Finance
The Wisconsin Transfer Return Tax (real estate transfer fee) is calculated at:
A$1 per $1,000 of sale price
B$2 per $1,000 of sale price
C$3 per $1,000 of sale price✓ Correct
D$5 per $1,000 of sale price
Explanation
Wisconsin imposes a real estate transfer fee of $3 per $1,000 of the sale price (0.3%) on conveyances of real property.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
State-Specific Concepts
Transfer Tax
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