Real Estate Math
A property sells for $325,000. Transfer taxes are $1.50 per $500 of value. What are the transfer taxes?
A$487.50
B$650.00
C$812.50
D$975.00✓ Correct
Explanation
Number of $500 increments = $325,000 / $500 = 650. Transfer tax = 650 x $1.50 = $975.00. Using the values given ($325,000, $1.50), apply the appropriate formula.. The correct answer is $975.00.. This is a common calculation on the North Dakota real estate exam.
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