Real Estate Math
A Maine buyer pays $425,000 for a property. The Maine transfer tax on this transaction is:
A$935.00
B$1,870.00✓ Correct
C$1,980.00
D$935.50
Explanation
Maine transfer tax = $2.20 per $500 of value. $425,000 ÷ $500 = 850 units × $2.20 = $1,870. Typically split equally between buyer and seller ($935 each).
Related Maine Real Estate Math Questions
- A Maine property measures 2.5 acres. How many square feet is this?
- A Maine home's list price is $598,000. After 90 days with no offers, the seller agrees to a 6% price reduction. What is the new list price?
- A Maine property management company charges 8% of gross monthly rent collected. If the managed property collects $12,500 in rent during a month, the management fee is:
- A Maine property has an annual property tax of $6,600. If the assessed value is $330,000, the mill rate is:
- A Maine property's assessed value is $240,000 and the mill rate is 18. The annual property tax is:
- An investor buys a property for $150,000 and expects a 9% annual return. What annual income must the property generate?
- A Maine property appreciated 8% per year for two consecutive years. If the original value was $200,000, what is its value after two years?
- A seller owes $145,000 on their mortgage. The home sells for $265,000, and closing costs are $6,000 (including a 5% commission). What are the seller's net proceeds?
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →