Transfer Of TitleTaxesEASY
An office manager in Cary is reviewing the North Carolina conveyance tax at $1 per $500. Which statement is NOT accurate under current North Carolina law?
Correct Answer
D) The closing attorney pays the conveyance tax from personal funds under current North Carolina rules
This choice is the inaccurate statement. The other three options describe the current North Carolina rule or guidance more accurately.
Answer Options
A
The conveyance tax is associated with the deed conveyance and recording process, not with annual ad valorem property taxation.B
Because the statute uses 'or fractional part,' any amount over an even $500 increment rounds up to another dollar of tax.C
Exam questions on conveyance tax commonly test the formula and who pays it, not obscure local variations that do not exist in North Carolina's statewide tax.D
The closing attorney pays the conveyance tax from personal funds under current North Carolina rulesWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Transfer Of Title Question
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Background Knowledge for Transfer Of Title
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Real World Application in Transfer Of Title
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Common Mistakes to Avoid on Transfer Of Title Questions
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Related Topics & Key Terms
Key Terms:
conveyance_taxcore_rules_and_definitionsdifficulty_2excise_taxnc_conveyance_tax_one_per_five_hundrednc_property_tax_conveyance_taxnc_statenorth_carolinareversestatewidetransferor
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