New agents often find that the single part of the certification process that intimidates them the most is not actually remembering the laws, but the math. There are some basic math skills you will need to master in order to become a real estate agent. Some you might remember from school, while others are unique to the world of real estate. Let's look at a few math concepts to help you succeed.
When you work with percentages, you often get numbers that go well past the cents range. It's necessary in those instances to round your numbers. This only has two rules - anything less than 5, you round down. Anything greater than 5, you round up. So, if you are looking at $13,245.9875 and you need to round to the nearest cents, you would round to.99 (since 7 is greater than 5).
Percentages are also expressed two ways - 63% or .63 are both the same figure. It's easier for our minds to understand the first when we are speaking, but when doing the math, it's much better to use the decimal point, unless your calculator has a % button, which many stand-alone models do. You'll need to know this for computing interest for your buyers, and for knowing how much commission you stand to make.
Percentages are also used in calculating loan to value ratios. Let's say your buyer has $30,000 for a down payment, and she is looking at a home worth $200,000. She will need to finance $170,000. The loan amount divided by the home price means the LTV is .85, or 85%.
To compute how much land someone is interested in, you may need to break fractions into decimals. Case in point - Mr. Jones wants to buy 1 ¾ acres of land. 3 divided by 4 is.75, thus making the land Mr. Jones wants 1.75 acres.
You may want to keep in mind how to compute square footage and square mileage. A square foot is a block of land that is one foot on each side. This means that a square yard (3 feet on each side), is 9 square feet. A mile is 5,280 feet long, so a square mile is a huge 27,878,400 feet. When dealing with larger properties, it may be simpler to remember things in acres. An acre is 43,560 square feet. A square mile is then 640 acres.
Prorating is another potentially confusing computation. You need to figure out the full term in days, then divide that into what your amount is per year or month to get a daily total. Then multiply that by the days in the month that you do need to pay for, and you should have your prorated amount. Here's an example. Let's say your client needs to pay HOA fees of $90 a month, and he is moving into a house on the 17th. Banking calendars use 30 days ทาวน์เฮ้าส์มือสอง ราคาถูก for each month so it is a nice average. This means your client's HOA fees are $3 a day. The 17th - 30th is 16 days, so the first month's fees will be $48.
Some real estate online courses will help provide you with formulas you can download and access when you need them to help make sure that you compute your figures correctly. You still need to know the process first, however, before you download them, so you will know how to use the formulas properly.
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