Real Estate Math
A home sells for $395,000. The county transfer recording fee is $150 and the title insurance is $1,100. The agent's commission is 5.5%. What are total seller closing costs (commission + title + recording)?
A$23,975
B$22,725
C$21,725✓ Correct
D$22,850
Explanation
Commission = $395,000 × 0.055 = $21,725.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees 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.
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
State-Specific Concepts
Recording Requirements
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