A North Carolina property sells for $460,000. The excise tax is $2 per $1,000. What is the total excise tax?
Why $920 Is Correct
Answer B: $920
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
People Also Study
Related North Carolina Questions
- How many hours of pre-license education are required to sit for the North Carolina broker license exam?North Carolina License Law
- How many questions are on the North Carolina real estate broker licensing exam?North Carolina License Law
- What is the minimum passing score on the North Carolina real estate licensing exam?North Carolina License Law
- In North Carolina, which of the following is a characteristic of tenancy in common?Property Ownership
- The North Carolina excise tax (revenue stamps) on a deed is charged at:Escrow & Title
- On a $350,000 sale, how much is the North Carolina excise tax?Escrow & Title
- In North Carolina, the excise tax on a deed is typically paid by:Escrow & Title
- An applicant who fails the North Carolina broker license exam may retest:North Carolina License Law
Key Terms to Know
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →