Real Estate Math
A Delaware property sells for $400,000. The total transfer tax is 3%. What is each party's share if split equally?
A$6,000 each✓ Correct
B$12,000 each
C$4,000 each
D$8,000 each
Explanation
Total transfer tax = $400,000 × 0.03 = $12,000.
Related Delaware Real Estate Math Questions
- A property has potential gross income of $120,000, vacancy losses of 5%, and operating expenses of $40,000. What is the NOI?
- Using straight-line depreciation over 27.5 years, what is the annual depreciation on a $275,000 residential rental building (excluding land)?
- A Delaware apartment building has 30 units. 27 are rented at $1,400/month and 3 are vacant. Annual operating expenses are $144,000. What is the annual NOI?
- A Delaware property is purchased for $275,000 with 20% down. The mortgage rate is 7% annually on a 30-year loan. What is the loan amount?
- A Delaware investor buys a fourplex for $480,000 with 20% down. Annual NOI is $34,000. Annual debt service is $26,400. What is the debt service coverage ratio (DSCR)?
- A Delaware salesperson earns $72,000 per year in commissions. Their broker takes 35% and the agent keeps 65%. If they sold properties at an average commission of $7,200 per transaction, how many transactions did they close?
- A Delaware property has land value of $80,000 and improvements with a replacement cost of $320,000. The improvements have accumulated depreciation of 30%. What is the total estimated value using the cost approach?
- A property sold for $450,000, which was 125% of the original purchase price. What was the original purchase price?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →