Exam (elaborations)
Florida Real Estate Need-to-Knows 2020.
- Module
- SRU ELEC340 F
- Institution
- SRU ELEC340 F
Florida Real Estate Need-to-Knows 2020.
[Show more]
Seller
Follow
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.46. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now