In Pennsylvania, the mortgage recording tax (mortgage registry tax) is:
Question & Answer
Review the question and all answer choices
Not applicable
1% of the debt amount
This option incorrectly suggests a 1% tax rate, which might reflect rates in other states but doesn't apply to Pennsylvania. Students often confuse Pennsylvania with neighboring states that do have mortgage recording taxes.
2% of the debt amount
This option suggests a 2% tax rate, which is higher than most states' rates and doesn't apply to Pennsylvania. This may reflect a misunderstanding of maximum tax rates in other jurisdictions.
Varies by county
This option incorrectly suggests variability by county, which might apply to other recording fees but not to Pennsylvania's mortgage recording tax (which doesn't exist).
Why is this correct?
Pennsylvania does not have a mortgage recording tax, though there are nominal recording fees.
Continue Learning
Explore this topic in different formats
More Real Estate Financing Videos
Continue learning with related video lessons
Ready to Ace Your Real Estate Exam?
Access 2,000+ free video lessons covering all 11 exam topics.