Florida Real Estate License Exam | 100 Questions with 100% Correct Answers | Verified | Latest Update
Question : 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?
$1,050.00
$1,260.00
$630.00
$525.00
Correct answer: $1,260.00
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800
(taxable $100 units) x $0.70 = $1260.00 tax due.
Question : 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?
easement appurtenant.
easement by prescription.
easement in gross.
easement by necessity.
Correct answer: 2) easement by prescription
Question : When purchasing an existing condominium, the
buyer must receive which of the following?
Annual operating budget
A prospectus
Rules and Regulations
Articles of incorporation of the association
Correct answer: 4) Articles of incorporation of the association
Question : 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?
$55,500
$95,000
$100,500
$110,000
Correct answer: 2) $95,000
Question : A contract for deed is also called what?
Deed in lieu of foreclosure
Land Contract
Novation
Sales Contract
Correct answer: 2) Land Contract
Question : The cost of borrowing money is called what?
Interest
Leverage