How the exam uses intangible recording tax
Using the sale price instead of the loan amount. This is the single most reliable Georgia math trap on the exam.
This is one of the terms Georgia handles differently from most states. If you prepared with a national question bank, check what it taught you here, because that is exactly where the state supplement takes marks back. The full list of Georgia differences.
What a question on this looks like
Georgia secures real estate loans using a:
Answer: Security deed Georgia is a title theory state and uses a security deed, sometimes called a deed to secure debt. Legal title passes to the lender until the debt is repaid.
Related terms
- Transfer tax: A Georgia tax on the transfer of real property, calculated on the sale price at one dollar per thousand dollars of consideration.
Drill this in context at practice by topic, or browse the full glossary.