Finance
The RI Realty Transfer Tax is charged at a rate of $2.30 per $500 (or fraction thereof) of the sale price. What is the transfer tax on a $375,000 sale?
A$1,150
B$1,725✓ Correct
C$1,752.50
D$862.50
Explanation
Number of $500 increments: $375,000 ÷ $500 = 750. Transfer tax: 750 × $2.30 = $1,725. The Rhode Island Realty Transfer Tax is typically paid by the seller at closing.
Related Rhode Island Finance Questions
- The loan-to-value (LTV) ratio is important in Rhode Island mortgage lending because:
- What is the Rhode Island Realty Transfer Tax rate?
- Discount points paid to a mortgage lender at closing are used to:
- What is a 'home equity line of credit' (HELOC) in Rhode Island?
- What is a 'reverse mortgage' and who is eligible in Rhode Island?
- A Rhode Island buyer obtains a $320,000 mortgage at 6.5% interest. What is the approximate monthly interest for the first month?
- What is a 'due-on-sale clause' in a Rhode Island mortgage?
- USDA Rural Development loans are designed to assist buyers in:
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 →