Wisconsin Real Estate Sales Practice Exam

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Prepare for the Wisconsin Real Estate Sales Exam with comprehensive study resources. Access multiple choice questions and explanations. Get ready to succeed in your test!

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If a property has a market value of $175,000 and is assessed at 97% of its value, what is the assessed value?

$169,000
$169,750
$170,000
$171,250

The correct answer is: $169,750

To determine the assessed value of a property, you need to multiply the market value by the assessment ratio. In this case, the property has a market value of $175,000, and it is assessed at 97% of its market value. To calculate the assessed value: 1. Convert the assessment percentage into decimal form: 97% = 0.97. 2. Multiply the market value by the assessment ratio: $175,000 x 0.97. When you perform the calculation: $175,000 x 0.97 = $169,750. This calculation shows that the assessed value of the property is $169,750, making the answer accurate and ensuring the student understands how to derive the assessed value from the market value and assessment percentage. The other figures do not align with this calculation, which reinforces the importance of applying the assessment percentage correctly in determining property values.