Real Estate Math Fundamentals
A Grade 10 math worksheet covering fundamental concepts in real estate calculations, including commissions, property taxes, and mortgage basics.
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Real Estate Math Fundamentals
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Read each question carefully and provide your answer in the space provided. Show all your work for calculations.
1. A real estate agent sells a house for $350,000. If their commission rate is 6%, how much commission do they earn?
2. An agent earned $15,000 in commission on a house that sold for $250,000. What was their commission rate?
3. If a property has an assessed value of $200,000 and the property tax rate is 1.5%, the annual property tax will be .
4. A homeowner pays $3,000 in annual property taxes. If the tax rate is 1.2%, the assessed value of their home is .
5. Which of the following is typically a fixed cost associated with owning a home?
Utility bills
Property taxes
Home repairs
Groceries
6. A down payment is the initial upfront payment made when purchasing a home.
True
False
7. A buyer secures a mortgage of $280,000 for a home valued at $350,000. Calculate the Loan-to-Value (LTV) ratio.
Consider the following diagram of a house for the next question:
8. Besides the purchase price, what are two other significant costs a buyer might incur when purchasing the house shown above?
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