Real Estate Math
A New Mexico property sells for $300,000. The New Mexico Real Estate Transfer Tax is $1.50 per $500. What is the transfer tax?
A$450
B$600
C$900✓ Correct
D$1,200
Explanation
$300,000 / $500 = 600 units × $1.50 = $900 transfer tax paid by the seller at closing. Using the values given ($300,000, $1.50), apply the appropriate formula.. The correct answer is $900.. This is a common calculation on the New Mexico real estate exam.
Related New Mexico Real Estate Math Questions
- A real estate license exam question: a parcel measures 1/4 mile by 1/4 mile. How many acres does it contain?
- A broker charges a 5.5% commission on the sale of a $460,000 home. What is the commission amount?
- If a New Mexico property's market value increased from $275,000 to $330,000 over 5 years, what is the total percentage increase?
- A New Mexico investment property has an NOI of $55,000 and sold for $700,000. What is the cap rate?
- A New Mexico building has 12 units, each renting for $950/month. With 6% vacancy and $42,000 in annual expenses, what is the NOI?
- A New Mexico 3-bedroom home has 1,850 square feet. Comparable homes in the area sell for $170/sq ft. What is the estimated market value using the square footage comparison?
- A New Mexico broker charges a 6% commission on the sale of a $350,000 home. The broker splits this 50/50 with the buyer's broker. How much does each broker receive?
- A New Mexico buyer qualifies for a maximum monthly PITI payment of $2,400. The property tax is $300/month and insurance is $150/month. What is the maximum monthly principal and interest payment?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →