Real Estate Math
A Minnesota property sells for $350,000. The deed tax is $1.65 per $500 of net consideration. What is the deed tax owed?
A$577.50
B$1,050
C$1,155✓ Correct
D$1,732.50
Explanation
Deed tax = (Sale Price / $500) x $1.65 = ($350,000 / $500) x $1.65 = 700 x $1.65 = $1,155. The Minnesota deed tax applies to the net consideration (purchase price minus any assumed mortgage). It is paid when the deed is recorded.
Related Minnesota Real Estate Math Questions
- A Minnesota investor purchases a property for $480,000 with 25% down. What is the equity at purchase and the initial loan amount?
- A listing agent earns 60% of a 6% commission on a $310,000 sale. What does the listing agent earn?
- A Minnesota rental property has 6 units renting for $1,000/month each. Two units are vacant. What is the physical vacancy rate?
- A Minnesota property manager collects $22,000 in rent and charges a 9% management fee plus $500 for miscellaneous services. What is the total management cost?
- A Minnesota seller accepts an offer of $385,000 and pays: 6% commission, $1,500 in closing costs, and a deed tax of $1.65 per $500. What are the total seller closing costs?
- A Minnesota investor purchases a 4-unit property for $340,000. Each unit rents for $950/month. With 100% occupancy, what is the gross rent multiplier (GRM)?
- A Minnesota home was purchased for $185,000 and is now worth $247,900. By what percentage has it appreciated?
- If a Minnesota property sold for $310,000 and the commission rate was 5.5%, how much commission was paid to the listing side if it receives 60% of the total commission?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →