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| A property closes on April 8, with the day of closing charged to the seller. The annual property taxes are $1,486.00. Which entry will appear on the closing statement for the property taxes? |
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Definition
| Debit to seller and credit to buyer in the amount of $398.98 |
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| The following taxes were paid at the closing of a new home: $1,540 state documentary stamp tax on the deed, $693 state documentary stamp tax on the note, and $396 state intangible tax on the mortgage. What was the purchase price of the home? |
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| What would be the total required taxes for the loans on a $47,500 tract that sold with $10,000 cash down, a new second mortgage of $15,500, and an assumed mortgage of $22,000 that was previously recorded? |
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| You have a level-payment, amortized mortgage of $142,000 at 4.5% for 30 years. The monthly payment is $719.49. What amount of interest will be paid from the second monthly payment? |
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| Your seller owns a home appraised at $152,500. The seller still owes $132,760 on the first mortgage and $4,200 on a second mortgage. Your sales commission will be $9,150. What is your seller's equity in the home? |
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| The city has decided to pave the streets of a recently incorporated community. Property owners are to be assessed 70% of the cost of paving, which is found to be $25 per foot. The 70% assessment tax is to be apportioned between owners on both sides of the streets. What will the special assessment be for a property with 80 feet of frontage? |
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| A property has been assessed at $40,000. The city tax rate is 10 mills, the county tax is 9 mills, and the school board levy is 8 mills. The owner has qualified for and received homestead tax exemption. How much will the owner save from his county taxes as a result of the homestead tax exemption? |
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| A developer purchased three oceanfront lots, each measuring 75 by 110 feet, for $20 per square foot. The developer later sold the lots for $200,000 each. What was the developer's percentage of profit on the sale of the three lots? (Round to the nearest percentage.) |
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| A seller listed a home for $200,000 and agreed to pay a commission rate of 5%. The MLS stated that the commission would be shared between the listing office and the selling office on a 50-50 basis. The home was sold four weeks later for 90% of the list price. The listing broker paid the listing sales associate 50% of the listing office's commission. The selling broker paid the selling associate 60% of the selling office's commission. How much commission did the selling sales associate receive? |
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| A licensed real estate broker has a buyer who is interested in investing in income-producing property. The broker finds a property producing net income of $1,750 per month. The buyer informs the broker that she will buy the property if she can get it for a price that will return her 14% per year on her investment. If the desired 14% rate of return is regarded as a 14% capitalization rate, what will the buyer be willing to pay for the property? |
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