Real Estate Math

A Maine property sells for $625,000. The transfer tax is $2.20 per $500. The total transfer tax on the transaction is:

A$1,375

B$2,200

C$2,750✓ Correct

D$3,300

Explanation

Total transfer tax = ($625,000 ÷ $500) × $2.20 = 1,250 × $2.20 = $2,750. Using the values given ($625,000, $2.20), apply the appropriate formula.. The correct answer is $2,750.. 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:
At closing in Maine, property taxes are prorated. If annual taxes are $3,650 and closing is on July 1, how much does the buyer owe in prepaid taxes for the remainder of the year (using a 365-day year)?
A Maine property has an NOI of $55,000 and the cap rate in the market is 7%. If the NOI increases to $60,000 and the cap rate remains 7%, how much does the value increase?
A Maine buyer's loan requires a 20% down payment on a $340,000 purchase. Their monthly mortgage payment (P&I) at 7% for 30 years uses a factor of $6.65 per $1,000 borrowed. The monthly payment is:
A Maine investment property generates gross rental income of $60,000 per year. Vacancy and collection losses are 5%, and operating expenses are $20,000. What is the net operating income (NOI)?
A Maine property with a market value of $350,000 is assessed at 90% of market value. The mill rate is 15. The annual property tax is:
A property sold for $295,000. The listing broker and selling broker split a 6% commission equally. Each broker then pays their agent 55% of their share. How much does each agent earn?
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?

Practice More Maine Real Estate Questions

1,500+ questions covering all exam topics. Start free — no signup required.

Take the Free Maine Quiz →