Real Estate Math
A Florida seller's closing costs include: 6% commission ($24,000), doc stamps on deed ($2,100), title search ($350), and prorated taxes ($1,875). Total seller closing costs are:
A$28,325✓ Correct
B$27,850
C$24,076
D$27,450
Explanation
Total = $24,000 + $2,100 + $350 + $1,875 = $28,325. To solve this, multiply the relevant values: $24,000 and $2,100 at 6%..
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Math Concepts
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