Real Estate Exam Math Practice Test 2023 (60 Question Answers) online quiz. Our Real Estate License Mathematics Practice Test question will help your Real Estate License Exam Prep better. Candidates from Louisiana, Florida, California, New York, Texas, etc. may try this sample Real Estate License Math Exam for broker sale person for free.
Some states prepare their own examination for prospective real estate licensees. Others rely on independent testing services to prepare, administer, and/or score real estate examinations. Real Estate Exam Math Practice Test is revised regularly to reflect current law and practice. This Math sample question answers will help you prepare for the real estate salesperson’s licensing examination prepared by an independent testing company, Psychological Services, Inc. (PSI).
Real Estate Exam Math Practice Test
Exam Name  Real Estate License Exam 
Position  Broker / Sale 
Test type  Math test 
Question Type  Multiple Choice 
Total Questions  60 
Time duration  N/A 
Quizsummary
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Real Estate Math Practice Test
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Question 1 of 50
1. Question
1 pointsA property measures 150 feet by 125 feet. The owner wants to add a 6 foot privacy fence around the entire property. A contractor says the cost is $1.25 per foot of fence plus $500 for the labor to install it. How much is the total quote from the contractor?

Question 2 of 50
2. Question
1 pointsA purchaser contracts for a new home for $250,000 and, after making a 20% down payment, applies for a 30year fixedrate loan at the rate of 7.5%. At the settlement on April 10, the lender collects interest up to May 1. What is the interest charge to the buyer shown on the settlement statement?

Question 3 of 50
3. Question
1 pointsThe paint for the fence in question 1 is $4.00/gallon and covers 300 square feet. How much did the owner spend on paint for the entire fence?

Question 4 of 50
4. Question
1 pointsAn agent lists a seller’s house for 6 percent commission. The final agreed sales price is $234,500. How much commission did the seller pay?

Question 5 of 50
5. Question
1 pointsProperty taxes are paid annually in November for the calendar year. The closing is held on August 15 and the property taxes of $3,250 are prorated to date of closing. What entries are made on the settlement statement?

Question 6 of 50
6. Question
1 pointsThe seller paid $23,500 in commission to his agent. His house sold for $457,900. How much was the commission rate the agent charged?

Question 7 of 50
7. Question
1 pointsA broker charges 5.5 percent on his client’s listing of $125,900. The selling agent’s client offers $125,000, which the seller accepts. The listing broker offers 60 percent of the commission earned to the selling broker. How much does the listing broker earn?

Question 8 of 50
8. Question
1 pointsThe broker earns $22,050 for his portion of the commission on a limited agency transaction. The commission is 7 percent. How much did the house sell for?

Question 9 of 50
9. Question
1 pointsA lender charges 2 points origination fee on a home sale of $300,000 where the borrower uses a 90 percent loan to value (LTV) ratio. How much does the borrower pay for the loan?

Question 10 of 50
10. Question
1 pointsThe assessed value of a property is $450,000, and the tax rate is $.823 per hundred of value. What is the monthly escrow deposit that would be needed to assure having enough money on hand to pay the annual tax bill?

Question 11 of 50
11. Question
1 pointsA buyer obtained a loan of $135,000 with a 9.25% interest rate for the purchase of a home. After paying the first monthly payment of $1,111.05, the remaining balance will be

Question 12 of 50
12. Question
1 pointsHow many acres are in the NW1⁄4of the NW1⁄4of the NW1⁄4and the N1⁄2 of the NE1⁄4of the NW1⁄4 of Section 24 of 2RN, 2TN of principal meridian #2?

Question 13 of 50
13. Question
1 pointsA seller asks his broker to list his farmland at $57,000 per acre. He describes the property as 500 feet along the road and 750 feet deep. What’s the listing price?

Question 14 of 50
14. Question
1 pointsA subdivider is required to have 2.25acre lots at a minimum per the covenants, conditions, and restrictions (CCRs). How many lots can he have in a 76acre parcel of farmland he just acquired?

Question 15 of 50
15. Question
1 pointsThe transfer tax on a parcel of land is $1.25 per $500 of value. The property sold for $130,000. How much is the transfer tax?

Question 16 of 50
16. Question
1 pointsThe transfer tax on a property is 30¢ per $250 of value. However, the first $10,000 of the sales price is exempt from taxes. The property sold for $80,000. How much is the transfer tax?

Question 17 of 50
17. Question
1 pointsIf the seller pays $150 in transfer tax on the sale of his property, and each unit is taxed at $1.25 per unit, how many taxing units does he have to pay?

Question 18 of 50
18. Question
1 pointsJerry Wright, the owner of a commercial building, estimates the depreciation of the physical plant at $15,000, the furniture and fixtures at $8,000, and the machinery at $7,500. If he is in the 40% bracket, his tax savings would be

Question 19 of 50
19. Question
1 pointsA borrower pays $750 per month on a $100,000 fully amortized 30year fixed loan at 6 percent interest. After the first payment, what is the remaining balance on the principal amount of his loan?

Question 20 of 50
20. Question
1 pointsA broker and a sales agent agree to a split of 75/25, with the larger portion going to the sales agent. The broker allows the sales agent to list a property for 6 percent. The house sells for $134,900. Assuming limited agency occurred, how much does the broker receive as his portion?

Question 21 of 50
21. Question
1 pointsA seller agrees with a broker to pay 5.5 percent commission plus an advertising fee of 0.5 percent. How much does the seller pay in commission on the sale of his $350,000 home?

Question 22 of 50
22. Question
1 pointsA property sells for $150,000 and appraises at $155,000. However, it’s assessed at 90 percent of the sale price. The tax rate is 40 mills. What are the monthly taxes?

Question 23 of 50
23. Question
1 pointsIf a property’s monthly tax bill is $250 on the assessed value of $180,000, what is the tax rate?

Question 24 of 50
24. Question
1 pointsA commercial seller wants to list his 5.25acre rectangular property for sale. He commands the broker to list it at $5,000 per front foot along the main highway. The seller tells the broker the property is 295 feet deep. The broker, following his command, lists the property at

Question 25 of 50
25. Question
1 pointsThe metes and bounds legal description of a property is this: starting at the POB, east 200 feet, south 300 feet, west 375 feet, and north 325 feet back to the POB. The parcel of land lists for $125,000 per acre. How much is the most probable list price?

Question 26 of 50
26. Question
1 pointsA borrower finds a loan with 80 percent loan to value (LTV) ratio for his $250,000 purchase. How much is down payment for the loan?

Question 27 of 50
27. Question
1 pointsA borrower finds a loan with 80 percent LTV for his $250,000 purchase. How much is the loan amount?

Question 28 of 50
28. Question
1 pointsA property owner sold her principal residence for $750,000. It had been acquired establishing a cost basis of $300,000. Assuming the cost of sale is 12% of contract price, what is the taxable gain to this owner?

Question 29 of 50
29. Question
1 pointsThe lender’s underwriting criteria would accept a payment to income ratio of 33% and a ratio that includes debt service of up to a maximum of 38% of monthly gross income. The applicant has an outstanding college loan payable at the rate of $250.00 per month and a car payment of $450 monthly. Gross annual income is established at $ 100,000 per annum. What is the maximum PITI the lender will approve?

Question 30 of 50
30. Question
1 pointsJeff and Alexandra Clancey have paid a total of $10,500 in mortgage interest and $1,500 in property taxes in this tax year. If they are in the 28% tax bracket, their tax savings is

Question 31 of 50
31. Question
1 pointsIn constructing her financial report, Noel Carpenter estimates that her real estate holdings have appreciated by 18% since purchase. If the original value was $585,000, what would her balance sheet show now?

Question 32 of 50
32. Question
1 pointsUsing the data from question 24, the borrower has to pay 2½ points to get the loan. How much money does he need to bring to closing, assuming no other fees?

Question 33 of 50
33. Question
1 pointsUsing the data from question 24, the borrower has to pay 2½ points to get the loan. How much money does he need to bring to closing, assuming no other fees?

Question 34 of 50
34. Question
1 pointsIf a borrower pays 1 point origination fee and 21⁄2 discount points for his 90 percent LTV on the purchase of $175,900, how much does the loan cost the borrower to acquire?

Question 35 of 50
35. Question
1 pointsA borrower gets a loan with no equity required and pays $3,050 for the loan on the purchase of a $95,000 house. How many points does he pay in fees?

Question 36 of 50
36. Question
1 pointsA borrower qualifies for a 75 percent LTV; however, he only has $42,000 as a down payment. How much loan can he acquire from the lender?

Question 37 of 50
37. Question
1 pointsHow much simple interest is paid on a loan amount of $150,000 at 4 percent interest?

Question 38 of 50
38. Question
1 pointsA Federal Housing Administrationinsured loan requires a 3.5 percent down payment. Your client finds a property for sale at $180,000. However, he successfully, with your help, negotiates a lower purchase price of $177,900. How much down payment is required for this deal?

Question 39 of 50
39. Question
1 pointsA sales agent does a study of the neighborhood and finds the average list price is $175,000 but the average sales price is $172,500. He can conclude:

Question 40 of 50
40. Question
1 pointsA client wants to sell his property for $150,000. After doing a thorough study of his neighborhood, the agent concludes that houses sell for, on average, 94 percent of the list price. What is a reasonable starting list price?

Question 41 of 50
41. Question
1 pointsA salesperson has earned $120,000 in gross commissions this year. If the average commission is 2.6% per transaction, and the salesperson receives 60% of the commission from each transaction, how much sales volume has that salesperson settled this year?

Question 42 of 50
42. Question
1 pointsAn appraiser estimates the value of a commercial building to be $750,000 with a net income of $55,000. What cap rate did he use in his valuation process?

Question 43 of 50
43. Question
1 pointsA 45unit retail shopping complex with all units rented at $350/month has expenses of 40 percent of the gross income. The appraiser uses a cap rate of 7.5 percent in his valuation process. What value does he estimate the building to be worth?

Question 44 of 50
44. Question
1 pointsAn appraiser highly trained in appraising apartments in his area is assigned to appraise a 10unit complex. He finds they are rented at $500 per month, and the expenses are $35,000 per year. He uses a gross rent multiplier (GRM) of 25, based on his knowledge and experience. What’s the value of the apartment complex?

Question 45 of 50
45. Question
1 pointsA building has an economic life of 39 years. The value of the building is estimated to be $650,000. What is the annual depreciation amount?

Question 46 of 50
46. Question
1 pointsA tenant signs a commercial lease for $1,150 per month plus an additional 4 percent of sales over a minimum of $100,000. If the company has annual sales of $230,000, what is the monthly rent paid by the tenant.

Question 47 of 50
47. Question
1 pointsA tenant signs a lease for $1,150 per month or 4 percent of sales, whichever is greater. If the company has annual sales of $230,000, what’s the monthly rent paid by the tenant.

Question 48 of 50
48. Question
1 pointsA sales agent is paid a 4 percent commission on the total lease he brings to the landlord. If the tenant is leasing an industrial space that’s 125 feet × 75 feet for 5 years at a rental rate of $3.50 per square foot, what’s the agent’s commission?

Question 49 of 50
49. Question
1 pointsA developer must maintain a minimum of 1⁄2acre lots in his new development that’s 53 acres. He also must dedicate at least 20 percent of the development to greenspace, such as parks, gardens, walking trails, etc. What’s the maximum number of lots he can develop for building houses?

Question 50 of 50
50. Question
1 pointsAt the closing, a buyer is debited $150 for a prepaid bill. The closing is on March 31. How much is the bill the seller pays?
See also:
 Real Estate License Exam 2023 With Study Guide
 Real Estate License Broker/Sale Practice Test (60 MCQs)
 Real Estate Exam Practice Test (50 MCQs)
 Real Estate Exam Math Practice Test (60 MCQs)