Hawaii Pre-Licensing National Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Hawaii Pre-Licensing National Exam. Study with flashcards and multiple choice questions, each question provides hints and explanations. Get ready for success!

Start Multiple Choice Practice Test
Start Flash Cards

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the seller's total payment if the title insurance is $174.90, title search $75, paper preparation $15, and miscellaneous fees $6.10, with the seller paying 60%?

  1. Approximately $104

  2. Approximately $120

  3. Approximately $54 more than the buyer

  4. Approximately $45 more than the buyer

The correct answer is: Approximately $54 more than the buyer

To determine the seller's total payment, first calculate the total costs associated with the transaction. This includes the title insurance, title search, paper preparation, and miscellaneous fees. Adding these amounts together: - Title insurance: $174.90 - Title search: $75 - Paper preparation: $15 - Miscellaneous fees: $6.10 Total costs = $174.90 + $75 + $15 + $6.10 = $271.00. Since the seller is responsible for 60% of the total costs, we multiply the total by 0.60: Seller's payment = 0.60 × $271.00 = $162.60. Next, to find out how much more the seller is paying compared to what the buyer covers, we need to calculate the buyer's payment, which is the remaining 40% of the total costs: Buyer's payment = 0.40 × $271.00 = $108.40. Now, we find the difference between the seller's payment and the buyer's payment: Difference = Seller's payment - Buyer's payment = $162.60 - $108.40 = $54.20. This indicates that the seller is indeed paying approximately

More Questions Like This