Real Estate Math
A North Carolina property sells for $460,000. The excise tax is $2 per $1,000. What is the total excise tax?
A$460
B$920✓ Correct
C$1,380
D$1,840
Explanation
$460,000 / $1,000 = 460 x $2 = $920 excise tax. Using the values given ($460,000, $2), apply the appropriate formula.. The correct answer is $920.. This is a common calculation on the North Carolina real estate exam.
Related North Carolina Real Estate Math Questions
- A home in Winston-Salem, NC sells for $285,000. The seller pays a 6% commission and NC excise tax. The seller's total commission and excise tax is:
- A NC property manager receives $4,500/month in rents. At a 10% management fee, the monthly management fee is:
- A NC home is appraised at $350,000. The buyer obtains an 80% LTV conventional loan. The down payment and loan amount are:
- A 1-acre lot in Wake County is listed for $225,000. What is the price per square foot (1 acre = 43,560 sq ft)?
- A property is listed at $425,000. The buyer offers $410,000. If the seller accepts, what is the commission at 5.5%?
- If a property is appraised at $325,000 and the lender requires 20% down, what is the maximum loan amount?
- Annual property taxes of $3,600 are prorated to closing on September 1. The seller is responsible for taxes through August 31. Using the statutory (360-day) year, how much does the seller owe?
- A buyer needs to borrow $320,000 at 6.5% for 30 years. Using a factor of $6.32 per $1,000, what is the monthly principal and interest payment?
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →