Escrow & TitleIntermediateNorth Carolina Exam
On a $350,000 sale, how much is the North Carolina excise tax?
A$350
B$700Correct
C$1,050
D$1,400
Why $700 Is Correct
Answer B: $700
$350,000 / $1,000 = 350 units x $2.00 = $700 in excise tax.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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