Real Estate Math
The NC excise tax on a deed for a property selling at $295,000 is:
A$295.00
B$590.00✓ Correct
C$1,475.00
D$2,950.00
Explanation
NC excise tax = $1 per $500. $295,000 divided by $500 = 590 stamps x $1 = $590. Using the values given ($295,000), apply the appropriate formula.. The correct answer is $590.00.. This is a common calculation on the North Carolina real estate exam.
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