Finance
The Rhode Island Realty Transfer Tax is charged at a rate of:
A$1.00 per $500 of consideration
B$2.30 per $500 of consideration✓ Correct
C$3.50 per $500 of consideration
D$5.00 per $500 of consideration
Explanation
Rhode Island's Realty Transfer Tax is $2.30 per $500 (or fraction thereof) of the purchase price, collected at closing and typically paid by the seller.
Related Rhode Island Finance Questions
- What is a 'home equity line of credit' (HELOC) in Rhode Island?
- USDA Rural Development loans are designed to assist buyers in:
- A Rhode Island seller agrees to pay 2 discount points on a buyer's $280,000 mortgage to help the buyer obtain a lower interest rate. What is the cost of the discount points?
- What is 'predatory lending' and how might it affect Rhode Island homebuyers?
- What is a 'collateral assignment of leases and rents' in Rhode Island commercial financing?
- What is 'amortization schedule' in the context of a Rhode Island mortgage?
- What is 'mortgage note' in Rhode Island real estate finance?
- What is 'mortgage insurance premium' (MIP) in an FHA loan?
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →