Magnolia Real Estate State Exam Practice Test

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Question: 1 / 20

What is the product of the tax rate of 0.0092 and the property value of $3,970,000?

$35,000

$36,524

To find the product of the tax rate and the property value, you simply multiply the two numbers together. The tax rate given is 0.0092, which represents 0.92% as a decimal, and the property value is $3,970,000.

When you perform the multiplication:

0.0092 * $3,970,000 = $36,524

This means that the amount calculated from multiplying the tax rate by the property value is indeed $36,524, making it the correct choice.

Understanding this calculation is crucial in real estate, as it helps in assessing property taxes based on valuations, which is a common task for real estate professionals. It's beneficial to be able to perform such calculations quickly and accurately, as they can have a significant impact on a buyer's or seller's financial planning.

$37,000

$34,749

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