Real Estate Math
A Pennsylvania home sells for $425,000. Realty transfer tax is 2% of the sale price, split equally between buyer and seller. How much does the seller pay?
A$4,250✓ Correct
B$8,500
C$5,312.50
D$2,125
Explanation
Total transfer tax: $425,000 × 0.02 = $8,500. Seller's share (50%): $8,500 ÷ 2 = $4,250. To solve this, multiply the relevant values: $425,000 at 2%.. The correct answer is $4,250.. This is a common calculation on the Pennsylvania real estate exam.
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