PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test. Access flashcards and multiple choice questions, each with hints and explanations. Excel in your exam!

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If a house is sold for $150,000, how much will the documentary stamps cost?

$112.5
$175
$225
$212.5

The correct answer is: $225

To determine the cost of documentary stamps on the sale of a house, one must understand the calculation based on the sale price. In Oklahoma, the documentary stamp tax is typically calculated at a rate of $0.75 per $500 (or fraction thereof) of the sale price. First, when calculating for a sale price of $150,000, you divide this number by $500: \[ 150,000 \div 500 = 300 \] Next, since the documentary stamp tax is charged at $0.75 for each $500, you would multiply the number of $500 increments (which is 300) by the tax rate: \[ 300 \times 0.75 = 225 \] Therefore, the cost of documentary stamps for the sale of the house at $150,000 is $225. This makes the correct answer the choice reflecting this total amount. Understanding these calculations is critical for real estate transactions in Oklahoma, as it helps buyers and sellers anticipate additional closing costs associated with the property sale process.