Real Estate Math
A home sells for $195,000. Transfer taxes are $3.30 per $1,000 of sale price. What is the transfer tax?
A$573.00
B$643.50✓ Correct
C$585.00
D$615.00
Explanation
Transfer tax = ($195,000 ÷ $1,000) × $3.30 = 195 × $3.30 = $643.50. Using the values given ($195,000, $3.30), apply the appropriate formula.. The correct answer is $643.50.. This is a common calculation on the Arkansas real estate exam.
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