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Flashcards in Prin 2 Math Deck (457)
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1

Whole Number:

Any number between zero and infinity. Whole numbers are not fractions or negative numbers.

2

Synonyms:

Positive integers, basic numbers

3

Fraction:

A fraction is part of a whole — a fraction is not a whole number.

4

Numerator:

The number on top of a fraction's division line or the number of the parts with which you are working; also called the divisor.

5

Denominator:

The number below the fraction's bottom line or the number of equal parts in total; also called the divisor.

6

Improper Fractions:

When the value of the numerator (the number on top) is greater than the denominator (the number on the bottom), the fraction is an improper fraction.

7

Mixed Numbers:

A number consisting of a whole number and a fraction.

8

Decimal:

A fraction whose denominator is a power of ten and whose numerator is expressed by figures placed to the right of a decimal point.

9

Decimal Definition in Normal, Real Life Words:

A number that involves a decimal point.

10

Ratio:

The quantitive relation between two numbers.

11

Percentage:

A fraction or ratio with a denominator of 100.

Usually written as just the numerator and a % symbol.

12

Profit:

A financial gain. Making more money selling a product than was spent buying or producing the product.

13

Loss: A financial loss —

Making less money selling a product than was spent buying or producing the product.

14

Interest:

Money repaid regularly at a specified rate as compensation for money lent.

15

Principal:

amount lent to a borrower to purchase a house — the borrower pays the lender interest in exchange for the principal.

16

Mortgage:

A mortgage is a secured loan that is tied to real estate, where the borrower has to pay the money back to the lender on a set schedule and amount of payments. Mortgages are also considered "liens against property" or "claims on property."

17

Down Payment:

initial payment made when buying something on credit; a down payment is paid directly by the buyer to the seller. The standard down payment is 20% of the overall house price, and while a 20% down payment is recommended, it is not required. The minimum down payment required by mortgage lenders is 3% of the house's price.

18

Amortization:

The repayment of a loan over time in equal installments that include principal and interest.

19

TREC has its own requirements for calculator use on the licensing exam. TREC-acceptable calculators must:

Be silent
Be battery-operated
Not have paper tape printing capabilities
Not have an alphabet keyboard

20

Percent comes from a Latin phrase “per centum ”, percent essentially means

Per hundred

21

You can never solve a problem while a percentage is still in percentage form — it must be changed into its

Decimal form

22

Percentage:

A rate or amount in each hundred (3⁄4 is 75% written as a fraction)

23

Part:

A portion of the total amount, the numerator (3 of 3⁄4)

24

Total:

The "final" or "end result" number, the denominator (4 of 3⁄4)

25

A commission is a

Percentage of the sales price

26

Here are my key tips for reading word problems:

Identify key words

Write down key info

Identify what you need to solve

Identify info you need to find

Cross out all unnecessary info

27

total, part, and percentage come together to create a nifty formula.

The part divided by percentage will equal the total.

28

Here are some of the variables that will impact a seller's potential profit on a sale:

Any remaining mortgage balance left on the house
Any repairs that must be made
Any liens on the house
The commission of the sale given to the listing agent and buyer's agent
Any closing costs related to a survey, title, etc.

29

non-amortized loans

means that the borrower will be paying interest only throughout the life of the loan.

principal will remain the same and will be due as a balloon payment at the end of the loan's term.

These loans are more common in commercial and investment real estate.

30

Mortgage:

A legal agreement between a creditor and borrower in which the creditor lends money with interest to the borrower for the purchase of property with the condition that the creditor takes ownership of the title if the borrower defaults in repayment of the loan