Finance
In New York City, a 'flip tax' in a co-op building is:
AA city tax on short-term property sales
BA fee charged by the co-op corporation upon sale of a unit, typically a percentage of the sale price or profit✓ Correct
CThe NYC mansion tax on co-op sales
DA fee charged for flipping a property within 90 days of purchase
Explanation
A flip tax is an internal transfer fee charged by the co-op corporation (not the government) when a shareholder sells their shares. It is typically calculated as a percentage of the sale price, profit, or number of shares, and is a source of income for the building.
Related New York Finance Questions
- In New York, a 'purchase money mortgage' is one where:
- In New York, a 'home equity line of credit' (HELOC) is secured by:
- The Equal Credit Opportunity Act (ECOA) prohibits mortgage lenders from discriminating against New York applicants based on:
- The New York STAR (School Tax Relief) program provides a property tax exemption primarily for:
- The Loan Estimate must be provided to a mortgage applicant within how many business days of application?
- An 'FHA loan' in New York differs from a conventional loan in that FHA loans:
- A 'hard money loan' in New York real estate is typically characterized by:
- FHA loans require a minimum down payment of:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →