20. A square area of land that measures 24 square miles can be described as a:

A. township.

B. quadrangle.

C. half section.

D. quarter section.

21. The number of acres in 4.5 square miles is:

A. 2,240.

B. 2,560

C. 2,880.

D. 3,200.

22. Henry is selling the NW ¼, SW ½, S ½, W ¼ of a section. This is equivalent to:

A. 390,400 square feet.

B. 435,600 square feet.

C. 476,200