Real Estate Math
A Virginia home sold for $620,000. Transfer taxes total 0.25% of the sale price. How much are the transfer taxes?
A$1,240
B$1,550✓ Correct
C$1,860
D$2,480
Explanation
Transfer taxes = $620,000 × 0.0025 = $1,550. To solve this, multiply the relevant values: $620,000 at 0.25%.. The correct answer is $1,550.. This is a common calculation on the Virginia real estate exam.
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