Real Estate Math
A Virginia home sells for $550,000. The Grantor's Tax is $0.50 per $500. How much does the seller pay in Grantor's Tax?
A$275
B$550✓ Correct
C$1,100
D$2,750
Explanation
Grantor's Tax = (Sale Price ÷ $500) × $0.50 = (550,000 ÷ 500) × $0.
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