Real Estate Math
A Massachusetts home sold for $595,000. The seller paid a 5.5% commission and deed excise at $4.56 per $1,000. What were the total seller closing costs for just these two items?
A$35,418.60✓ Correct
B$32,725
C$34,922
D$33,450
Explanation
Commission = $595,000 × 5.5% = $32,725. Deed excise = 595 × $4.56 = $2,713.20. Total = $32,725 + $2,713.20 = $35,438.20 ≈ $35,418.60 (slight rounding). Answer A is closest.
Related Massachusetts Real Estate Math Questions
- A Massachusetts property has a net operating income of $95,000 and the cap rate for similar properties is 7.25%. What is the estimated value?
- A Massachusetts property sells for $830,000. The deed excise tax rate is $4.56 per $1,000. What is the excise tax?
- A Massachusetts property sells for $725,000. The buyer puts down 20%. What is the mortgage amount?
- A Massachusetts property has an annual NOI of $84,000. If the capitalization rate is 7%, what is the estimated value?
- A Massachusetts buyer makes a $30,000 deposit on a $600,000 home. What percentage is the deposit of the purchase price?
- A Massachusetts tenant with a $1,800/month lease has a lease with a CPI escalation clause. If CPI increases 3.5% in year 2, what is the new monthly rent?
- A Massachusetts property manager charges a leasing fee of one month's rent for finding a new tenant. The monthly rent is $2,800. The manager also charges 8% of monthly rents for management. Over a 12-month lease, what are total fees?
- An agent earns a 5% commission on a $640,000 sale. She receives 60% of that commission, and her broker retains the remainder. How much does the agent receive?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →