FL Real Estate Laws & Rules
Additional Knowledge Sources - ANS-- The Bureau of Education and Testing's Candidate
Information Booklet for Sales Associates Examination lists 38 Florida statutes and one rule of
the Florida Administrative Code which can be examined on the nation license examination.
(www.Myfloridalicense.Com/dbpr/servop/trying out/documents/RE_sales_cib.Pdf)
- Students are also responsible for knowing the main factors related to 8 Federal policies
- (www.Leg.Kingdom.Fl.Us/statutes/)
- For the most up to date version of the administrative rules of the Florida Real Estate
Commission, go to www.Flrules.Org/gateway/Division.Asp?DivID=283
Chapter 18
A development company bought 1,000 acres of land from a foreign supplier for $2,850,000.
Federal regulation calls for the buyer to withhold from the seller and pay to the IRS about how
much? - ANS-$427,500. The IRS requires that customers withhold 15% of the gross sale fee.
The consumer should file the acquisition and pay the IRS the amount withheld.
Chapter 18
Find capital benefit from sale
Homeowners at the beginning purchased a brand new domestic for $225,000. Owners spent
$27,500 in capital enhancements.
Owners sold the house 15 years later for $359,900. They paid a brokerage charge of five% of
the sale charge and paid out-of-pocket remaining prices totaling $2,550 - ANS-$225,000 +
$27500 = $252,500
$359,900(.05) = $17,995 + $2550 = $20545
$359,900 - 20,545 = $339,355
$339,355 - 252,500 = $86,855
Chapter 18
Find the annual depreciation deduction
A house is bought for $524,900, residence is worth eighty% of the charge. What is the yearly
depreciation deduction? - ANS-(Purchase rate x % of rate allotted to the house (not land)) / # of
yrs (27.Five for business or 39 yrs residential)
$524900 (eighty%) / 39 yrs = $10767
Chapter 18
Summary of Tax Exemptions - ANS-
Chapter 18
, Tax advantages of homeownership do NOT include - ANS-The answer is exclusion of gain from
the sale of a main house as much as $500,000 for a single person. The IRS lets in an exclusion
of as much as $250,000 of gain ($500,000 for married couples filing a joint go back) realized on
the sale of a fundamental residence.
Chapter 18
The simply fee of a homesteaded belongings in Leon County is $425,800. The Consumer Price
Index for the preceding 12 months become 2%. The assets's just price expanded the most
allowed below the Save Our Home Amendment. By what number did the just fee growth? -
ANS-2%. The just cost of homesteaded assets may be elevated either three% annually (based
on the assessed price for the preceding year) or by way of the proportion trade of the Consumer
Price Index for the preceding yr, whichever is LESS.
Chapter 18
The Value Adjustment Board is composed of - ANS-one college board member, county
commissioners, and two citizen contributors.
Chapter 18
Formula for Capitalization charge - ANS-Net working income (NOI) ÷ fee (sale charge) = usual
capitalization price (OAR)
Chapter 18
If a request for a property tax adjustment is denied, what is the property proprietor's subsequent
step? - ANS-File a petition with the Value Adjustment Board
Chapter 19
Calculate # of lots consistent with Acre
A tract of 100 acres is being advanced. The relevant zoning requires no less than nine,000
rectangular feet according to residential lot. The developer must set apart 25% of the acreage
for streets, sidewalks and so forth. How many buildable lots are within the tract? - ANS-Square
toes to be had for plenty according to acre × wide variety of acres in tract = general to be had
rectangular feet
Total to be had rectangular ft ÷ minimum square toes in step with lot = quantity of buildable
plenty in tract
100 acres x 43,560 squaretoes = 4,356,000 squaretoes (.75 (25% certain public vicinity)) =
three,267, = 363 lots
Chapter 2
Which financial savings association is federally chartered? - ANS-Federal financial savings
institutions (additionally called "federal thrifts" or "federal Savings Banks"), inside the United
States, are establishments chartered by using the Office of Thrift Supervision which is now
administered by using Office of the Comptroller of the Currency after the corporations merged.
Additional Knowledge Sources - ANS-- The Bureau of Education and Testing's Candidate
Information Booklet for Sales Associates Examination lists 38 Florida statutes and one rule of
the Florida Administrative Code which can be examined on the nation license examination.
(www.Myfloridalicense.Com/dbpr/servop/trying out/documents/RE_sales_cib.Pdf)
- Students are also responsible for knowing the main factors related to 8 Federal policies
- (www.Leg.Kingdom.Fl.Us/statutes/)
- For the most up to date version of the administrative rules of the Florida Real Estate
Commission, go to www.Flrules.Org/gateway/Division.Asp?DivID=283
Chapter 18
A development company bought 1,000 acres of land from a foreign supplier for $2,850,000.
Federal regulation calls for the buyer to withhold from the seller and pay to the IRS about how
much? - ANS-$427,500. The IRS requires that customers withhold 15% of the gross sale fee.
The consumer should file the acquisition and pay the IRS the amount withheld.
Chapter 18
Find capital benefit from sale
Homeowners at the beginning purchased a brand new domestic for $225,000. Owners spent
$27,500 in capital enhancements.
Owners sold the house 15 years later for $359,900. They paid a brokerage charge of five% of
the sale charge and paid out-of-pocket remaining prices totaling $2,550 - ANS-$225,000 +
$27500 = $252,500
$359,900(.05) = $17,995 + $2550 = $20545
$359,900 - 20,545 = $339,355
$339,355 - 252,500 = $86,855
Chapter 18
Find the annual depreciation deduction
A house is bought for $524,900, residence is worth eighty% of the charge. What is the yearly
depreciation deduction? - ANS-(Purchase rate x % of rate allotted to the house (not land)) / # of
yrs (27.Five for business or 39 yrs residential)
$524900 (eighty%) / 39 yrs = $10767
Chapter 18
Summary of Tax Exemptions - ANS-
Chapter 18
, Tax advantages of homeownership do NOT include - ANS-The answer is exclusion of gain from
the sale of a main house as much as $500,000 for a single person. The IRS lets in an exclusion
of as much as $250,000 of gain ($500,000 for married couples filing a joint go back) realized on
the sale of a fundamental residence.
Chapter 18
The simply fee of a homesteaded belongings in Leon County is $425,800. The Consumer Price
Index for the preceding 12 months become 2%. The assets's just price expanded the most
allowed below the Save Our Home Amendment. By what number did the just fee growth? -
ANS-2%. The just cost of homesteaded assets may be elevated either three% annually (based
on the assessed price for the preceding year) or by way of the proportion trade of the Consumer
Price Index for the preceding yr, whichever is LESS.
Chapter 18
The Value Adjustment Board is composed of - ANS-one college board member, county
commissioners, and two citizen contributors.
Chapter 18
Formula for Capitalization charge - ANS-Net working income (NOI) ÷ fee (sale charge) = usual
capitalization price (OAR)
Chapter 18
If a request for a property tax adjustment is denied, what is the property proprietor's subsequent
step? - ANS-File a petition with the Value Adjustment Board
Chapter 19
Calculate # of lots consistent with Acre
A tract of 100 acres is being advanced. The relevant zoning requires no less than nine,000
rectangular feet according to residential lot. The developer must set apart 25% of the acreage
for streets, sidewalks and so forth. How many buildable lots are within the tract? - ANS-Square
toes to be had for plenty according to acre × wide variety of acres in tract = general to be had
rectangular feet
Total to be had rectangular ft ÷ minimum square toes in step with lot = quantity of buildable
plenty in tract
100 acres x 43,560 squaretoes = 4,356,000 squaretoes (.75 (25% certain public vicinity)) =
three,267, = 363 lots
Chapter 2
Which financial savings association is federally chartered? - ANS-Federal financial savings
institutions (additionally called "federal thrifts" or "federal Savings Banks"), inside the United
States, are establishments chartered by using the Office of Thrift Supervision which is now
administered by using Office of the Comptroller of the Currency after the corporations merged.
