Real Estate Math
A Tennessee property sells for $340,000. The Tennessee recordation tax is $0.37 per $100 of consideration. What is the total recordation tax?
A$1,258✓ Correct
B$1,178
C$1,360
D$1,020
Explanation
Recordation tax = ($340,000 ÷ $100) × $0.37 = 3,400 × $0.37 = $1,258. Using the values given ($340,000, $0.37), apply the appropriate formula.. The correct answer is $1,258.. This is a common calculation on the Tennessee real estate exam.
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