Alabama Post Licensure Practice Exam

To determine Anne and Ben Bier's share of the cost for the home using the 365-day method, we first need to calculate the daily tax amount. The annual property tax is $1,047, so we would calculate the daily tax as follows:

1. **Calculate daily tax**:

- Divide the annual tax by 365 days:

\[

\text{Daily Tax} = \frac{1,047}{365} \approx 2.87

\]

2. **Determine the number of days for which they will owe taxes**:

- If the closing date is May 7, we need to count the number of days from the closing date until the end of the year. From May 7 to December 31, there are 238 days remaining in the year.

3. **Calculate their share of the tax for the days they will own the property**:

- Multiply the daily tax by the number of days:

\[

\text{Share of Cost} = 2.87 \times 238 \approx 682.70

\]

By performing this calculation, we arrive at the amount of $682.70, confirming that this is