Real Estate Math
In Virginia, the Grantor's Tax on a $600,000 sale is $0.50 per $500. What does the seller pay?
A$300
B$600✓ Correct
C$1,200
D$1,500
Explanation
Grantor's Tax = ($600,000 ÷ $500) × $0.50 = 1,200 × $0.50 = $600. Using the values given ($600,000, $0.50), apply the appropriate formula.. The correct answer is $600.. This is a common calculation on the Virginia real estate exam.
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