Florida Real Estate : Math Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

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Florida Real Estate : Math Questions And

Correct Detailed Answers (Verified Answers) Already Graded A+

• Calculate the number of acres in a property with the following legal description : SW

1/4 of the SW 1/4 of the SE 1/4 and E 1/2 of the E 1/2 of the SW 1/4 of Sec. 23

• .625
• 1.25
• 2.50
• 50

Correct Answer: d. 50

• A $40,000 mortgage for a term of 20 years was originated at an 8% interest rate, with

monthly mortgage payment of $334.58. What is the principal balance remaining after the second monthly payment?

• $39,932.09
• $39,863.72
• $39,794.90
• $39,725.62

Correct Answer: b. $39,863.72

• If the price of a lot is $9 per square foot, how many square feet are contained in a lot

that sells for $27,000?

• 243
• 3,000
• 30,000
• 33,333

Correct Answer: b. 3,000

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• What is the tax levy of a non-homestead property that is assessed at $36,000 with a

tax rate of 11 mills?

• $110.00
• $115.50
• $121.00
• $396.00

Correct Answer: d. $396.00

• A property has annual taxes of $450. The date of closing of October 12th is charged

to the seller. Using the 365-day proration method, what is the amount of the tax proration, and how should it be entered on the closing statement?

• $98.63 credit seller, debit buyer
• $98.63 credit buyer, debit seller
• $351.37 credit seller, debit buyer
• $351.37 credit buyer, debit seller

Correct Answer: d. $351.37 credit buyer, debit seller

• Broker Max agrees to pay sales associate Sally 60% of all sales commissions she

generates for the office. If Sally sells a property for $72,000 at a 7% brokerage commission, what is her share of the commission?

• $5,040
• $3,024
• $2,520
• $2,016

Correct Answer: b. $3,024

• A buyer purchased a property for $65,000. A lending instituition loaned the buyer

80% of the purchase price and charged a discount of 4 points. What is the amount of the discount paid?

• $13,000
• $2,600

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• $2,080
• $208

Correct Answer: c. $2,080

• A property sold for $90,000 and has an 85% mortgage. What is the total amount of

the state documentary stamp tax on the note and intangible tax on the mortgage?

• $153.00
• $261.75
• $267.75
• $420.75

Correct Answer: d. $420.75

• An investor purchased a property for $350,000. The investor made a cash down

payment of $150,000 and obtained a mortgage of $200,000. The effective gross income for the property is $67,000 and the operating expenses are $25,000. What is the loan to value ratio?

• 42.86%
• 57.14%
• 19.14%
• 7.14%

Correct Answer: b. 57.14%

• Based on the information in the previous question, what is the operating expense

ratio?

• 16.67%
• 25.37%
• 37.31%
• 59.52%

Correct Answer: c. 37.31%

• A property is rectangular and measures 500 x 640'. How many acres does it contain?

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• 5.21
• 6.38
• 7.35
• 9.24

Correct Answer: c. 7.35

• A homestead property is assessed at $65,000. The tax rate is 22 mills, the city rate is
• mills, the county rate is 6 mills, and school rate is 9 mills? How much are the

annual taxes on the property?

• $1,430
• $685
• $869
• $440

Correct Answer: b. $685

• A property has a value of $240,000 and a net operating income of $30,000. What is

the rate of capitalization?

• 12.5%
• 15.5%
• 16.3%
• 17.5%

Correct Answer: a. 12.5%

• A tenant paid rent of $450 on the first of the month when due. The property sold on

March 12th and the day of closing belonged to the seller. What is the amount of the rent proration, and how should it be entered on the closing statement?

• $174.19, debit seller, credit buyer
• $174.19, debit buyer, credit seller
• $275.81, debit seller, credit buyer
• $275.81, debit buyer, credit seller