Real Estate Math
A Michigan property sells for $380,000. The Michigan state transfer tax is $3.75 per $500. What is the state transfer tax?
A$1,425
B$2,850✓ Correct
C$3,800
D$5,700
Explanation
State transfer tax: $380,000 / $500 = 760 units × $3.75 = $2,850. Michigan's state real estate transfer tax is $3.75 per $500 (or fraction thereof) of the sale price.
Related Michigan Real Estate Math Questions
- A Michigan property has a gross rent multiplier (GRM) of 125. Annual gross rents are $24,000. What is the estimated value?
- A Michigan buyer finances $210,000 for 30 years at 7% interest. Using a factor of $6.65 per $1,000, what is the approximate monthly P&I payment?
- A Michigan property purchased for $180,000 sells for $225,000. What is the percentage increase in value?
- A Michigan agent sells a $190,000 home and earns a 3% commission. The agent is on a 65/35 split with the broker. How much does the agent receive?
- A Michigan property was purchased for $150,000 and sold 5 years later for $195,000. What is the percentage gain?
- A Michigan buyer takes out a $180,000 mortgage. Points paid at closing are 2 points. How much does the buyer pay in points?
- A buyer puts 10% down on a $275,000 home. The lender charges a 1% origination fee. How much is the origination fee?
- A Michigan property is listed at $340,000 and sells for 97% of the list price. What is the sale price?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →