Common formulas: rectangles (Length x Width), triangles (1/2 x Base x Height), circles (pi x Radius²). For irregular shapes, divide into regular shapes and add them up. Land conversions are frequently tested: 1 acre = 43,560 sq ft, 1 section = 640 acres = 1 square mile, 1 township = 36 sections.
A rectangular lot measures 150 feet by 200 feet. Area = 150 x 200 = 30,000 square feet. To convert to acres: 30,000 / 43,560 = 0.689 acres. If land sells for $5/sq ft, lot value = 30,000 x $5 = $150,000.
Memorize that 1 acre = 43,560 square feet and 1 section = 640 acres. For irregular lots, practice breaking them into rectangles and triangles. Always double-check your units—don't mix feet and inches or square feet and acres in the same calculation.
Related Terms
Related Concepts
The capitalization rate (Cap Rate) is the rate of return on a real estate investment based on its expected income.
In real estate, property value can be estimated by dividing the Net Operating Income (NOI) by the Capitalization Rate (Cap Rate).
Converting a percentage to a decimal involves dividing the percentage value by 100.
Monthly interest is the portion of the total annual interest that is paid or accrued each month.
Annual interest is the total amount of interest charged on a loan or investment over a year.
Frequently Asked Questions
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