Hello Mr. Goforth, Would you make a video about how to do the calculation with fractions? I am reading a question and honestly I have no clue how do they get the result it was about acres. e.g the SW 1/4, NE 1/4, SE 1/4, NW 1/4 of a section, how many acres? The answer is 2.5 acres but how can that be calculated? Also can you explain more about how to calculate the Comission, the cost closing, etc. Thank you. 😃
My brother! Thank you. While my parents were both math wizards, I continue to struggle with 2+2=4. These videos are greatly appreciated. My state exam is scheduled for next month. See you soon for the remaining videos!! Marcus in Texas.
thank you for your loving heart to provide this for us newbies... the last question I got on my PSI exam verbatim.... I feel you're doing a very good job explaining everything well overall. I apppreciate you. Im in Tennessee. I failed my exam twice due to the way the question was worded....I know the content.... but they really do a good job to trip you up.... Thank you for caring enough to post these videos. they really do hep
Hello, Jonathan, I just wanted to share that I finally passed my exam yesterday here in virginia!🎉 All thanks to these videos. I look forward to reviewing the next sets of videos on what's next. Keep them coming because these videos are definitely helpful!
I haven't heard that, but hopefully that's correct because the math questions take a little longer to answer. So hopefully you won't have any math questions.
I calculated: $200,000 X 17% = $34,000 $34,000 -(divided by) 100 = 340 $340 X4.00 = $1,360 ...I paused video & did a different way before your answer. Math never lies
That is not true I had a lot of math questions, I didn't practice that much on the math and I wish I would have. I failed my first exam😒. But I love the way you explained the math question. The PSI exam question is very tricky I feel if I had practiced more on the math I would have passed. Thank you for taking the time to do and explain these math questions you are awesome! I plan to retake the exam soon.😅 wish me luck✌🙌
This was a great reference. I’m going to apply it to what I’m still studying. I have 3 weeks left in my class and will be taking my test shortly after!
Hello jonathan, enjoy this video just took my broker's Test 2 days ago and failed miserably and I feel terrible. I'm not good at math this video sure helped. Daniel from Seattle
Thank you so much for your video. I appreciate you focusing on 3 problems and breaking them down💯. I have a question about the 1st problem: Why would we not consider the 4% interest rate for the $320,000? Is it only because the question asked what the buyer would pay “at closing”?
That's correct. We don't need to use the 4% to find the answer because it's only asking for how much the buyer will pay at closing. So the interest rate won't be used for the answer. Thanks for watching my videos!
Yes. 5-Star Professionals listed some realtors from various cities in real estate. article was called “Top Market Leaders in the United States”. I got to be listed in 2019, 2020 and 2021. Thanks for asking! It was a neat honor.
On the second problem I decided I would try to do it on my own 1st before I saw you solve it, just to see if I could do it on my own. I got 13,600 lol close enough 😭🤣 now I have to go back and see how you solved it because I obviously went wrong somewhere 😂
The last question could’ve been easily misinterpreted as $20 per square front foot while the rest are at $3 per square foot, instead of the $20 being ADDED on top of it.
Yes some of those questions are tricky. I think some of them try to mess up people on purpose. That’s why I wanted to put that one on the video to give people a heads up in case they see a question like that on their exams
Yea it said 3 per square foot PLUS 20 for frontage, so I made the 80 square feet at $23 ! Instead of saying $3 per square foot AND $20 per front foot. This was confusing.
@@shelley7841 Yes and the frustrating thing is I think many questions throughout the real estate exam are written in a confusing way. It’s just the nature of that kind of exam.
You can do it though. If there was a question that I was spending too much time on, I would write down that question number and pick B or C so at least I had an answer, and I would come back to it at the end of the exam. That way if I had extra time left over at the end I could come back and spend some time on it to make sure I have the correct answer. Yes some of the math is hard and time consuming. But you can do it, and the good thing is you don’t have to get all of them correct. Just get enough correct to pass the exam
@@jonathangoforthshow7427 I need help with the amortization table. If they want you to try to figure out which amount of years is the best way to go for a loan, how do you use that chart to decide? Is there a formula?
There’s not going to be a chart because you’re sitting there at an exam, and normally you would pass this question off to a lender because they are the expert on which loan is better, but for the sake of an exam question you will calculate out the payments of principal and interest based on that certain number of years. And then you compare the two based on that. So it’s gonna be a double math question figurine the loan payment based on principle and interest and the different term of years for that loan.
10 math questions came in the national exam and 3 in the state exam. I got full scors in the math. Some of those questions: A buyer is getting fully amortized loan for $220000. The bank will give the buyer loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest cent what is the difference between the monthly payments for these two loans? (Use the amortization table). In the given table the 5.5% for 15 year is 8.28 And for 6.5% for 30 years is 8.32 They only allow the very basic calculator in their PSI system so I couldn't find and use the ^ power to calculate the formula: monthly payment= P*R (1+R^n) / 1+R^n -1 Other math questions were not difficult, like: calculate the 6% commission from $250000 sale and broker take 45%? House sold for $200000 and loan appraised at $180000 with 1.5 points how much the buyer must make down payment? House sold for $250000 and the lender gave 80% of the appraised value $190000, how much the buyer must pay?
Thank you for explaining step by step 😃 Question, so for the downpayment, it will be always the reminding percentage of the loan? e.g: if the buyer takes out 70% then the downpayment will be 30%?
