FL RE Exam: Practice MATH Questions Correctly
Answered 100%!!!
What did a new home cost if the state documentary stamp tax on the deed was
$546?
A. $74,500
B. $78,000
C. $156,000
D. $273,000
B. $78,000 Unit 14
Sales Price / 100 = taxable units (round up) x $0.70 rate = Doc Stamps
$546 doc stamps / $0.70 rate x 100 table units = $78,000 sale price
The county property appraiser has assigned an assessed value of $117,500. The
property is homesteaded. The county charges the following millage rates: city 10
mills, county 10 mils, and school district 6 mills. Calculate the property taxes.
A. $1,755
B. $1,905
C. $2,405
D. $2,845
B. $1,905 Unit 18
$117,500 assessed value - $50,000 homestead exemption = $67,500 taxable value for
city and county taxes:
$67,500 x .020 mills = $1,350 taxes due for city and county taxes
$117,500 assessed value - $25,000 homestead exemption = $92,500 taxable value for
school board taxes:
$92,500 x .006 mills = $555 taxes due for school board
,$1,350 + $555 = $1,905 total taxes due
A home has been assessed by the county property appraiser at $116,000. The
property is homesteaded. The city, county, and school board district each charge
10 mills for a total millage rate of 30 mills. How much is saved by the homestead
exemption?
A. $750
B. $1,250
C. $1,500
D. $3,480
B. $1,250 Unit 18
$50,000 exemption for city and county x .020 mills = $1,000 savings
$25,000 exemption for school x .010 mills = $250 savings
$1,000 + $250 = $1,250 total savings
An investor originally purchased a new home for $249,000. During the period of
ownership, the investor spent $21,000 in capital improvements. The investor sold
the home 15 years later for $325,000. The investor paid a brokerage fee of 6% of
the sale price and paid out-of-pocket closing costs totaling $3,500. What is the
investors capital gain from the sale?
A. $32,000
B. $51,500
C. $53,000
D. $78,000
A. $32,000 Unit 18
$325,000 sales price x .06 = $19,500 broker commission
$325,000 sales price - $19,500 - $3,500 closing costs = $302,000 amount realized from
,sale
$249,000 purchase price + $21,000 capital improvements = $270,000 adjusted basis
$302,000 - $270,000 = $32,000 capital gain
A lot is 180' x 225'. The city is assessing all lot owners on the street based on $24
per foot for paving. The city has agreed to pay 30% of the paving cost. What is the
paving assessment for this lot?
A. $648
B. $1,296
C. $1,512
D. $3,024
C. $1,512 Unit 18
180' x $24 per foot = $4,320 total paving cost
$4,320 x .70 = $3,024 total private share (not paid by city)
$3, = $1,512 owner's side of street
A home sold for $108,400. The buyers paid $18,400 down, assumed a recorded
mortgage of $72,000, and gave the sellers a new second mortgage in the amount
of $18,000. How much will the buyers pay for state taxes resulting from these
financial arrangements?
A. Intangible tax $36; documentary stamp tax $252
B. Intangible tax $36; documentary stamp tax $315
C. Intangible tax $144; documentary stamp tax $230.40
D. Intangible tax $180; documentary stamp tax $63
B. Intangible tax $36; documentary stamp tax $315 Unit 14
Intangible taxes:
$18,000 second mortgage (new) x .002 rate = $36
Doc stamps:
, $72,000 assumed mortgage (existing) + $18,000 second mortgage (new) = $90,000
total loans
$90, = 900 taxable units x $0.35 rate = $315 doc stamps on note
??? Why no 0.70 calc ???
A married couple purchased a home for $287,500, made a down payment of 25%,
and secured a new conventional mortgage loan for the balance. Calculate the
intangible taxes due.
A. $575.00
B. $431.25
C. $251.65
D. $143.75
B. $431.25 Unit 12, 14
$287,500 x .75 LTV ratio = $215,625 mortgage loan
$215,625 x .002 rate = $431.25 Intangible tax
The documentary stamp tax charged for a property is $825.30. Calculate the
purchase price.
A. $57,750
B. $82,500
C. $117,900
D. $195,835
C. $117,900 Unit 14
Sales Price / 100 = taxable units (round up) x $0.70 rate = Doc Stamps
$825.30 doc stamps / $0.70 = $1,179
$1,179 x 100 taxable units = $117,900 sales/purchase price
A corporation purchased 1,600 acres of Florida ranch land from a foreign seller
for $5,600,000. Current law requires the buyer to withhold from the seller and pay
to the IRS approximately
Answered 100%!!!
What did a new home cost if the state documentary stamp tax on the deed was
$546?
A. $74,500
B. $78,000
C. $156,000
D. $273,000
B. $78,000 Unit 14
Sales Price / 100 = taxable units (round up) x $0.70 rate = Doc Stamps
$546 doc stamps / $0.70 rate x 100 table units = $78,000 sale price
The county property appraiser has assigned an assessed value of $117,500. The
property is homesteaded. The county charges the following millage rates: city 10
mills, county 10 mils, and school district 6 mills. Calculate the property taxes.
A. $1,755
B. $1,905
C. $2,405
D. $2,845
B. $1,905 Unit 18
$117,500 assessed value - $50,000 homestead exemption = $67,500 taxable value for
city and county taxes:
$67,500 x .020 mills = $1,350 taxes due for city and county taxes
$117,500 assessed value - $25,000 homestead exemption = $92,500 taxable value for
school board taxes:
$92,500 x .006 mills = $555 taxes due for school board
,$1,350 + $555 = $1,905 total taxes due
A home has been assessed by the county property appraiser at $116,000. The
property is homesteaded. The city, county, and school board district each charge
10 mills for a total millage rate of 30 mills. How much is saved by the homestead
exemption?
A. $750
B. $1,250
C. $1,500
D. $3,480
B. $1,250 Unit 18
$50,000 exemption for city and county x .020 mills = $1,000 savings
$25,000 exemption for school x .010 mills = $250 savings
$1,000 + $250 = $1,250 total savings
An investor originally purchased a new home for $249,000. During the period of
ownership, the investor spent $21,000 in capital improvements. The investor sold
the home 15 years later for $325,000. The investor paid a brokerage fee of 6% of
the sale price and paid out-of-pocket closing costs totaling $3,500. What is the
investors capital gain from the sale?
A. $32,000
B. $51,500
C. $53,000
D. $78,000
A. $32,000 Unit 18
$325,000 sales price x .06 = $19,500 broker commission
$325,000 sales price - $19,500 - $3,500 closing costs = $302,000 amount realized from
,sale
$249,000 purchase price + $21,000 capital improvements = $270,000 adjusted basis
$302,000 - $270,000 = $32,000 capital gain
A lot is 180' x 225'. The city is assessing all lot owners on the street based on $24
per foot for paving. The city has agreed to pay 30% of the paving cost. What is the
paving assessment for this lot?
A. $648
B. $1,296
C. $1,512
D. $3,024
C. $1,512 Unit 18
180' x $24 per foot = $4,320 total paving cost
$4,320 x .70 = $3,024 total private share (not paid by city)
$3, = $1,512 owner's side of street
A home sold for $108,400. The buyers paid $18,400 down, assumed a recorded
mortgage of $72,000, and gave the sellers a new second mortgage in the amount
of $18,000. How much will the buyers pay for state taxes resulting from these
financial arrangements?
A. Intangible tax $36; documentary stamp tax $252
B. Intangible tax $36; documentary stamp tax $315
C. Intangible tax $144; documentary stamp tax $230.40
D. Intangible tax $180; documentary stamp tax $63
B. Intangible tax $36; documentary stamp tax $315 Unit 14
Intangible taxes:
$18,000 second mortgage (new) x .002 rate = $36
Doc stamps:
, $72,000 assumed mortgage (existing) + $18,000 second mortgage (new) = $90,000
total loans
$90, = 900 taxable units x $0.35 rate = $315 doc stamps on note
??? Why no 0.70 calc ???
A married couple purchased a home for $287,500, made a down payment of 25%,
and secured a new conventional mortgage loan for the balance. Calculate the
intangible taxes due.
A. $575.00
B. $431.25
C. $251.65
D. $143.75
B. $431.25 Unit 12, 14
$287,500 x .75 LTV ratio = $215,625 mortgage loan
$215,625 x .002 rate = $431.25 Intangible tax
The documentary stamp tax charged for a property is $825.30. Calculate the
purchase price.
A. $57,750
B. $82,500
C. $117,900
D. $195,835
C. $117,900 Unit 14
Sales Price / 100 = taxable units (round up) x $0.70 rate = Doc Stamps
$825.30 doc stamps / $0.70 = $1,179
$1,179 x 100 taxable units = $117,900 sales/purchase price
A corporation purchased 1,600 acres of Florida ranch land from a foreign seller
for $5,600,000. Current law requires the buyer to withhold from the seller and pay
to the IRS approximately
