Which of the following BEST defines real property?
Correct Answer
B) Land, the area below and above the sur-
Real property includes land, the area below and above the surface, and all things permanently attached.
Why This Is the Correct Answer
More Real Estate Math Questions
Find the annual GRM for a 4-unit building in Detroit Michigan with an asking price of $300,000 and gross annual rents of $25,000.
A property has annual property taxes of $3,600. The seller paid taxes through December 31, but the sale closes on October 1. How much does the seller owe the buyer as a proration?
A county charges $40 to record the first page of a deed and $7 for each additional page. If a deed is 3 pages long, what is the recording fee?
The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
A property sells for $350,000 in Florida. The documentary stamp tax on the deed is:
- → What is the interest rate on a $200,000 loan requiring an annual interest payment of $8,000?
- → A rectangular lot measures 105 feet by 110 feet. What is the lot area in square feet?
- → A property's value is $150,000 today. What was the original cost if it lost 25% of value over ten years?
- → Jane learns that a lakefront property sold for $700,000 with 400 feet of lake frontage. About how much per front foot?
- → A property is assessed at $250,000. The tax rate is $2.50 per $100. What is the annual tax?
- → A triangular lot has a base of 200 feet and a height of 150 feet. What is the area of the lot?
- → A property sells for $325,000. If the commission is 6%, split equally between listing and selling brokers, what does each broker receive?
- → A property's value is $91,000 today. What was the original cost if it lost 35% of value over five years?
- → A buyer takes a $250,000 mortgage in Florida. What is the intangible tax?
- → A home you listed sells for $400,000. Your broker receives 6% and you receive 45% of their check. How much do you receive?