Exam (elaborations)
Florida Real Estate Exam 2024/2025
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Florida Real Estate Exam 2024/2025
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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?
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