Alabama Real Estate Exam Math Review 2015 Steve McTyeire, MBA Alabama Real Estate Instructor Broker...

Alabama Real Estate Exam

Math Review2015

Steve McTyeire, MBAAlabama Real Estate Instructor

Broker in Alabama, Florida, Georgia

[email protected]

mailto:[email protected]

Pre-License Math Review

13 questions on state test13% of general knowledge questions

Will be difficult to pass testwithout knowing some math

Real Estate math can be made simple

7. Real Estate CalculationsA. Compensation, Commission, and FeesB. Valuation / Market Sale Price and YieldsC. Net to Seller, Cost to Buyer (Credits & Debits)D. Tax and Other ProrationsE. AmortizationF. PointsG. Prepayment PenaltiesH. Loan-to-Value RatiosI. Measurements (Square Footage, Acreage, Volume)J. Property Management / Investment (Rate of Return)

7 A. Compensation, Commission, and Fees

• Compensation may be a % of sale price, hourly rate, flat fee or any agreed method

• Never set commissions between competitors– No “going” or “standard rate”– Violation of Anti-Trust Laws

• % of sales price (commission) is most common• Normally split between Listing and Selling Brokers

– Usually equally split, but not required• Brokers split with Agents

– Office % will vary, and other fees may apply


ABC Realty listed a property that was sold by

XYZ Brokers for $100,000 with a 10% commission

Each Brokerage received a 50% split

What was the total commission paid?

How much did each brokerage receive?

What did the listing agent at ABC Realty net?


What was the total commission paid on $100,000?

Calculator: ClearEnter 100000Press X (times) keyEnter .10Press =Answer is 10,000 = Total commission paid on sale


What was the total commission paid to each Brokerage?

Press X Enter .50Press =Answer is 5,000 to each brokerage

7 A. Compensation, Commission, and FeesWhat is the net commission paid to listing agent from the $5,000?

ABC Realty pays a 6% national franchise fee off gross company dollar Listing agent gets 70% of balance

Display 5000Press X keyEnter 0 .94 (this is 100% of commission – 6% franchise fee)Press =Answer is 4700 to ABC; with 300 going to national franchise, not to brokeragePress X keyEnter .7 (agents percentage) 70/30 splitPress =Answer is 3290 net commission to agent; 1410 is retained by brokerage

No federal, social security or state taxes are withheld by brokerage for IC

100,000 X 0.10 X 0.50 X 0.94 X 0.70 = 3290Sales Price X Commission X Broker Split X National X Agent = Agent Check


Results

Base Rate: :

X

7 A. Compensation, Commission, and Fees T formula is used to solve most real estate calculations

DivideTop Number by Bottom Number

DivideTop Number by Bottom Number

Multiply Bottom Numbers

When top number is known,Enter it first in calculator

Results

Base Rate: :

X

7 A. Compensation, Commission, and Fees Commission on above example is 10% on $100,000 sale

100,000 0.10 (10.%)

Always change percentage to decimal

Big number will be on bottom

10,000Small number will be on top

To convert % to decimal, move point two places left 10. % Becomes 0.10 decimal

Results

Base Rate: :

X


What is the commission % rate on this sale?

100000 ???



10000Small number will be on top

Results

Base Rate: :

X

7 A. Compensation, Commission, and Fees How is the commission split between Brokers

10000 0.5 (50.%)



????Small number will be on top

To convert % to decimal, move point two places left 10. % Becomes

0.10 Decimal

Results

Base Rate: :

X

7 A. Compensation, Commission, and Fees How is the commission split between Brokers

10000 0.5 (50.%)



5000Small number will be on top

To convert % to decimal, move point two places left 10. % Becomes 0.10 decimal

Results

Base Rate: :

X5000 X 0.94After National Franchise fee

0.70Agent % split

????Agent Check amount


Results

Base Rate: :

X5000 X 0.94After National Franchise fee

0.70Agent % split

3,290Agent Check amount


• Other Agent Fees May Apply• Brokerage fees vary, but may include:

– Transaction fee– National advertising fee– Other Office Fees: Desk, Phone, Computer– E&O Insurance– MLS Dues (Multiple Listing Service)– Board of REALTOR© Dues– Other Trade Groups (NARPM) (CCIM)– Training


• Some agents have licensed assistants– Allowing them to be more efficient and productive

• Licensed assistants can perform any activities that require a real estate license (BARN SALE)

• Compensation can be anything agreed on• Doesn’t have to be a percentage, may be

– Fee to hold an open house– Fee to show properties– Fee, plus a percentage– Hourly rate to do anything needed

• Only Broker can pay assistants


Results

Base Rate: :

X

7 A. Compensation, Commission, and FeesNot many questions will be softballs that you can figure in your head.

What is the sale price if the commission is 18,563, with a commission rate of 3.7%

???? 0.037 (3.7%)




Results

Base Rate: :

X


What is the sale price if the commission is 18563, with a commission rate of 3.7%

501,702.70 0.037




(3.7%)

Results

Base Rate: :

X

7 A. Compensation, Commission, and FeesIf you have two of the numbers, you can work the problem every time

What is the commission on a sales price of 765,432 with a commission rate of 4.15%

765,432 0.0415



????Small number will be on top

(4.15%)

Results

Base Rate: :

X

7 A. Compensation, Commission, and FeesIf you have two of the numbers, you can work the problem every time

What was the commission on a sales price of 765,432 with a commission rate of 4.15%

765,432 0.0415




(4.15%)

Results

Base Rate: :

X


Seller said to add your 5% commission to the 100,000 he needs to net from the sale

What is listing price?

????

Seller will net 95% of proceeds

100,000

100% - 5% Commission

0.95

This is not a “net listing”“net listing” is where seller tells you to keep anything above a given price

Results

Base Rate: :

X


Seller said to add your 5% commission to the 100000 he needs to net from the sale

What is listing price?

105,263

Needed to net 100,000


100,000


0.95

Can’t just add 5% to sales price and get 105,000Multiplying the 5% commission times 105,000 will net seller only 99,750

Results

Base Rate: :

X


Oh No, buyer needs closing cost of $5,000 added to price Seller said to add your 5% commission to the 100000 he needs to net from the sale

?????Needed to net 100,000 Seller will net 95%

of proceeds

100000 net needed by seller+ 5000 buyer’s closing cost = 105,000


0.95

Results

Base Rate: :

X

7 A. Compensation, Commission, and FeesOh No, buyer needs closing cost of $5,000 added to price

Seller said to add your 5% commission to the 100000 he needs to net from the sale

110,526

Needed to net 100,000


100000 + 5000 = 105,000


0.95

Oh Yea,You get paid commission on buyer’s closing cost

This section is about how to value properties

Market Sale Price is based on what has sold to determine a price for the subject property

Cost Approach is based on what it would cost to build another similar property

Capitalization Rate is based on what an investor will pay for a cash flow

7B. Valuation / Market Sale Price and Yields

Principle of Substitution

3 bedroom 2 bath homes of about same sq. ft. in the same neighborhood of the same type, age, condition, and other things being equal, will sell for about the same price


Market Value = perceived value ( Listing Price)Price = what the check was written forCost = what it would take to build another one

These three numbers will normally be equal only in new construction


• Market Value is a price an agent will advise the seller or buyer on, based on research of what has sold recently for similar properties.

• CMA (Comparative Market Analysis)

• Appraisers will use much of the same information, but in more detail to give their estimate of value



Agent’s CMA

Appraiser’s CMAMore Details

• Cost Approach is used to value special buildings like schools, churches, libraries, or any other type that is not normally sold or used as an investment– Most difficult method of evaluation

• What would it cost to rebuild a similar structure ???– Using current building methods is replacement – Building exactly like it was originally build is reproduction

• Deduct the wear and tear (depreciation) ???– This is actual depreciation; different from accounting depreciation

• Add the value of the land ???– Land does not depreciate

• = Estimate of Value ???


• Cost of materials– Easiest method is cost per square foot

• New construction is about $80 Sq. ft.• Estimate physical depreciation

– Curable (deferred maintenance)– Incurable (major foundation issues)

• Obsolescence– Functional (5 bedroom, 1 bath)– External (landfill next door)



• Once an appraiser has gathered the information for:• Sales Comparison (CMA) Comparative Market Analysis• Cost Analysis• Income Approach

• Each will be given a weight value based on its importance • A single family home will have a very high weight on • CMA 85%• Cost analysis 10%• Income 5%

• These weighted averages are called the reconciliation, and a value for the property will be the appraiser’s opinion of value

Market has appreciated 5% each year for past 7 years

Home was purchased for $88,888 7 years ago

What is its estimated market value today?

Ignore compounding


Results

Base Rate: :

X


Results

Base Rate: :

X


100% + (5 X 7) = 135%

1.35

When this number is >1The big number will be on top

+ Appreciate- Depreciate

Big Number

Small Number

Results

Base Rate: :

X


100% + (5 X 7) = 135%

1.3588,888

119,999

When this number is >1The big number will be on top

Results

Base Rate: :

X$119,999

$88,888

If the numbers are in the wrong place, you will know it

74%


You will get this wrong number as one of the multiple choice answers

• The market has depreciated 5% each year for the past 7 years

• A home just sold for 157,382

• What was its estimated purchase price 7 years ago?


Results

Base Rate: :

X


100% - ( 5% X 7)

0.65

157,382

242,126

Results

Base Rate: :

X


• Gross Rent Multiplier (GRM) to get market value• Rent Price times a multiplier is determined by:• Other properties worth about $100,000 rent for $1,000 a

month in this area• GRM is 100

• A home rents for $850• What is its market value based on GRM?• $85,000


7. C Net to Seller, Cost to Buyer (Credits & Debits)+ Credit is money added +

- Debit is money subtracted -Seller Credit

Seller Debit

BuyerCredit

BuyerDebit

Purchase Price100,000 100,000 100,000

Loan 90,000 90,000

Tax Proration pre-paid 1,000 1,000 1,000

Earnest Money 1,000

Attorney FeeSplit 600 300 300

Commission 5,500Loan Cost 2,000 2,000Cash Totals 95,200

Cash to Seller 12,300Cash from Buyer

7. C Net to Seller, Cost to Buyer (Credits & Debits)

HUD Form

7. C Net to Seller, Cost to Buyer (Credits & Debits)

Required Net Sheet

Agent’s best estimate for cost of sale

• Property Tax is paid a year in advance

• When a parcel sells in middle of tax year, seller will have already paid tax

• Half year will be prorated as a: • Credit to seller, and a Debit to buyer

• Any other Prorations will work same– Pay for what is used, based on closing date– Question may give number of days and month closed

7. D Tax and Other Prorations

• Taxes are computed on the assessed value (AV)– This is not appraised value, but may be close

• Different classes of property have different rates RCA• Property is taxed at a percent of assessed value (AV)• Homesteaded homes are taxed at 10% of AV• A $100,000 AV, homesteaded home will be taxed @$10,000• A millage rate is applied to the AV

– based on government services such as schools, police, fire, libraries • 10 mils is $100 tax per $1000 of AV• $10,000 AV gets a tax bill of $1,000 @ 10 mils• Non homesteaded homes are taxed at 20 % of AV• A non-homesteaded one will have a tax bill of $2,000 @ 10 mils• Prorated on date of closing


• Capital Gains Tax is paid on gain in value less expenses of sale upon sale of an investment property held for over one year at a rate of 15%

• If held under a year, is taxed at ordinary income tax rates

• Different rules apply to owner occupied homes

• Always remember you are not allowed to give tax or legal advise


Rental home was bought for 100,000 in 2005Cost to acquire property $5,000Cost to sell property $5,000

Property sold for $140,000 this year (2013) 140,000 Sale price - 10,000 Cost to buy and sell-100,000 Original Cost 30,000 Profit X .15 = $4,500 CG tax due


Do not give tax or legal advice

Interest is paid in arrears (past)Loan closes in middle of January

First payment will be due March 1st

This will include the interest for February

Interest for January is prorated for half monthThis will be paid at closing


Calculator to compute monthly payment

7. E Amortization

4th 1st 2nd 3rd

Key N I/Y PV PMT

# of Months

Interest / Year

Present Value Loan

Enter 360 12 100000

CPT 1029

7. E Amortization

Beginning Balance360 months @ 12%

100,000.00 X 12% / 12 months= 1,000.00

Payment 1,029.001st Month’s Interest 1,000.00Apply to Principal 29.00Loan Balance after 1st Payment

99,971.00 X 12% / 12 months= 999.67

Payment 1,029.002nd Month’s Interest 999.67Apply to Principal 29.33Loan Balance after 2nd Payment

99,941.67

Total Payments 360 X 1029 = 370,440 – 100,000 loan = 270,440 Interest Paid

What is loan balance after 2nd Payment?

• Buyer’s income = $4,000 month

• Qualifications are:• Ratios are .28 income, front end 4,000 X .28 = $1,120 (allowed loan payment) .36 total debt, back end 4,000 X .36 = $1,440 (total debt allowed)

Total debt allowed $1,440 – loan payment $1,120 = $320 in other debt payments

– Car– Credit Cards– Other Loans

• How much house payment is allowed for $4,000 monthly income?• 4000 X .28 = 1,120

• How much loan is possible at 6% interest• Interest factor of 6

• 1,120 / 6 = $186,666

7. E Points

Point = 1% (0.01) of LOAN amount, not Purchase Price1 Point on $100,000 loan = $1,0001 Point increases lender’s yield by 1/8 of 1%

Paying points may be used to buy-down interest ratesCommon among builders to buy-down the rate, but remember there are no free lunches

The points the builder is paying are added to the price

7. E PointsBuyers can qualify for a bigger loan if the interest rate is lower

Lenders will use points to cover closing cost if needed, but they turn it around and add 1/8 % to the loan interest rate for every 1% of the purchase price need to cover these cost

7. E Points• $100,000 loan that needs $4,000 in closing cost will need • 4 points to cover these cost

• Lender can add the $4000 into the financing charges• 4 points will add ½% to the loan ( 1/8 X 4 )• If the interest rate is 5% they will make the loan at 5 ½%

• Payment on a 100,000 loan at 5% for 30 years is $536• Payment on a 100,000 loan at 5 ½% 30 years is $567

• Buyer may be willing to pay $31 more per month to get the loan• Long term it will cost way more to do this 31 X 360 = 11,160

• Another place where points are added is to an FHA loan for mortgage insurance

• Advertised APR (annual percentage rate) will have ½% added to it. Half of one percent

7. E Points

Results

Base Rate: :

X

7. G Prepayment PenaltyPrepayment penalty works like points3% prepayment penalty is based on the loan amount for paying off the loan before a certain time, usually about 7 years

100,000 0.03

3,000

Prepayment Penalties are not allowed on FHA, VA or Conforming Loans

Results

Base Rate: :

X

7. G Prepayment PenaltyTest question will be something like:The prepayment penalty is $4,321 on a $216,050 loanThe penalty is how many points?

216,050 ????

4,321


Results

Base Rate: :

X

7. G Prepayment PenaltyTest question will be something like:The prepayment penalty is $4,321 on a $216,050 loanThe penalty is how many points?

216,050 0.02

4,321


7. H Loan-to Value Ratios

• 80% (LTV) Loan to Value • Lender will loan 80% of the Purchase Price (LTV)

– If appraisal is equal to purchase price or higher

• FHA is 96.5% LTV• VA is 100% LTV

VA appraisal is called a Certificate of Reasonable Value

• Conventional is usually 80% LTV, above this amount requires– (PMI) Private Mortgage Insurance

• If the borrower’s credit is really good they can get a second mortgage for part of the 20% down to avoid the PMI on the 80%

• Seller may hold part of the down payment as a second mortgage– This is called a purchase money mortgage

Results

Base Rate: :

X

7. H Loan-to Value Ratios80% (LTV) Loan to Value on a $100,000 Purchase Price =

100,000Purchase Price

80% LTV0.80

80,000Loan

Results

Base Rate: :

X

7. H Loan-to Value RatiosWhat is the Purchase Price if the loan is 176,000 @ 96.5% LTV?

????? 96.5% LTV0.965

176,000

Results

Base Rate: :

X

7. H Loan-to Value RatiosWhat is the Purchase Price if the loan is 176,000 @ 96.5% LTV?

182,383 96.5% LTV0.965

176,000

• Real estate measurements are many times in:• Square Feet =

– Width in feet X Depth in feet• Volume

– For volume multiply the square footage by height

7.I Measurements (square footage, acreage, volume)

An acre is 43, 560 square feet (sq. ft.) (7),(11) store clerk will knowVisualize by comparing it to a:Football field is 45, 000 square feet

A mile is 5,280 feet Oak Mountain is 5 miles down highway 280A section is 1 mile X 1 mile

How may feet of fence will it take to go around a section?


4+3 5+6

Lot size 450’ X 484’= 217,800 sq. ft.

Structure size 60 feet X 40 feet= 2,400 square feet

450 feet across – Front Foot

484 feet deep

40 feet

Spot’s House

Lot 1 , Block 1, Brown Acres

60 feet

Easy street


Calculating lot sizeLot is 450’ x 484’ = 217,800 square feet (sq. ft.)First # is front foot (street)

Land in this area sells for about $30,000 per acreWhat is the market value of this lot?

You will need to know how many sq. ft. in an acreRemember to stop at the 7/11 store and ask the clerk

217,800 / 43,560 = 5 acres x $30,000 = $150,000

What is property’s market value?


What is value of house?

Spot’s house is 60’ x 40’ = 2400 square feet

Only heated and cooled area above ground is included in living area

Comparable homes sell for about $120 per square foot plus land cost

2400 square feet X $120 per sq. ft. = $288,000

General rule is a lot is about 20% , home is about 80%


What is the market value for this house and land?2400 x $120 = $288,000 house + $150,000 land = $438,000 total value

Market Value, Price, and Cost are not necessarily related • Except in new construction

– Principle of substitution• Can you get another one like it for less?

– Principle of conformity• Most homes in an area will be similar


Results

Base Rate: :

X

Commission was $3,000Property sold for $100,000

What was Rate?

$3,000

Results

Base Rate: :

X$100,000 0.03

Results

Base Rate: :

X

Commission was $8,000Rate was 8%What was price of property?

$8,000Results

Base Rate: :

X .08$100,000

Results

Base Rate: :

X

Seller wants $100,000 netSeller said add commission to priceCommission is 10%

What is selling price?

$100,000

Results

Base Rate: :

X 100% - 10% = .90$111,111

Test question will give you the option answer wrong if you add the 10%

A. 90,909B. 100,000C. 110,000D. 111,111

Number answers will be numerically listed

Results

Base Rate: :

X

Discount Points2 points = 2% of prepaid interest

Paid $4,000 in discount pointsHow much is loan?

$4,000Results

Base Rate: :

X .02$200,000

Results

Base Rate: :

X

Seller made $25,000 profit on $100,000 sale

What is profit %

25,000

Results

Base Rate: :

X100,000 – 25,000 .33 or 33%

Results

Base Rate: :

X

Investor expects a 10% ROI (return on investment)Monthly net income is $1,000

What will investor pay for property?

$1,000 X 12Results

Base Rate: :

X .10$120,000

Results

Base Rate: :

X

What did an investor pay if they made 10% when they sold the home for $100,000

$100,000

Results

Base Rate: :

X 100% + 10% = 1.10$90,909

Results

Base Rate: :

X

The value of a house is $91,000 today.What was the original cost if it has depreciated 5% per year for the past seven years?

$91,000

Results

Base Rate: :

X 100% - (5% X 7) = 0.65$140,000

Results

Base Rate: :

X

If a home is worth $91,000 today and has appreciated 5% for the past 7 years, what was the original price?

Results

Base Rate: :

X

$91,000

100% + (5% X 7) = 1.35$67,407

Results

Base Rate: :

X

What did the owner originally pay for their home if they sold it for $98,672, which gave them a 12% profit over the original cost?

$98,672

Results

Base Rate: :

X100% + 12% = 1.12$88,100

Results

Base Rate: :

X

If you get a 90% loan-to-value on a $88,500 house, how much more money must you put down after your $4,500 earnest money?

Test will give you the opportunity to not read the last part of question8850 will be one of the answers

$8,850

Results

Base Rate: :

X$88,500 .10

$8,850 - $4,500 (Earnest Money) = $4,350 Additional down

Results

Base Rate: :

X

What did the owner originally pay for their home if they sold it for $98,672, which gave them a 12% profit over the original cost after paying $5,000 of buyer’s closing cost?

A. 83,635B. 93,672C. 98,500D. 106,445

$98,672 - 5,000 = 93,672

Results

Base Rate: :

X100% + 12% = 1.12$83,635

Results

Base Rate: :

X

$5000 commission was paid on a $100,000 saleWhat was the rate?

Results

Base Rate: :

X

$5,000

$100,000 0.05

Results

Base Rate: :

X

Seller received $100,000, after paying $5,000 buyer’s closing cost and 5% commission.What was selling price?

Results

Base Rate: :

X

$100,000 + $5,000 = $105,000

100 – 5% = 0.95$110,526

Results

Base Rate: :

X

300 is 3% of what number?

Results

Base Rate: :

X

300

0.0310,000

7 J. Property Management / Investment (ROI)

• Property Management is about helping an owner maximize the return on investment (ROI)

• Beside the cash flow from rent, there are other sources– Pet fees– Late feesOther expenses we have not addressed are

MaintenanceProperty TaxesInsurance

We will ignore these other incomes and expenses

Date Cash In Reason Cash Out Reason Balance1/20/20xx 900.00 Deposit 123 Main 900.00

100.00 Pet deposit 1000.00

4/1/20xx 900.00 Forfited deposit 123 Main 100.00100.00 damage from pet 123 Main 0.00

Rental Security Deposits


Results

Base Rate: :

X

The same formula we have been using works with property management

Income

Investment Return on InvestmentROI


Results

Base Rate: :

X

What is a 15% ROI on a $1,000,000 investment?

Results

Base Rate: :

X

$150,000

$1,000,000 0.15

Results

Base Rate: :

X

Monthly rent is $15,000Investor wants a 12% ROIWhat will investor pay?

Results

Base Rate: :

X

$15,000 X 12 months = $180,000

0.12$1,500,000

This is the most an investor will pay and get a 12% ROI


Investment Property will sell based on Capitalization Rate = Cap rate = Return on investment = ROI (Yield)

Investors may demand a 12% Return on this type property It could be 15% or any number

You may not get the net income, but be “given” the numbers to calculate itThe way to calculate net income is GIVEN

GI 100,000 Gross Income: 100 apartments renting for $1000 per monthV - 5,000 Vacancy is 5% (of Gross Income) E - 30,000 Expenses are 30% (of Gross Income) N = 65,000 Net Income for one month (Before Taxes)

To calculate annual net income, multiply month by 12 = $780,000

Results

Base Rate: :

X

$780,000 annual income

0.12$6,500,000


65000 monthly X 12 months

Estimated Market ValueBased on a 12% Cap Rate

• This apartment building was on the market for over 2 years, then you got an offer for $5,000,000 which the owner accepted

• What is the Capitalization Rate ( Cap Rate)?


Results

Base Rate: :

X

$780,000

0.159$5,000,000


Net income is the same

Sale Price 15.9%Cap Rate

• You made a deal with the owner, that if you sold the listing you would reduce your commission from

10% to 8%

• This is called a variable commission rate, (DRC) – and must be disclosed in the listing

• What is the gross company dollar?


Results

Base Rate: :

X


5,000,000 0.08

$400,000

Results

Base Rate: :

X

You want to earn $50,000 selling real estateAverage sales price is $150,000Average gross commission to your company is 3%Your split with broker is 80%How many transactions must you complete?

Results

Base Rate: :

X

$50,000 Income

$150,000 X 0.03 X 0.8

$3,600 13.8 sales

Results

Base Rate: :

X

What is the sales price if your commission was $12,258 at 2.5%

Results

Base Rate: :

X

12,258

0.025490,320

What would the commission be at 3%

Results

Base Rate: :

X0.03490,320

14,710

Results

Base Rate: :

X

After two years, a loan of 27,500 was repaid including 5,000 in interestWhat was the interest rate?

Results

Base Rate: :

X

After two years, a loan of 27,500 was repaid which included 5,000 in interestWhat was the interest rate?

5,000

27,500 – 5,000 = 22,500 0.22 / 2 = 11%

loan

Results

Base Rate: :

X

12,345 is 94% of what number?

Results

Base Rate: :

X

12,345 is 94% of what number?

0.94

12,345

13,133

Results

Base Rate: :

X

98,765 is what % of 12,345,678?

Results

Base Rate: :

X

98,765 is what % of 12,345,678?

0.008

98,765

12,345,678

Results

Base Rate: :

X

An group of apartments produces a 15% ROI, which is $32,000What did the investor pay for the apartments

Results

Base Rate: :

X

An group of apartments produces a 15% ROI, which is $32,000What did the investor pay for the apartments

0.015

32,000

2,133,333

Results

Base Rate: :

X

Alabama Real Estate Exam Math Review 2015 Steve McTyeire, MBA Alabama Real Estate Instructor Broker...

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Transcript of Alabama Real Estate Exam Math Review 2015 Steve McTyeire, MBA Alabama Real Estate Instructor Broker...