Real Estate Math
An Iowa property sells for $220,000. The transfer tax rate is $1.60 per $1,000 of sale price. What is the transfer tax?
A$352✓ Correct
B$220
C$3,520
D$1,600
Explanation
Transfer tax = ($220,000 / $1,000) x $1.60 = 220 x $1.60 = $352. Using the values given ($220,000, $1.60), apply the appropriate formula.. The correct answer is $352.. This is a common calculation on the Iowa real estate exam.
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