Real Estate Math
A property sells for $480,000. Idaho transfer taxes are calculated at $1.30 per $1,000 of sale price. What is the transfer tax?
A$480
B$552
C$624✓ Correct
D$720
Explanation
Transfer tax = ($480,000 ÷ $1,000) × $1.30 = 480 × $1.30 = $624. Using the values given ($480,000, $1.30), apply the appropriate formula.. The correct answer is $624.. This is a common calculation on the Idaho real estate exam.
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