Real Estate Math
A Pennsylvania property sells for $350,000. The combined Realty Transfer Tax is 2%, customarily split equally between buyer and seller. How much does the buyer pay?
A$3,500✓ Correct
B$7,000
C$1,750
D$700
Explanation
Total transfer tax = 2% of $350,000 = $7,000. Split equally: buyer pays half = $7,000 divided by 2 = $3,500.
Related Pennsylvania Real Estate Math Questions
- A Pennsylvania buyer makes a $40,000 down payment on a $320,000 home. What is the loan-to-value (LTV) ratio?
- A buyer pays 2.5 discount points on a $200,000 mortgage. How much does the buyer pay in points?
- A buyer obtains a 30-year fixed mortgage of $225,000 at 5.75%. What is the approximate monthly interest for month one?
- An Allentown duplex has annual gross rent of $28,800, operating expenses of $9,500, and a mortgage payment of $12,000/year. What is the cash flow before taxes?
- A salesperson earns a 3% commission on a $425,000 sale. The broker retains 40% of the commission and the salesperson keeps 60%. How much does the salesperson earn?
- A property's assessed value is $220,000 and the assessment ratio is 80%. What is the full (market) value used by the assessor?
- An investor buys a rental property for $180,000 and rents it for $1,600/month. What is the annual gross rent multiplier?
- A property has a list price of $350,000. After 60 days it sells for 97% of the list price. The listing agent earns 3% and the buyer's agent earns 2.5% of the sale price. How much does the buyer's agent earn?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →