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Review Questions Measurements & Metric Conversion

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Measurements & Metric Conversion

1.
Mr. Jones purchased a new house for the original listed price of $120,000 plus various upgrades. As a result of the upgrades, the original list price represented only 94% of the final selling price. What was the final selling price (round to the nearest dollar)?

$120,000 ÷ 94 x 100 = $127,660
2

Salesperson Garcia of ABC Realty Inc. is calculating commission based on a 6% rate and a sale price of $129,000. Her portion will be 50% of that amount. What is Garcia's commission (round to the nearest dollar)?

$129,000 x .06 = 7,740 (total commission) x .50 = $3,870

3.
Broker/Owner Brown's real estate brokerage completed 240 transactions last year of which Salesperson Martin was involved in 32. What percentage involvement does that represent (round to two decimal points)?

32 ÷ 240 = .133333 x 100 = 13.33%

Salesperson Garcia sold a property for $187,000. The commission was 5.5% plus 6% GST. Calculate the GST.

$187,000 x .055 = 10,285 (total commission) x .06 = $617.10

Buyer Jones' estimated monthly mortgage payment is $1,796.55 including taxes. To qualify for this mortgage, the lender allows a maximum of 30% of Jones' monthly income applied to the mortgage payments and taxes.
What minimum income per month must Jones have in order to qualify?

$1,796.55 ÷ .30 = $5,988.50

Builder Anderson is debating the purchase of a one acre parcel of land (43,560 square feet), which according to municipal officials can be severed into three equal parcels following a 10% allocation for a pedestrian footpath required by the city. What will be the square footage for each parcel?

43,560 - (43,560 x .10) = 39,204 ÷ 3 = 13,068

If 25% of the 1,300 homes in Westville have 4 bedrooms and 63% have 3 bedrooms, what number of homes have 3 and 4 bedrooms respectively?

325 homes have 4 bedrooms (1300 x .25 = 325)
819 homes have 3 bedrooms (1300 x .63 = 819)

A house has an a__essed value of $94,000 but this figure represents only 80% of its current market value. What is the current market value?

$94,000 ÷ .80 = 117,500

Seller Smith sold his property for $199,500. The original listing price was $209,900. What percentage does the selling price represent in relation to the original listing price (sale to list price ratio)?

$199,500 ÷ 209,900 = .9504525 x 100 = 95.05%

10.

Salesperson Garcia is preparing for a listing presentation and is comparing two recent sales. House A, listed at $149,900, sold for $10,000 less. House B, listed at $241,000 sold for $229,900.
Which house had the smaller selling to listing price percentage difference?

House A: ($149,900 - 10,000) ÷ 149,900 = .9332888 x 100 = 93%
House B: $229,900 ÷ 241,000 = .9539419 x 100 = 95%
Therefore, the answer is House B.

11.

The commission on a recent transaction was $7,876 and the commission rate was 4.5%. Based on this information, what was the selling price of the house?

$7,876 ÷ .045 = $175,022.22

12.

A lot was listed for $125,000 and sold for 94.5% of the listing price. What was the sale price?

$125,000 x .945 (94.5%) = $118,125

13.

Investor Thompson is considering office premises for his new company. The current rent per square foot per year is $8.75. Last year, the same premises rented at $8.55. The landlord has informed Thompson of next year's rent, being $9.05.
What are the respective percentage increases from last year to this year, and from this year to next (rounded to two decimal points)?
How much rent will be paid next year if Thompson leases this 3,500 square foot office premises?

Last Year to This Year: $8.75 - 8.55 = .20 ÷ 8.55 x 100 = 2.339%
This Year to Next Year: $9.05 - 8.75 = .30 ÷ 8.75 x 100 = 3.429%
Total Rent Next Year: 3,500 x $9.05 = $31,675