If a buyer and seller decide to rescind a deal after the deed has been recorded, the buyer is to:
Correct Answer
C) record a cancellation of the transaction.
After recording, parties must execute a new deed to reverse the transfer.
Why This Is the Correct Answer
More Real Estate Math Questions
Find the annual GRM for a 4-unit building in Detroit Michigan with an asking price of $300,000 and gross annual rents of $25,000.
A property has annual property taxes of $3,600. The seller paid taxes through December 31, but the sale closes on October 1. How much does the seller owe the buyer as a proration?
A county charges $40 to record the first page of a deed and $7 for each additional page. If a deed is 3 pages long, what is the recording fee?
The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
A property sells for $350,000 in Florida. The documentary stamp tax on the deed is:
- → What is the interest rate on a $200,000 loan requiring an annual interest payment of $8,000?
- → A rectangular lot measures 105 feet by 110 feet. What is the lot area in square feet?
- → A property's value is $150,000 today. What was the original cost if it lost 25% of value over ten years?
- → Jane learns that a lakefront property sold for $700,000 with 400 feet of lake frontage. About how much per front foot?
- → A property is assessed at $250,000. The tax rate is $2.50 per $100. What is the annual tax?
- → A triangular lot has a base of 200 feet and a height of 150 feet. What is the area of the lot?
- → A property sells for $325,000. If the commission is 6%, split equally between listing and selling brokers, what does each broker receive?
- → A property's value is $91,000 today. What was the original cost if it lost 35% of value over five years?
- → A buyer takes a $250,000 mortgage in Florida. What is the intangible tax?
- → A home you listed sells for $400,000. Your broker receives 6% and you receive 45% of their check. How much do you receive?
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