Real Estate Math
What is the transfer tax in Iowa on a $260,000 property sale if the rate is $1.60 per $1,000 of consideration?
A$416.00✓ Correct
B$312.00
C$390.00
D$260.00
Explanation
Transfer tax = ($260,000 ÷ $1,000) × $1.60 = 260 × $1.
Related Iowa Real Estate Math Questions
- An Iowa home is listed for $259,000 and receives an offer for $250,000. The sellers counter at $255,000 and the buyer accepts. The listing broker earns 3% and buyer's broker earns 3% of the final sales price. What is the total commission?
- An Iowa buyer obtains a mortgage for $175,000 at 6.5% for 30 years. Using a payment factor of $6.32 per $1,000, what is the monthly principal and interest payment?
- An Iowa property sold for $310,000. The seller paid $3,500 in closing costs, $310 in transfer tax, and a 6% commission. What did the seller net?
- An Iowa commercial lease has an annual base rent of $18 per square foot for 2,500 square feet. What is the monthly rent?
- An Iowa farmland investor purchases 240 acres at $9,500 per acre. What is the total purchase price?
- An Iowa farmland parcel is described as the SW¼ of the NW¼ of Section 12. How many acres is this parcel?
- An Iowa property has a potential gross income of $84,000/year, a vacancy rate of 8%, and operating expenses of $30,000. What is the NOI?
- An investment property has a gross income of $60,000 per year and an operating expense ratio of 45%. What is the NOI?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →