Real Estate MathQuestion 109 of 120
Annual property taxes are $3,600. Using a 360-day year, what is the daily proration amount?
a.$10.00
b.$100.00
c.$1.00
d.$30.00
Explanation
Using a 360-day year, divide annual taxes by 360: $3,600 / 360 = $10.00 per day. Prorations allocate expenses like taxes between buyer and seller at closing. Many closings use a 360-day (banker's) year for simplicity.
Practice all 120 questions free — no signup required.
Related questions on this topic
- A property sells for $250,000 with a 6 percent commission. If the listing and selling brokerages split the commission equally, how much does each brokerage receive?
- A buyer makes a 20 percent down payment on a $350,000 home. How much is the down payment?
- A lender requires a loan-to-value (LTV) ratio of 80 percent on a home appraised at $300,000. What is the maximum loan amount?
- A parcel of land measures 200 feet by 300 feet. What is its area in square feet?
- One acre equals 43,560 square feet. How many acres is a lot containing 87,120 square feet?
- A home's value increased from $200,000 to $250,000. What is the percentage of increase?
Last reviewed: · editorial process
PrepPass Editorial Team · Verified against Florida Real Estate Sales Associate Licensing Exam · How we review