unit 1 Flashcards
equation to find part
total x rate
equation to find total
total / rate
equation to find rate
part / total
equation to find interest
part = total x rate x time
equation for linear measurement
area = length x width
equation for linear measurement of a triangle
area = (length x width) / 2
equation for volume
volume = length x width x height
30 days month / 360 days a year
Under Texas law, who owns the property on the day of closing, and therefore is responsible for any expenses up to that day (or is owed any rents on a rental property up to that day)?
Under Texas law, the seller owns the property on the day of closing and is responsible for expenses and/or may collect rents.
The seller owes $2,400 in taxes for the current year. With a May 28 closing date and using a calendar year, the seller will be debited how much? (Assume it isNOTa leap year.)
The seller wants to net $65,000 from the sale of his house after paying the broker’s fee of 6%. His gross sales price will be
The seller offers to take back a second mortgage of $25,000 at a simple interest rate of 4.5%. The loan is amortized over 10 years. How much is the buyer paying on the second?
$217.70 per month
In 2016, taxes on Don Mark’s home were paid in full and amounted to $1,468. He sold the home to Chuck Harris and closed the sale on August 29, 2017. What was the prorated tax amount, using a statutory year and prorating through the day of closing?
How much interest will the seller owe the buyer for a closing date of August 10 if the outstanding loan balance is $43,580? The interest rate on this assumable loan is 10.5% , and the last payment was paid on August 1. Prorations are to be done through the day of closing, using a statutory year.