PSI Virginia Real Estate Practice Exam

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

Prepare for the PSI Virginia Real Estate Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam success!

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.

If a home costs $150,000, what would be the possible range for closing costs?

$1,500 to $3,000
$2,000 to $5,000
$3,000 to $7,500
$10,000 to $15,000

The correct answer is: $3,000 to $7,500

Closing costs can vary widely based on several factors, including location, the type of loan, and the specific terms negotiated during the sale. In general, closing costs typically range from about 2% to 5% of the purchase price of the home. For a home priced at $150,000, calculating 2% to 5% gives us a range of $3,000 to $7,500. Choosing the range of $3,000 to $7,500 accurately reflects this typical percentage of closing costs based on the home’s sale price. This understanding helps homebuyers budget appropriately for the total cost involved in purchasing a home, beyond just the sale price. Therefore, the option that captures this standard range is the most appropriate answer, as it aligns with typical real estate practices and expectations concerning closing costs.