Practice test

Real Estate Practice Exam 8

Real Estate practice exam 8, Intermediate tier: 25 questions on mill-rate taxes, leaseholds, net-to-seller math, and closings, with explanations.

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Question 1

1

A homeowner's property is assessed at $240,000 and the local tax rate is 25 mills. The annual property tax is:

Question 2

2

A property has a market value of $400,000 and an assessment ratio of 80%. With a tax rate of $20 per $1,000, the annual tax is:

Question 3

3

A buyer and seller sign a contract, but the buyer's lender requires a repair the seller refuses to make, and no contingency covers it. If the buyer walks away, the buyer most likely:

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