Real Estate Math
A New Orleans property sells for $512,000. The transfer (conveyance) tax rate is 0.3% of the sale price. What is the tax amount?
A$1,024
B$1,536✓ Correct
C$1,280
D$2,048
Explanation
Transfer tax = $512,000 × 0.3% = $512,000 × 0.003 = $1,536. To solve this, multiply the relevant values: $512,000 at 0.3%.. The correct answer is $1,536.. This is a common calculation on the Louisiana real estate exam.
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