Real Estate Math
A property selling for $520,000 requires a $2,000 transfer tax plus 0.75% state conveyance tax. What are the total conveyance costs?
A$3,900
B$5,900✓ Correct
C$5,015
D$8,900
Explanation
State conveyance tax = $520,000 × 0.0075 = $3,900.
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Key Terms to Know
Transfer Tax
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
State-Specific Concepts
Transfer Tax
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