Real Estate Math
A Massachusetts property sells for $465,000. The deed excise is $4.56 per $1,000. What is the excise tax?
A$2,120.40✓ Correct
B$2,325
C$2,000
D$2,232
Explanation
Deed excise = ($465,000 ÷ $1,000) × $4.56 = 465 × $4.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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