Real Estate Math
A Maine lakefront property sells for $685,000. The total transfer tax (paid by both parties combined) is:
A$1,507
B$2,200
C$3,014✓ Correct
D$3,696
Explanation
Total transfer tax = ($685,000 ÷ $500) × $2.20 = 1,370 × $2.20 = $3,014. Using the values given ($685,000), apply the appropriate formula.. The correct answer is $3,014.. This is a common calculation on the Maine real estate exam.
Related Maine Real Estate Math Questions
- A Maine agent lists a commercial property for $1,800,000. The commission is 4% for the first million and 2% for anything above $1M. Total commission on a full-price sale is:
- A Maine property owner paid $275,000 for a home and sold it 5 years later for $330,000. What was the total percentage gain?
- A Maine buyer wants to offer $320,000 for a property. The down payment is 20% and the buyer must pay 2 discount points. What is the cost of the points?
- A Maine property's income for the first year after purchase is $48,000 NOI. If the property was bought at a 6.5% cap rate, what was the purchase price?
- A Maine home purchased for $195,000 with a 90% LTV loan has monthly taxes of $325 and monthly insurance of $110. The principal and interest payment is $1,180. The total PITI payment is:
- 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 Maine lot measures 150 ft x 300 ft. How many acres is this?
- A Maine property was listed for $325,000 in January. By June, after two price reductions totaling 8%, the new list price is:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →