Wisconsin Real Estate License Real Estate Math and Calculations

Question 1

A property sells for $320,000. The listing broker earns a 6% commission and splits it equally with the buyer's broker. How much does each broker receive?

Accepted Answer

$9,600

Answer

$19,200

Answer

$11,520

Answer

$16,000

Question 2

A buyer makes a 20% down payment on a $275,000 home. What is the loan amount?

Accepted Answer

$220,000

Answer

$55,000

Answer

$235,000

Answer

$245,000

Question 3

A property has a loan balance of $180,000. The bank requires a maximum LTV of 80%. What is the minimum appraised value required?

Accepted Answer

$225,000

Answer

$144,000

Answer

$216,000

Answer

$240,000

Question 4

Annual property taxes are $4,800. The closing occurs on April 1. The seller has not yet paid any taxes for the year. Using a 360-day year, how much does the seller owe the buyer at closing?

Accepted Answer

$1,200

Answer

$1,600

Answer

$2,400

Answer

$3,600

Question 5

A home sells for $385,000. In Wisconsin, the real estate transfer fee is $3 per $1,000 of value. What is the total transfer fee?

Accepted Answer

$1,155

Answer

$385

Answer

$770

Answer

$1,540

Question 6

A rectangular lot measures 45 feet by 30 feet. What is the square footage of the lot?

Accepted Answer

1,350 sq ft

Answer

150 sq ft

Answer

750 sq ft

Answer

1,500 sq ft

Question 7

A seller wants to net $250,000 after paying a 6% commission. What must the sale price be?

Accepted Answer

$265,957

Answer

$265,000

Answer

$266,000

Answer

$275,000