Finance
A Massachusetts property sells for $480,000. What is the deed excise tax owed?
A$2,188.80✓ Correct
B$2,400.00
C$1,860.48
D$4,800.00
Explanation
Deed excise = ($480,000 ÷ $1,000) × $4.56 = 480 × $4.56 = $2,188.80. Using the values given ($480,000), apply the appropriate formula.. The correct answer is $2,188.80.. This is a common calculation on the Massachusetts real estate exam.
Related Massachusetts Finance Questions
- A Massachusetts homeowner has a $450,000 home with a $280,000 mortgage. The homeowner's equity is:
- In Massachusetts, which party typically pays the deed excise tax?
- A Massachusetts homeowner refinances their mortgage. The right of rescission under TILA allows them to cancel the refinance within:
- What type of mortgage loan requires Private Mortgage Insurance (PMI) in Massachusetts?
- A Massachusetts buyer obtains a $350,000 mortgage at 6.5% interest. What is the approximate first month's interest payment?
- In Massachusetts, the 'power of sale' clause in a mortgage allows the lender to foreclose:
- Under Massachusetts law, a lender that makes a high-cost (predatory) mortgage loan may face penalties under:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of a loan application?
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →