Under Virginia law, recordation taxes and transfer-related taxes apply to a wide variety of real estate transactions. Which of the following transactions is generally NOT subject to Virginia's recordation tax on a deed of conveyance?
Correct Answer
D) A transfer of real property between spouses incident to a divorce decree
Under Va. Code § 58.1-811, Virginia provides an exemption from recordation tax for deeds transferring property between spouses, including transfers incident to a divorce. This is one of several statutory exemptions designed to avoid taxing non-arm's-length family or court-ordered transfers. A divorce-related transfer between spouses qualifies for this exemption.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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