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Florida Real Estate Related Computations and Closing of Transactions — Printable Practice Pack

Florida state portion · Chapter 475 F.S., Rule 61J2 and Florida's transaction-broker relationships · 20 questions · Answer key on the last page · agentexamcoach.com

Name: ______________________Date: ______________Score: _____ / 20
  1. 1.A tenant paid $2,600 rent for the full month. The sale closes on day 14 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$1,386.67
    (B)$1,473.33
    (C)$1,213.33
    (D)$1,212.33
  2. 2.A home sells for $520,000 with a 6% commission and no other closing costs. What does the seller net?
    (A)$31,200
    (B)$483,600
    (C)$520,000
    (D)$488,800
  3. 3.An investor bought a property for $370,000 and wants to sell it for a 20% profit. What must the sale price be?
    (A)$74,000
    (B)$296,000
    (C)$370,000
    (D)$444,000
  4. 4.A home sells for $200,000 at a 6% commission rate. What is the total commission?
    (A)$14,000
    (B)$6,000
    (C)$13,200
    (D)$12,000
  5. 5.What is the primary purpose of the Closing Disclosure form?
    (A)To provide a detailed breakdown of the borrower's credit report
    (B)To secure the loan with collateral
    (C)To transfer ownership of the property
    (D)To outline the terms of the loan and estimate closing costs
  6. 6.Annual property taxes are $7,400. Using a 365-day year, the seller is responsible for 74 days. What is the seller's prorated share?
    (A)$1,500.27
    (B)$5,899.73
    (C)$1,521.11
    (D)$2,108.49
  7. 7.A tenant paid $1,700 rent for the full month. The sale closes on day 22 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$510.00
    (B)$1,246.67
    (C)$1,245.67
    (D)$453.33
  8. 8.A tenant paid $2,800 rent for the full month. The sale closes on day 13 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$1,586.67
    (B)$1,213.33
    (C)$1,212.33
    (D)$1,680.00
  9. 9.A home sells for $350,000 with a 5.5% commission split evenly between the listing and selling brokerages. How much does each brokerage receive?
    (A)$22,750
    (B)$19,250
    (C)$10,588
    (D)$9,625
  10. 10.A property is valued at $220,000 and the buyer makes a 5% down payment, financing the rest. What is the loan-to-value (LTV) ratio?
    (A)90%
    (B)5%
    (C)100%
    (D)95%
  11. 11.A property is valued at $500,000 and the buyer makes a 25% down payment, financing the rest. What is the loan-to-value (LTV) ratio?
    (A)80%
    (B)70%
    (C)25%
    (D)75%
  12. 12.A lender charges 1.5 discount points on a $200,000 loan. One point equals 1% of the loan amount. What is the cost of the points?
    (A)$300
    (B)$6,000
    (C)$5,000
    (D)$3,000
  13. 13.A property is valued at $500,000 and the buyer makes a 25% down payment, financing the rest. What is the loan-to-value (LTV) ratio?
    (A)25%
    (B)80%
    (C)70%
    (D)75%
  14. 14.A home sells for $460,000 with a 5% commission and no other closing costs. What does the seller net?
    (A)$460,000
    (B)$432,400
    (C)$23,000
    (D)$437,000
  15. 15.A tenant paid $1,100 rent for the full month. The sale closes on day 12 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$696.67
    (B)$439.00
    (C)$440.00
    (D)$660.00
  16. 16.An investor bought a property for $360,000 and wants to sell it for a 20% profit. What must the sale price be?
    (A)$360,000
    (B)$288,000
    (C)$72,000
    (D)$432,000
  17. 17.A tenant paid $1,300 rent for the full month. The sale closes on day 23 of a 30-day month. How much unearned rent must the seller credit the buyer at closing?
    (A)$303.33
    (B)$346.67
    (C)$995.67
    (D)$996.67
  18. 18.How many square feet are in a 1.5-acre parcel? (1 acre = 43,560 sq ft)
    (A)32,670 sq ft
    (B)130,680 sq ft
    (C)65,475 sq ft
    (D)65,340 sq ft
  19. 19.A property is valued at $250,000 and the buyer makes a 20% down payment, financing the rest. What is the loan-to-value (LTV) ratio?
    (A)20%
    (B)75%
    (C)85%
    (D)80%
  20. 20.A property valued at $190,000 is assessed at 50% of value. The tax rate is $2.00 per $100 of assessed value. What is the annual tax?
    (A)$3,800
    (B)$190
    (C)$19,000
    (D)$1,900

Answer key & explanations

  1. 1. A — Daily rent = $2,600 ÷ 30 = $86.67. The buyer owns the property for the 16 remaining days, so the credit = $86.67 × 16 = $1,386.67.
  2. 2. D — Commission = $520,000 × 6% = $31,200. Net = $520,000 − $31,200 = $488,800.
  3. 3. D — Sale price = cost × (1 + profit%) = $370,000 × 1.2 = $444,000.
  4. 4. D — Total commission = $200,000 × 6% = $12,000.
  5. 5. D — The Closing Disclosure form provides a detailed breakdown of the loan terms and estimated closing costs, as required by RESPA.
  6. 6. A — Daily tax = $7,400 ÷ 365 = $20.27. Seller's share = $20.27 × 74 = $1,500.27.
  7. 7. D — Daily rent = $1,700 ÷ 30 = $56.67. The buyer owns the property for the 8 remaining days, so the credit = $56.67 × 8 = $453.33.
  8. 8. A — Daily rent = $2,800 ÷ 30 = $93.33. The buyer owns the property for the 17 remaining days, so the credit = $93.33 × 17 = $1,586.67.
  9. 9. D — Total commission = $350,000 × 5.5% = $19,250. Split evenly, each brokerage gets $9,625.
  10. 10. D — Loan = $209,000. LTV = loan ÷ value = $209,000 ÷ $220,000 = 95% (equivalently 100% − 5% down).
  11. 11. D — Loan = $375,000. LTV = loan ÷ value = $375,000 ÷ $500,000 = 75% (equivalently 100% − 25% down).
  12. 12. D — 1.5 points = 1.5% of $200,000 = $3,000.
  13. 13. D — Loan = $375,000. LTV = loan ÷ value = $375,000 ÷ $500,000 = 75% (equivalently 100% − 25% down).
  14. 14. D — Commission = $460,000 × 5% = $23,000. Net = $460,000 − $23,000 = $437,000.
  15. 15. D — Daily rent = $1,100 ÷ 30 = $36.67. The buyer owns the property for the 18 remaining days, so the credit = $36.67 × 18 = $660.00.
  16. 16. D — Sale price = cost × (1 + profit%) = $360,000 × 1.2 = $432,000.
  17. 17. A — Daily rent = $1,300 ÷ 30 = $43.33. The buyer owns the property for the 7 remaining days, so the credit = $43.33 × 7 = $303.33.
  18. 18. D — 1.5 × 43,560 = 65,340 sq ft.
  19. 19. D — Loan = $200,000. LTV = loan ÷ value = $200,000 ÷ $250,000 = 80% (equivalently 100% − 20% down).
  20. 20. D — Assessed = $190,000 × 50% = $95,000. Tax = ($95,000 ÷ 100) × 2 = $1,900.

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