Transfer Of TitleTaxesEASY
An exam-prep coach in Huntersville is checking a study outline on North Carolina tax calculations, conveyance tax, and prorations. Which statement is NOT accurate under current North Carolina law?
Correct Answer
D) Prorations and conveyance tax are the same charge under different names 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
Under Form 2-T, real property taxes are ordinarily prorated on a calendar-year basis as of settlement unless the parties agree otherwise.B
If taxes have not yet been paid, the usual settlement adjustment gives the buyer a credit for the seller's share through settlement and leaves the buyer to pay the full bill when due.C
If the seller has already paid the annual property taxes, settlement proration usually credits the seller for the buyer's share after settlement.D
Prorations and conveyance tax are the same charge under different names 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:
closing_creditsdifficulty_2mathnc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathprorationreversescenario_traps_edge_cases_and_enforcement
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