What is the exam-ready answer?
| Roadmap post | 251 of 500 |
|---|---|
| Official syllabus topic | XI.A.3 Calculations for Transactions: Real property tax and other prorations |
| Official PSI area | Real Estate Calculations |
| Published weight | 7% of the 100-question national portion |
| Source edition | PSI Georgia Candidate Information Bulletin dated July 1, 2026 |
| Content checked through | August 2, 2026 |
The Rule
PSI publishes a weight for the complete official area, not a guaranteed count for this individual calculation. Follow the stated facts, units, time basis, and rounding instruction.
Formula and variables
| Symbol or term | Meaning |
|---|---|
| Actual year days | 365 in an ordinary year or 366 in a leap year when actual-year instructions apply |
| Allocated calendar days | Inclusive day count assigned to the party under the stated closing-day convention |
| Daily rate | Annual amount divided by actual year days |
Step-by-step method
- Confirm that the question requires actual calendar days.
- Determine whether the year is ordinary or leap when that affects the stated method.
- Write who owns closing day and mark it once.
- Add actual days by month for the responsible period.
- Multiply the daily rate by the day count, then separately assign the debit and credit.
Georgia-specific distinction
Worked examples
Example 1: Seller owns through closing day
Scenario. In a non-leap year, annual taxes are $4,380. Closing is April 10 and the seller owns closing day. Use actual days.
- Seller days = January 31 + February 28 + March 31 + April 10 = 100.
- Daily rate = $4,380 / 365 = $12.
- Seller share = 100 x $12 = $1,200.
Answer. The seller's allocated amount is $1,200 before deciding the debit-credit direction from payment timing.
Reasonableness check. One hundred days at exactly $12 per day gives a clean $1,200 result.
Example 2: Buyer owns closing day
Scenario. A non-leap-year closing occurs July 1 and the buyer owns closing day. How many days are allocated to the seller from January 1?
- Count January through June only: 31 + 28 + 31 + 30 + 31 + 30.
- Seller days = 181.
- July 1 belongs to the buyer and is not counted for the seller.
Answer. The seller is allocated 181 days.
Reasonableness check. July 1 is the 182nd day of a non-leap year, so the prior 181 days belong to the seller.
Common exam traps
- Using 30-day months in an actual-day problem
- Forgetting February has 29 days in a leap year
- Counting closing day for both buyer and seller
- Assuming the payment status from the calendar alone
Original practice questions with detailed explanations
These original instructional questions map to the July 1, 2026 PSI outline. They are not copied from PSI or any live examination. Write the setup before opening the explanation.
Question 1In a non-leap year, how many actual days run from January 1 through March 31 inclusive?
- A. 89
- B. 90
- C. 91
- D. 92
Show answer and explanation →
Answer: B. 90
January 31 + February 28 + March 31 = 90 days.
Question 2Annual expense is $7,300 in a non-leap year. What is the actual daily rate?
- A. $19.72
- B. $20.00
- C. $20.28
- D. $24.00
Show answer and explanation →
Answer: B. $20.00
$7,300 / 365 = $20 per day.
Question 3Closing is May 1 and the buyer owns closing day. Which party receives May 1 in the day count?
- A. Seller only
- B. Buyer only
- C. Both
- D. Neither
Show answer and explanation →
Answer: B. Buyer only
The stated convention assigns closing day to the buyer, so it appears exactly once in the buyer period.
Mastery tracking
Mark this calculation mastered only when every statement is true.
- I can identify ordinary and leap-year day counts.
- I count actual month lengths correctly.
- I assign closing day exactly once.
- I calculate the amount before choosing debit-credit direction.
- I can audit my inclusive day count against the year's ordinal day.
Recommended next lesson
Continue with Debit and Credit Rules for Closing Math. Turn the allocated amount into the correct settlement entries.
Return to the complete calculation hub, formula sheet, or mixed math drill.