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Georgia Real Estate Math with 100- correct answers already graded A+ R279,97   Add to cart

Exam (elaborations)

Georgia Real Estate Math with 100- correct answers already graded A+

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  • Course
  • UGA Math Placement
  • Institution
  • UGA Math Placement

Intangible taxes are charged against the amount new funds burrowed by the buyer (less any part of the seller's loan assumed by the buyer). Alex bought a condo for $110,750 and put $11,500 down. What would the intangible recording tax be? $110,750 - $11,500= $99,250 in new debt/ 500= $198.50 (round...

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  • August 4, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • UGA Math Placement
  • UGA Math Placement
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Georgia Real
Estate Math with
100% correct
answers already
graded A+
Intangible taxes are charged against the amount
new funds burrowed by the buyer (less any part of
the seller's loan assumed by the buyer). Alex
bought a condo for $110,750 and put $11,500
down. What would the intangible recording tax be?
- answer $110,750 - $11,500= $99,250 in new
debt/ 500= $198.50 (round up to $199) x $1.50=
$298.50


Dain and Sherly's home sold for $751,150. They
owe $675,900 on their mortgage. What will their
net be after they pay $24,500 in expenses and a

, 6.8% commission? - answer Commission=
($751,150 x .068)= $51,078.20
$751,150 price- $675,900 mortgage - $24,500
costs - $51,078 commission= $17,672 net
proceeds


Transfer taxes are charged against the sales price
of the property (less any part of the seller's loan
assumed by the buyer) A home sold for $375,900.
the buyer obtained a mortgage for $305,750. what
will the transfer tax be on this sale? - answer
Transfer taxes are calculated against sales, not
loans, Multiply the sales price by the 1/10th
percent to determine the tax:
$375,900 x .001= $375.0


If a seller prepaid the taxes of $4,400 and the
closing is set for May 19, using the 12-month/30-
day method what will the buyer owe the seller as
prorated taxes? - answer Find the daily taxes:
($4,400 annual/360=$12.22 per day)
Find the number of days from the beginning od the
tax year (assume January 1) through May 19
closing ( assume that day is paid by the seller): (4
months x 30 days + 19 days= 139 days)

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