Real Estate Math Fundamentals
This worksheet covers fundamental mathematical concepts used in real estate, including property valuation, loan calculations, and commission rates for Grade 11 students.
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Real Estate Math Fundamentals
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Read each question carefully and provide the best answer. Show all your work for calculations.
1. A real estate agent earns a 3% commission on a home sold for $350,000. How much commission does the agent earn?
$1,050
$10,500
$105,000
$3,500
2. What is the loan-to-value (LTV) ratio if a property is appraised at $400,000 and the borrower takes out a mortgage of $320,000?
70%
80%
90%
100%
1. The legal document that transfers ownership of real property from one party to another is called a .
2. A loan used to purchase a home is commonly referred to as a .
3. Property taxes are typically calculated as a percentage of the property's value.
1. A property was purchased for $250,000 and later sold for $300,000. Calculate the percentage increase in value.
2. Explain the difference between principal and interest in the context of a mortgage payment.
1. An escrow account is used to hold funds for property taxes and homeowner's insurance.
True
False
2. A fixed-rate mortgage means your interest rate will change over the life of the loan.
True
False
Match each term on the left with its definition on the right.
1. Appraisal
a. The amount of money borrowed for a home.
2. Mortgage
b. An estimate of a property's value.
3. Down Payment
c. Initial cash payment made when purchasing a home.
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