Florida Real Estate State Exam 130 Questions And Answers
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Terms in this set
130
Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be?
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00
$1,260.00
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due.
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due.
Heather has been using a roadway at the back of the 22 acres Pam owns. She has been driving down the roadway almost every day without permission for over 20 years. This is called what?
1) easement appurtenant.
2) easement by prescription.
3) easement in gross.
4) easement by necessity.
1) easement appurtenant.
2) easement by prescription.
3) easement in gross.
4) easement by necessity.
2) easement by prescription
When purchasing an existing condominium, the buyer must receive which of the following?
1) Annual operating budget
2) A prospectus
3) Rules and Regulations
4) Articles of incorporation of the association
1) Annual operating budget
2) A prospectus
3) Rules and Regulations
4) Articles of incorporation of the association
4) Articles of incorporation of the association
Todd is an 89-year-old veteran that is legally blind and partially disabled due to injuries he sustained in the military. His home has an assessed value of $150,500. How much will his taxable value be for county taxes?
1) $55,500
2) $95,000
3) $100,500
4) $110,000
1) $55,500
2) $95,000
3) $100,500
4) $110,000
2) $95,000
A contract for deed is also called what?
1) Deed in lieu of foreclosure
2) Land Contract
3) Novation
4) Sales Contract
1) Deed in lieu of foreclosure
2) Land Contract
3) Novation
4) Sales Contract
2) Land Contract
The cost of borrowing money is called what?
1) Interest
2) Leverage
3) Capitol
4) Credit
1) Interest
2) Leverage
3) Capitol
4) Credit
1) Interest
Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited?
1) $371.80
2) $368.51
3) $375.18
4) $370.36
1) $371.80
2) $368.51
3) $375.18
4) $370.36
$368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51
A Landlord has how many days to return a tenants security deposit if not making a claim on the deposit?
1) 10
2) 15
3) 30
4) 45
1) 10
2) 15
3) 30
4) 45
15
A buyer's loan payment will change if which of the following occur?
1) They have an ARM loan
2) The property taxes increase or decrease
3) Their homeowner's insurance increases
4) All of the above
1) They have an ARM loan
2) The property taxes increase or decrease
3) Their homeowner's insurance increases
4) All of the above
All of the above
Which statute covers the procedural process?
1) Chapter 455
2) Chapter 120
3) Chapter 475
4) Chapter 20
1) Chapter 455
2) Chapter 120
3) Chapter 475
4) Chapter 20
Chapter 120