Real Estate Pre-License Level 4, Chapter 2

Janie is selling her haunted studio apartment (400 sq. ft.) for an unsettlingly low price: $40,000! What's the price per square foot on this screamin' deal?

$100 per sq ft

Courtney just purchased an 8.5-acre vacant lot of land for $500,000. What was the price Courtney paid per square yard?

$12.15

Rafe is considering purchasing a 2,400-sq. ft. home for $320,000. What price per square foot would he be paying?

$133.33

Charlie purchased a lot that measures 800 ft. wide by 500 ft. long. The purchase price was $850,000. What was the price Charlie paid per ACRE?

$92,592.59

Rentable Square Footage (RSF)

(also known as gross square footage and RSF) is the measurement of the total area that a tenant can access. Rentable square footage includes a tenant's usable square footage and common areas Rentable square footage could include a tenant's usable square footage plus: - The greeting lobby on the ground floor of a big office building - The shared restrooms down the hall from an office suite - The elevator shaft used by all tenants to access a building - The parking lot of a shopping mall

Square Yards

1 yard is equal to 3 feet So, it stands to reason, then, that 1 square yard is equal to 9 square feet. This is because 3 squared (3 x 3) = 9

Calculating the Area of a Triangular Lot Equation

1/2 x Base x Height = Area

Vera wants to buy new laminate flooring for a room that has an area of 90 sq. ft. How many square yards of flooring will it take?

10

What is the area of Stacey's lot that has a length of 20 ft. and a width of 50 ft.?

1000 sq ft

If a rectangular lot has an area of 14,400 sq. ft. and a depth of 120 ft., what is the frontage of the lot?

120 front feet

Jerome's bedroom is 10 ft. long and 12 ft. wide. What is his bedroom's square footage?

120 sq. ft.

You are leasing a home that has recently been renovated to make a larger living/family room. If the room is now 11 ft. by 14.5 ft., what is the total square footage of the room?

159.5 sq ft

Calculating the Area of a Triangular Lot

1⁄2 x Base x Height = Area Step 1: Put the base and height into the formula and multiply 1⁄2 x 54 ft. x 80 ft. = 2,160 sq. ft. Final Answer: The area of this triangular-shaped lot is 2,160 sq. ft.

A lot is in the shape of right triangle. The base of the triangle is 62 ft. and the height is 90 ft. What is the area of the lot?

2,790 sq. ft.

Marika, your client, is considering a property that is 250 ft. by 475 ft. How many acres is the property?

2.73

A home measures 80 ft. by 40 ft. The garage is 15 ft. by 15 ft. What is the total livable area of the home?

2.975 sq. ft.

Jim buys a 400 sq. yd. lot of land. What is the size of Jim's lot in square feet?

3,600 sq ft

Ben wants to carpet his bedroom. He measures it as 270 sq. ft. When he gets to the Carpet Store, he finds that they sell carpet by the square yard. How many square yards is Ben's room?

30

A client is looking at a property with a main bedroom that measures 20 ft. by 15 ft. What is the area of the bedroom?

300 sq. ft.

A room is 20 ft. long by 15 ft. wide and 10 ft. high. What is the volume of this room?

3000 cubic ft.

There are 2 lots side by side on Birdman Avenue. They have the same depth of 200 ft., but each has different frontages. Lot A has an area of 40,000 sq. ft., while Lot B is 25,000 sq. ft. What is the total frontage of both Lots A and B?

325 ft

Norah just purchased a warehouse with dimensions of 25 ft. by 15 ft. She wants to carpet the floor. How many square YARDS of carpet does she need?

41.67 sq yds

How many square feet are in an acre?

43,560 sq ft

Andy is trying to figure out if he has enough space in his rumpus room for both a pool table and a ping-pong table. The room is 15 feet long by 30 feet wide. What is the area of the room?

450 sq. ft.

Sonya's has a rectangular lot that is 12 ft. on one side and 19 ft. on the other. Find the perimeter.

62 ft

Pius has a storage unit that has a length of 10 ft., a width of 10 ft., and a height of 8 ft. What is the volume of the storage unit?

800 cubic feet

Now that you know all the side lengths, what is the total area of the lot?

816 sq. ft total

Marcos owns 2 acres of land. What is the size of his property in square feet?

87,120 sq ft

You are helping a friend list her home, but she is unsure of her acreage. She knows her property is 770 ft. x 524 ft. Using this information, how many acres is the lot?

9.26 acres

Finding Price Per Square Foot Equation

Asking price ÷ Total Square Feet = Price Per Square Feet

Finding Price per Square Foot

Asking price ÷ Total sq. ft. = Price per sq. ft Enrique paid $250,000 for his 1,500 sq. ft. home. What was his price per square foot? $250,000 ÷ 1,500 sq. ft. = $166.67 per sq. ft. Final Answer: Enrique paid $166.67 per sq. ft.

Tyrel is looking for a new condo in Condoville. His agent provides him with several listing options, and Tyrel ends up trying to decide between two condos. They are the same price, but one condo has 150 more square feet than the other. Analyze how this could influence Tyrel's decision.

Buyers are often MORE likely to choose a property with more square footage (if at a comparable price).

Converting Square Feet To Square Yards

Kelly has purchased a new property and wants to remove the grass on her lawn and replace it with synthetic grass. She measures the area of her lawn as 2,500 square feet. But when she arrives at the lawn store, she finds that the synthetic grass is only sold by the square yard. Uh-oh! Kelly didn't measure by the square yard. What can she do? Well, since Kelly knows 1 square yard is equal to 9 square feet, she can perform a simple conversion: 2,500 sq. feet ÷ 9 = 277.78 sq. yards

Calculating Square Footage Equation

Length x Width = Area

Calculating Square Footage

Length x Width = Area For example, let's say Janelle's bedroom is 15 ft. by 11 ft. With these numbers, we can calculate her bedroom's square footage. Step 1: Identify known variables First, we'll need to identify our known variables. Answer: The length of the room is 15 ft. The width of the room is 11 ft. Step 2: Multiply length by width All we need to do now is multiply — easy-peasy! 15 ft. x 11 ft. = 165 sq. ft. Final Answer: Janelle's bedroom is 165 sq. ft.

Calculating Volume Equation

Length x Width x Height = Volume

Calculating Volume

Length x Width x Height = Volume 50 ft. x 20 ft. x 30 ft. = 30,000 cubic ft. Answer: The volume of this room is 30,000 cubic ft

Calculating Front Feet

Let's say a lot has an area of 46,905 sq. ft. and a depth of 313 ft. We know that the area is found by multiplying the frontage by the depth, so to solve for the frontage we just need to divide the area by the factor that we already know: the depth 46,905 sq. ft. ÷ 313 ft. = 150 front feet Answer: The lot has a frontage of 150 front feet

Frontage of Multiple Lots

Let's say that there are three lots in a row that make up Sleepy Street. They all have the same depth, but with different frontages. If you know the lots' areas and that they all have a depth of 130 ft., can you solve for the frontages of each of these lots, as well as the frontage of the entire Sleepy Street? Lot 1: 19,500 sq. ft. Lot 2: 18,070 sq. ft. Lot 3: 11,960 sq. ft. Step 1: Divide square footage by depth This is just like the previous example, just applied to multiple lots. So, to figure out the frontages of these three lots, we'll just have to divide the square footage by the depth of 130 ft. Lot 1: 19,500 sq. ft. ÷ 130 ft. = 150 front feet Lot 2: 18,070 sq. ft. ÷ 130 ft. = 139 front feet Lot 3: 11,960 sq. ft. ÷ 130 ft. = 92 front feet Answer: The three lots have frontages of 150, 139, and 92 front feet. Step 2: Add the frontages Then, to solve for the frontage of the whole street, we'll just add these 3 frontages together. 150 front feet + 139 front feet + 92 front feet = 381 front feet Final Answer: Sleep Street has a total frontage of 381 front feet

BOMA Method for Measuring USF

Measure the finished surface of the office side of any permanent walls and to the center of any partitions that separate the office from other tenant areas or adjoining usable areas

Finding Acreage Of A Plot Equation

Square Feet Of Property ÷ 43,560 (1 Acre) = Acreage

Converting Square Feet To Square Yards Equation

Square Feet ÷ 9 = Square Yards

Converting Square Yards To Square Feet Equation

Square Yards x 9 = Square Feet

Calculating Area of Irregular Lots

Step 1: Find the area of the first shape If we break the lot into two rectangles, we already know that the bottom one is 40 ft. by 30 ft. We have been given those dimensions. We also know that the right side of the lot is 50 feet long and the border on the bottom left side is 30 ft. long. The difference between those two is going to be the length of the top left side of the plot. 50 ft. - 30 ft. = 20 ft. So the top rectangle's dimensions are 20 ft. x 25 ft. Answer: The top rectangle is: 20 ft. x 25 ft. = 500 sq. ft. Step 2: Find the area of the bottom rectangle The bottom rectangle's dimensions are 40 ft. x 30 ft. So, we plug that into our equation to find area: 40 ft. x 30 ft. = 1,200 sq. ft. Answer: The bottom rectangle has an area of 1,200 sq. ft. Step 3: Add up the area of all the shapes Now we just have to add those two together to get the size of the whole lot. Final Answer: 500 sq. ft. + 1,200 sq. ft. = 1,700 sq. ft.

Calculating Livable Area

Step 1: Find the area of the garage You know by now that we can find the area of the garage (in square feet) by multiplying its length by its width. 10 sq. ft. x 10 sq. ft. = 100 sq. ft. Answer: The garage contributes 100 sq. ft. of unfinished space. Step 2: Subtract the unfinished area We then subtract the unfinished area from the finished area to get an exact figure for the true livable area of the house. 1,000 sq. ft. - 100 sq. ft. = 900 sq. ft. Final Answer: The livable area of this house is 900 sq. ft.

Solve for the Asking Price

Suppose a sales agent is asked to lease 1,500 sq. ft. of warehouse space at $3 per square foot per year. What's the total price a tenant would spend to rent all of that warehouse space? Step 1: Rearrange the formula Let's do some shuffling of the formula we just used to solve for price per square foot here. For this example, we're solving for the asking price. Total sq. ft. x Price per sq. ft. = Asking price Step 2: Multiply the square footage by the price per square foot 1,500 sq. ft. x $3 = $4,500 Final Answer: A tenant could rent all of the warehouse space for $4,500.

Livable Area

The finished area of a home

Converting Square Yards To Square Feet

The inverse of this conversion is also true. In an alternate universe, Kelly measures her lawn in square yards because the only measurement tool she has in her house is a yardstick for some reason. She shows up at the lawn store with a measurement of 277.78 square yards, only to find that the synthetic grass is sold by the square foot. Classic! In this case, she simply has to multiply the square yard measurement by 9: 277.78 sq. yards x 9 = 2,500 sq. feet

Solve for the Asking Price Equation

Total sq. ft. x Price per sq. ft. = Asking price

USF + Common Areas = RSF

Whereas usable square footage is solely the measurement of the space that a tenant may occupy, rentable square footage is a larger, more-encompassing measurement that captures all of the space in a building to which a tenant may have access

Finished Area

a room must be enclosed, heated/cooled, and safe and comfortable for habitation through all seasons

Acreage

a unit of area measurement used to measure the size of land 1 acre = 43,560 sq. ft

Square Footage

a unit of area measurement, equal to 1 ft. by 1 ft. Buyers and sellers will often use square footage as a way to compare the size of buildings

Front Foot

a unit used to measure a property that borders a street One front foot is one foot of property bordering the street. When giving the dimensions of a property, the front feet are always stated first. For example, if a property is 150 ft. x 313 ft., the property has a frontage of 150 ft., or, 150 front feet

When finding the area of an irregular lot, what should you do first?

break it into regular shapes

Unfinished Area

external areas like patios, porches, decks, and garages. A basement or attic could also be unfinished, depending on the functionality of the room. An attic that is finished and heated/air-conditioned could be considered livable area

Price Per Square Foot

is a useful tool for home shoppers because it lets them do a real apples to apples comparison of the price of two properties. It's also useful to show that a certain property is priced appropriately for a neighborhood. You can compare the price per square foot of differently sized properties

Depth Of A Lot

is how far the lot goes back. So, if a rectangular lot is 150 ft. x 313 ft., the frontage is 150 front feet and the depth is 313 ft

Perimeter

is the boundary of a property. To calculate the perimeter of a property, all you have to do is add the boundary lines together to get the perimeter, we add up all those sides: 200 ft. + 200 ft. + 50 ft. + 50 ft.= 500 ft. Answer: The perimeter of this rectangular lot is 500 ft.

How do you calculate the area of a room?

multiply the length by the width

What are the lengths of sides 1, 2, and 3?

side 1= 15 ft side 2= 24 ft side 3= 23 ft

Usable Square Footage (USF)

the measurement of the total area that a tenant may occupy. Usable square footage is the tenant's space; it's space they will not be sharing with any other tenants Usable square footage can look like: - The suite in the office building where an engineering firm's employees work - The section of a warehouse where a small manufacturer stores their goods - The retail shop at the mall where a local artisan sells their goods

Frontage (Front Feet)

the portion of the boundary of a lot that borders the street. Frontage is measured in front feet

Square footage is used in real estate as way to measure the size of a building

true

Measuring the Volume of Structures

which is the amount of space that is enclosed within a container (such a house)? Volume is measured in cubic feet