A Delaware property sells for $380,000. Delaware realty transfer tax is 3% split equally between buyer and seller. How much does each party pay?
Why $5,700 each Is Correct
Answer A: $5,700 each
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
Key Real Estate Math Terms in This Question
People Also Study
Related Delaware Questions
- A Delaware property sells for $295,000. The state and county transfer tax combined rate is 4%. If the buyer and seller split this equally, how much does each pay?Real Estate Math
- A property sells for $425,000. Delaware transfer tax is 4% of the sale price (split equally between buyer and seller). What is each party's transfer tax obligation?Real Estate Math
- Marketable title in Delaware means:Escrow & Title
- Delaware's realty transfer tax is 3% of the purchase price, split equally. How much does the buyer pay in transfer tax on a $340,000 sale?Real Estate Math
- A Delaware property sells for $520,000 with a 5.5% total commission split equally between listing and cooperating brokerages. Each broker keeps 40% and pays their agent 60%. How much does the cooperating agent earn?Real Estate Math
- The purpose of a title search is to:Escrow & Title
- A month-to-month tenancy in Delaware can be terminated by either party with how much written notice?Property Management
- Entrepreneurial profit is included in the cost approach because:Property Valuation
Key Terms to Know
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
State-Specific Concepts
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →