Answer the following questions based upon the information provided herein. Assume you negotiated the sale as a real estate broker and are entitled to a six percent commission. The offer and acceptance contract calls for a sales price of $230,000. The buyer has tendered $2,000 for earnest money. The buyer has received loan approval on an 80% loan to value ratio loan. The property is presently encumbered with an existing mortgage with a balance of $150,691.73. The interest on the loan has been paid through April 30, 2019. The interest rate on the mortgage is 5%. Closing date is to be May 20, 2019. All prorations are based on a 360 day year and 30 day month. The 2018 taxes have not been paid and the 2019 taxes are to be prorated based on the 2018 taxes which were 51.5 mills on an assessed valuation of $50,000. A homeowners insurance policy costing $1,400 for a one-year period will be purchased by the buyer and paid at closing. The owners title insurance costing $1,000, a deed preparation fee of $75.00, and a termite policy costing $600 are to be paid by the seller. Title insurance costing $900, a credit report costing $60, and an appraisal fee of $450 will be paid by the buyer. The buyers loan fees include a 1 point origination fee and $700 of additional costs. In addition, the following documents will be recorded: 1 page deed, 15 page mortgage, and a 1 page release deed. The brokers fee is payable at closing and revenue stamps at the usual rate must be paid by the seller and buyer. The closing fee of $600 will be split 50/50 between the buyer and seller.

1. How much is the loan amount?

2. How much would the payoff be for the existing loan?

3. How much are the 2018 property taxes?

4. How much would the 2019 tax proration be?

5. Regarding the 2019 tax proration, which party (Buyer or Seller) will receive a credit for the taxes on the closing statement?

6. How much are the buyers total loan fees?

7. How much will be the buyers charge to record the documents they customarily pay to record?

8. How much would be the total cost to purchase revenue stamps on this transaction from the state of Arkansas?

9. How much would be the sellers share of the revenue stamps?

10. How much is the total real estate commission paid by the seller?