Escrow & Title
A West Virginia buyer purchases a home for $300,000. The state transfer (excise) tax owed at closing is:
A$330
B$660✓ Correct
C$990
D$1,320
Explanation
Transfer tax = ($300,000 ÷ $500) × $1.10 = 600 × $1.10 = $660. Using the values given ($300,000), apply the appropriate formula.. The correct answer is $660.. This is a common calculation on the West Virginia real estate exam.
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