Florida Real Estate : Math Flashcards

Florida Real Estate : Math Flashcards

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?a. $13,000b. $2,600c. $2,080d. $208

$2,080

The income generated by a property is $20,000, and the rate of return is 10%. What is the value of the property?a.$100,00b. $150,000c. $175,000d. $200,000

$200,000

What is the tax levy of a non-homestead property that is assessed at $36,000 with a tax rate of 11 mills?a.$110.00b. $115.50c. $121.00d. $396.00

$396.00

Broker Max agrees to pay sales associate Sally 60% of all sales commissions she generates for the office. If Sallys sells a property for $72,000 at a 7% brokerage commission, what is her share of the commission?a.$5,040b. $3,024c. $2,520d. $2,016

$3,024

A property has a value of $240,000 and a net operating income of $30,000. What is the rate of capitalization?a.

12.5%b. 15.5%c. 16.3%d. 17.5% 12.5% Based on the information in the previous question, what is the operating expense ratio?a. 16.67%b. 25.37%c.

37.31%d. 59.52%

37.31%

A homestead property is assessed at $65,000. The tax rate is 22 mills, the city rate is 7 mills, the county rate is 6 mills, and school rate is 9 mills? How much are the annual taxes on the property?a. $1,430b. $685c. $869d. $440 $685 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?a. $174.19, debit seller, credit buyerb. $174.19, debit buyer, credit sellerc. $275.81, debit seller, credit buyerd. $275.81, debit buyer, credit seller $275.81, debit seller, credit buyer 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?a.$98.63 credit seller, debit buyerb. $98.63 credit buyer, debit sellerc. $351.37 credit seller, debit buyerd. $351.37 credit buyer, debit seller $351.37 credit buyer, debit seller 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?a. $39,932.09b. $39,863.72c.$39,794.90d. $39,725.62

$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?a. 243b.3,000c. 30,000d. 33,333 3,000 As 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?a.

42.86%b. 57.14%c. 19.14%d. 7.14%

57.14%

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?a.$153.00b. $261.75c. $267.75d. $420.75

$420.75

A property is rectangular and measures 500 x 640'. How many acres does it contain?a. 5.21b. 6.38c. 7.35d. 9.24 7.35 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. 23a. .625b.

1.25c. 2.50d. 50 50