Per Foot Property Valuation: Calculate How Much You Can Get

How much did Mr. and Mrs. Mason receive per front foot for selling their lot?

a) $30

b) $50

c) $300

d) $500

Answer:

The correct answer is b) $50.

In this scenario, Mr. and Mrs. Mason sold the lot adjoining their home for $15,000. The dimensions of the lot are 300 feet by 500 feet. The question is how much they received per front foot for the sale.

To calculate the amount per front foot, we divide the total price they received ($15,000) by the width of the lot (300 feet). By doing the math, we can determine that they got $50 for each front foot of their lot.

Understanding the per foot property valuation is essential in real estate transactions. It helps determine the value of the property based on its frontage along the street.

By knowing how to calculate per front foot value, you can make informed decisions when buying or selling real estate. This knowledge ensures that you get a fair price for your property or make a sound investment.