Real Estate Math
Calculate the NY State Transfer Tax on a $750,000 sale. (NY Transfer Tax = $2 per $500 of consideration.)
A$2,500
B$3,000✓ Correct
C$3,500
D$4,000
Explanation
NY Transfer Tax = ($750,000 / $500) x $2 = 1,500 x $2 = $3,000. Using the values given ($750,000, $2), apply the appropriate formula.. The correct answer is $3,000.. This is a common calculation on the New York real estate exam.
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