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Florida Real Estate Class Final Exam(question and answers) 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.
Question: 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
CORRECT ANSWER : $1,260.00
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.
Question: This is called what?
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1) easement appurtenant 2) easement by prescription 3) easement in gross 4) easement by necessity
CORRECT ANSWER : 2) easement by prescription
Question: 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
CORRECT ANSWER : 4) Articles of incorporation of the
association
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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.
Question: How much will his taxable value be for county taxes?
1) $55,500
2) $95,000
3) $100,500
4) $110,000
CORRECT ANSWER : 2) $95,000
Question: A contract for deed is also called what?
1) Deed in lieu of foreclosure 2) Land Contract 3) Novation 4) Sales Contract
CORRECT ANSWER : 2) Land Contract
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Question: The cost of borrowing money is called what?
1) Interest 2) Leverage 3) Capitol 4) Credit
CORRECT 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.
Question: How much will the buyer be credited and the seller be
debited?