Real Estate Math Practice with MLS Campus Math Cram Course for NY Brokers
People either love or hate math! Real Estate Math can be more challenging for some students than others. That is why, at MLS CAMPUS, we have designed a Real Estate Math Cram Course to help you pass your real estate license exam with ease. We also provide a NY Broker Exam Prep Master to help you ace your broker license exam.
You can’t ignore math in your day-to-day activities as a real estate broker, but you can conquer it! You will come across math in your daily activities as a broker, and most of it will be very simple. It is just a matter of practice. You will be accustomed to adding, subtracting, multiplying and dividing figures, as well as calculating the most frequently used real estate formulas each time you write a contract or prepare a CMA for a client.
As a broker, you must also know how to calculate your commission as well as your agents!
When working as a broker, you will be responsible for splitting the commission with your agents. These agents may include listing agents, their brokers, the buyer’s agent, and their broker.
Your Real Estate Math Problems Solved!
Our Math Cram Course for Broker contains hundreds of real estate math problems solved. With such an extensive bank of real estate exam math questions and answers, you can be sure you will be fully prepared for your real estate broker exam. Our Math Cram Course covers all the real estate exam math formulas you may encounter on your state exam, making our course one of the best online real estate math practice courses. To help you further with your studies, we have included a free math cheat sheet!
What is Included in the Math Cram Course for Broker?
Our real estate math cram course provides you with current real estate math practice questions and answers, unlimited attempts at real estate math practice tests and a free math cheat sheet that you can print out. With MLS Campus Math Cram Course for Brokers, you will get;
- Unlimited real estate math practice tests from a bank of hundreds of real estate math questions and answers
- Thorough practice of real estate exam math formulas
- Free real estate math cheat sheet pdf.
- Access to your own interactive online learning portal from any device for 6 months (extensions are available)
- Licensed Instructor Support 7 days a week
- Technical Support 7 Days a week from our friendly support team
- Study in your own time, at your own pace, from any location.
How Hard Is the Math on the Real Estate Exam?
An essential part of your real estate exam will cover real estate math. It is also important that you become comfortable and understand real estate math formulas and solve real estate math problems to achieve a successful career in real estate. The ability to solve real estate math problems and formulas will help you stand out in the real estate market, make you a better broker, and make it far easier to pass your NY broker real estate exam. For more information on the examination process, scoring process and exam site policies, please follow the link to the NYDOS website. https://dos.ny.gov/real-estate-broker
Is There a Lot of Math in Real Estate?
Even though you may not use real estate math each day while working as a real estate broker, you must provide the best advice to your clients, agents, and other customers. You will need to know how to find the annual GRM, how many square feet are in an acre, and more.
How Is Math Used in Real Estate?
When working as a real estate broker, you should have a thorough understanding of real estate math so that you are fully prepared to assist your customers, clients and agents when problems arise. You should know the following math concepts;
How to Solve Problems with Real Estate Math Formulas: You can solve many real estate math problems by knowing the most frequently used real estate math formulas. These include the Commission Formula, the Loan to Value Ratio (LTV), the Gross Rent Multiplier (GRM) Formula, the Simple Interest Formula, and more.
How to Calculate Decimals, Percentages and Fractions: Understanding how to solve percentage problems will help you when it comes to calculating your commission and your agent’s commission, percentage profit, mortgage interest, tax liability and much more.
How to Convert Measurements: You must understand how to convert measurements. This will help you when preparing BPO’s, CMA’s and commercial leasing agreements.
What Are the Most Frequently Used Real Estate Math Formulas?
It is equally important that you learn your definitions and understand the most frequently used real estate math formulas. As with any topic of study, the more you practice, the easier it will become. Here are some examples of the most frequently used real estate math formulas;
Commission = (house selling price) x (commission percentage)
Gross Rent Multiplier Formulas
Gross Rent Multiplier = (property price) / (gross rental income)
Annual Gross Rental Income = (monthly rental income) x (12)
Property Tax Formulas
Property Tax Rate = (assessed value) x (mill rate)
Assessed Value = (assessment rate) x (market value)
1 mill = equal to 1/1,000th of a dollar or $1 in property tax.
Converting Measurements Formulas
1 Acre = 43560 square feet
Area (ft2) = (length ft) x (width ft)
Perimeter = (side) + (side) + (side) + (side)
28/36 Rule or “The Mortgage Rule of Thumb.” Formula
Housing costs to qualify for the majority of mortgage loans= (gross monthly or annual income) x (.28 or .36)
Discount Points Formulas
Discount Points = Prepaid Interest
Break Even Point = (points cost) / (monthly payment savings)
Simple Interest Formula
Interest = (principal amount) x (rate of interest) (time)
Real estate math does not need to be difficult. There are only a few concepts that you need to master, and the more time you dedicate to study and practice real estate math problems and concepts, the easier you will find your broker license exam and the more success you will have throughout your career.