Real Estate Math

A Washington property sold for $742,000. Using Washington's REET tiers (1.10% on first $500,000; 1.28% on $500K-$1.5M), what is the REET?

A$5,500

B$7,987

C$8,598✓ Correct

D$9,688

Explanation

REET on first $500,000 = $500,000 × 1.10% = $5,500. Amount above $500,000 = $242,000. REET on $242,000 = $242,000 × 1.28% = $3,097.60. Total = $5,500 + $3,097.60 = $8,597.60. Note: actual Washington REET tiers vary; using 1.28% on portion above $500K: $5,500 + $3,098 = $8,598 ≈ $8,188 (using 1.10% first tier only). Best answer with these given figures is $8,188.

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