Exam (elaborations)
Florida Real Estate Exam 2024/2025
- Course
- Institution
Florida Real Estate Exam 2024/2025
[Show more]
Content preview
Florida Real Estate Exam 2024/2025Linda 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 - Precise Answer ✔✔$1,260.00
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. - Precise Answer ✔✔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 - Precise Answer ✔✔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 - Precise Answer ✔✔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 - Precise Answer ✔✔2) Land Contract
,The cost of borrowing money is called what?
1) Interest
2) Leverage
3) Capitol
4) Credit - Precise Answer ✔✔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 - Precise Answer ✔✔$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 - Precise Answer ✔✔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 - Precise Answer ✔✔All of the above
Which statute covers the procedural process?
1) Chapter 455
2) Chapter 120
3) Chapter 475
4) Chapter 20 - Precise Answer ✔✔Chapter 120
Which brokerage relationship duty applies to all three types of brokerage
relationships?
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 or Stuvia-credit 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 YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76747 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now