Transfer Of TitleTaxesHARD
A compliance reviewer in Greenville is preparing an exam-prep note on North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
D) Math questions may combine conveyance tax and prorations, so the examinee must identify which formula applies to which line item.
Math questions may combine conveyance tax and prorations, so the examinee must identify which formula applies to which line item.
Answer Options
A
The same $1 per $500 formula applies to both conveyance tax and annual tax proration.B
Prorations and conveyance tax are the same charge under different names.C
Any settlement tax line in North Carolina is paid solely by the transferor.D
Math questions may combine conveyance tax and prorations, so the examinee must identify which formula applies to which line item.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
closing_creditsconveyance_tax_mathdifficulty_5mathnc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinascenario_traps_edge_cases_and_enforcement
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