David Saks: Real Estate Practice : Lesson 3885

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3885

math

Mr. Schmalz is going to exchange his home for a farm in Missouri owned by Mr. Lubinsky.

Mr. Schmalz agrees to allow Mr. Lubinsky, the owner of the 240 acre farm, $600 an acre against the cost of Mr. Schmalz's home, which is listed for $235,000.

How much cash difference will Mr. Lubinsky owe Mr. Schmalz at closing ?

The answer is below the wildlife photo. Take your time and try not to peek.

wildlife

A. $91,000

Let's find out the cost of the farm by multiply the number of acres, 240, times the cost per acre, 600, and we find that the total cost of the farm is $144,000.

If the price of the home is $235,000, subtract $144,000 from the listing price and we have a balance of $91,000 due.




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • December 29 2014 01:58AM

Comments

Thank you for the practise lesson. Have a good 2015. Happy New Year.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 5 years ago

Thank you, Gita. A very Happy New Year to you.

Posted by David Saks ((retired)) almost 5 years ago

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