Real Estate Math
A property sells for $485,000. The NC excise tax owed by the seller is:
A$485
B$970✓ Correct
C$1,455
D$4,850
Explanation
NC excise tax = $1 per $500. $485,000 divided by $500 = 970 stamps x $1 = $970. Using the values given ($485,000), apply the appropriate formula.. The correct answer is $970.. This is a common calculation on the North Carolina real estate exam.
Related North Carolina Real Estate Math Questions
- A property has an annual NOI of $36,000 and a cap rate of 7.5%. What is its estimated value?
- A seller nets $270,000 after paying a 6% commission. What was the sale price?
- A buyer purchases a home in Chapel Hill for $550,000 with a 20% down payment. How much is the down payment?
- A commercial property in NC generates annual NOI of $120,000. Similar properties sell at a 6.5% cap rate. What is the estimated market value?
- A rectangular lot measures 150 feet wide by 200 feet deep. What is the lot size in square feet?
- A property with an NOI of $93,600 and a cap rate of 7.8% has an estimated value of:
- A NC investor purchases a property for $500,000 and expects it to appreciate 4% per year. What would the estimated value be after 2 years?
- A home was purchased for $180,000 and sold for $234,000. What was the percentage appreciation?
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 →