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Florida Real Estate Need-to-Knows 2020.
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Florida Real Estate Need-to-Knows 2020.
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Florida Real Estate Need-to-Knows 2020- ANS-The first step in protesting the assessed value of real property is to contact
the county property appraiser or a representative. (Unit 18 Page 405, lines
24-27)
.00926 - ANS-9.26 mills converted to the decimal form is ________
(Unit 18, Page 411, Lines 37-43)
(1) .002
(2) $200.00 - ANS-What is the state's intangible tax on a new mortgage of $100,000;
$100,000 X (1)_____ = (2) $_________
(Chap. 14, Page 338 lines 1-9)
(1) $31.6667 / per day
(2) $665.00 is due from the seller to the buyer - ANS-A residential investment property
is scheduled to close on September 10.
The seller collected rent for September at the first of the month amounting to $950.
According to the contract for sale and purchase the buyer is due the rental income for
the day closing.
Calculate the proration:
Calculate Day Rate:
(1) $950 (divided by) 30 days = $xx.xxxx (per day)
(2) Then multiply by 21 days = $xxx.xx
(Chap. 14, Page 334 lines 5-18)
(1) $7,437.50 annual interest
(2) $20.376712 daily rate of interest
(3) 224.14
(4) Seller
,(5) Buyer - ANS-Closing date is Feb. 12.
The buyer is assuming the seller's mortgage loan that has principal balance of $212,500
at 3.5% interest.
The day of closing is charged to the buyer.
What is the proration and how is it entered on the
closing statement disclosure?
Step 1
$212,500 mortgage loan X .035 =
(1) $X,XXX.xx annual interest
Step 2
(answer to 1) / 365 days =
(2) $XX.xxxxxx daily rate of interest
Step 3
(answer to 2) X 11 days =
(3) $XXX.xx
Final proration is:
Debited to (4) _____er
Credit (5) _____er
(Chap. 14, Page 335 lines 1-12)
(1) 36 Sections
(2) 1 Square Mile or 640 - ANS-T3N, R1W is the description of the township located due
east of T3N, R2W.
(1) T- 36 miles Each T has __ sections
(2) Each section is ___ square mile or _____acres
(Unit 10, Page 231 lines 1-11)
(1) Buyer
, (2) Seller
(3) Closing - ANS-A new purchase money mortgage (PPM) is entered as a debit to the
(1) _____er
a credit to the (2) _____er
on a (3) ____________ statement.
(Chap. 14, Page 340 lines grey box
(1) closing disclosure
(2) Buyer
(3) Seller - ANS-If applicable, prorated rental income paid in advance will normally
appear on the (1) _________ ___________ as a credit to the (2) _____er and a debit to
the (3) ______er.
(Chap. 14, Page 334 2 nd grey box)
(1) SELLER
(2) BUYER - ANS-A contract for deed allows the legal title to remain with the (1)
_______ er (seller/buyer)
while the (2) _______er (seller/buyer) has equitable title in the property.
(Unit12 Page 283 lines 22-32)
(1) Seller
(2) Buyer - ANS-The interest on an assumed mortgage is entered on the closing
statement as a debit to the (1)______er and a credit to the (2)______er.
(Chap. 14, Page 335 grey box)
$285,900/100 = 2,859 X .70 (stamp tax) $ 2,001.30
$157,310/100 = 1,573.30 X .35= $ 550.90
$100,000/100=1000 X .35 = $ 350.
$100,000 X .002 = (intangible tax) $ 200.00
$2001.30 + 550.90 + 350 + 200 $ 3,102.20 - ANS-Calculate all applicable documentary
stamp taxes and intangible taxes for property taxes for property located in Leon County.
Purchase price $285,900
Earnest money deposit $ 15,900
Recorded 1 st mortgage $157,310
Second mortgage (new) $100,000
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