National Real Estate Exam (PSI)Real Estate CalculationsEasy
A rectangular lot measures 120 feet by 175 feet. If the land sells for $6.50 per square foot, what is the total sale price?
- A$136,500
- B$145,000
- C$150,000
- D$126,000
Show answer & explanationAnswer & explanation
Correct answer: A. $136,500
Area = length × width = 120 × 175 = 21,000 square feet. Total price = 21,000 × $6.50 = $136,500.
Why the other options are wrong
- B. This overstates the total by rounding incorrectly.
- C. This assumes a rounder area than the actual 21,000 sq ft.
- D. This underestimates the area or price per foot.
Rectangle Area & Price per Square Foot
To find total sale price of land priced per square foot, multiply the area (length × width) by the price per square foot.
- Area = Length × Width
- Total Price = Area × Price per Sq Ft
- Always confirm units match (feet, sq ft)
Memory trick: Multiply the box, then multiply by the price tag.