Real Estate Math
An Idaho home sold for $412,500. Transfer tax is $1.30 per $1,000 of sale price. What is the transfer tax?
A$450.00
B$486.25
C$536.25✓ Correct
D$537.25
Explanation
Transfer tax = ($412,500 ÷ $1,000) × $1.30 = 412.5 × $1.30 = $536.25. Using the values given ($412,500, $1.30), apply the appropriate formula.. The correct answer is $536.25.. This is a common calculation on the Idaho real estate exam.
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