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Recommended textbook solutions Elementary Number Theory7th EditionDavid Burton 776 solutions Topology2nd EditionJames Munkres 622 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions 初等数论及其应用6th EditionKenneth H. Rosen 1,872 solutions Recommended textbook solutionsBook of Proof2nd EditionRichard Hammack 340 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Elementary Number Theory7th EditionDavid Burton 776 solutions Introduction to Real Analysis3rd EditionDonald R. Sherbert, Robert G. Bartle 802 solutions a. $250,575/100=2,506 The answer is $397,500. The solution is tract A: 100% - 20% = 80%. 80% = $150,000 sale price. $150,000 ÷ .80 = $187,500 cost. $187,500 cost - $150,000 sale price = $37,500 loss from tract A. Tract B: $300,000 cost + 20% profit = $300,000 × 1.20 = $360,000 sale price. $360,000 sale price to make a 20% profit + $37,500 loss from A = $397,500 target sale price for B. You bought a house in Hernando County, Florida, for $195,000. You gave a deposit of $25,000, assumed a recorded mortgage of $100,000, and signed a new second mortgage and note for $70,000. What are the total state taxes due as a result of this transfer
of property? The answer is $2,100. The solution is $195,000 ÷ $100 = 1,950 taxable units. 1,950 × $.70 rate = $1,365 doc stamps on deed. $100,000 ÷ $100 = 1,000 taxable units. 1,000 × $.35 rate = $350 doc stamps on assumed mortgage note. $70,000 ÷ $100 increments = 700 taxable units. 700 × $.35 rate = $245 doc stamps on new mortgage note. $70,000 new mortgage × $.002 = $140 intangible tax on new mortgage. $1,365 + $350 + $245 + $140 = $2,100. a broker lists a motel for $1,450,000. the listing contract specifies a 6.5% sale commission for the first 600,000 of selling price, 7% for the next 800,000, and 8% commission on all of the actual sale price exceeding 1.4 million. the broker has agreed to a 45-55 split if the property is sold by one of the brokers sales associates. the property is sold "in house". the broker pays the sales associate
involved in the transaction 55% of the total commission. what is the sales associates commission if the associate sells the motel for the listed price? b. 265,000 idk 100,000x.20=20,000 200,000x.20=40,000 Upgrade to remove ads Only ₩37,125/year
Terms in this set (32)What is the purpose of the closing statement? To summarize the financial aspects of a real estate transaction Which entry would normally appear as a debit on the buyer's statement? Intangible tax on a new mortgage Which of the following statements best describes a single-entry item? It must be accounted for in the broker's statement. Which entry would appear as a credit on the seller's closing statement? Purchase price What document stipulates which party pays which expense in a closing? Purchase and sale contract How is an earnest money deposit held in escrow reflected on the closing statement? Credit to the buyer In the absence of any agreement between the parties, who pays the state documentary stamp tax on the deed? The seller
In a residential transaction, how is the brokerage fee reflected on the closing statement? Debit to the seller Which of the following statements is correct regarding a double-entry item on a closing statement? It does not appear in the broker's statement. How is the amount of a new mortgage obtained by the buyer entered on the closing statement? Credit to the buyer How is the amount of a mortgage loan assumed at closing by the buyer entered on the closing statement? Double entry Who is paid the balance due from the buyer that is shown on the closing statement? The closing agent How are expenses that are paid to a third party entered on a closing statement? Debits Complete the statement. When determining prorations on a closing statement, the day of closing: is determined by agreement. Which statement about the broker's portion of the closing statement is true? Receipts and disbursements must equal. Who pays the balance due to the seller? The closing agent If a Broward County property sold for $102,750, what must be paid for the documentary stamp tax on the deed? $719.60 A mortgage in the amount of $83,255 is being assumed. What is the amount of documentary tax on the note that must be paid? $291.55 A Palm Beach County property is being sold for $98,350 and the buyer is taking title subject to an existing mortgage in the amount of $61,220. What is the total amount of taxes due in this transaction? $903.35 A new loan in the amount of $73,550 is being originated. What is the amount of the state intangible tax on the mortgage? $147.10 Real estate taxes in a transaction are $1,034. If a closing is to take place on April 16, with the day of closing belonging to the seller and the 365-day method is used, what is the amount of the proration and how is it handled? Debit the seller and
credit the buyer $300.28 A residence is rented for $900 per month, with the rent due on the first of the month. If the property is sold on March 6, with the day of closing belonging to the buyer, what is the amount of the proration and how is it shown on the closing statement? Debit the seller and credit the buyer $754.84 A buyer has agreed to assume an existing mortgage loan having a balance of $86,346. Interest for the month of closing is $697. Closing is scheduled for July 14, with the day of closing belonging to the seller. How is the interest proration entered on the closing statement? Debit the seller and credit the buyer $314.77 Which of the following statements regarding abstract continuation and title insurance in a real estate closing is correct? The seller can provide either an abstract of title or title insurance as evidence of merchantable or marketable title All of the following items would be prorated on a closing statement, EXCEPT: Title insurance A property in Palm Beach County recently sold for $220,000. The purchaser arranged an 80% loan to finance the property. Calculate the documentary stamp tax on the deed. $1,540 An investor is selling a single family home which is currently occupied by a tenant. The closing is scheduled to take place on May 13th, and the parties have agreed that all prorations will be calculated as of midnight the day of closing. The tenant paid $1,800 rent to the seller on May 1st. How would this proration appear on the closing statement? $1,045.16, debit seller, credit buyer Which tax will not be required in a transaction where the purchaser assumes an existing mortgage? Intangible tax The sale of a property recently closed where the doc stamp tax on the deed was $4,375.00, and the intangible tax on the new mortgage was $937.50. What was the loan-to-value ratio? 75% A vacant parcel of land is located in the NW ¼ of the SE ¼ of the SE ¼ of the SE ¼ of Section #13, T4N, R11E. The land is selling for $35.00 per square foot. Calculate the documentary stamp tax on the deed $26,680.50 A property closes on August 12th. The annual property taxes are $9,750.00. The day of closing belongs to the buyer. How will the proration appear on the closing statement? Debit the Seller and Credit the Buyer $5,956.85. Which of the following correctly lists the taxes that the buyer must typically pay when purchasing a home with a new mortgage? Both the intangible tax and the note tax Students also viewedChapter 1522 terms monica_garrido6 Gold coast chapter 1630 terms mogi81PLUS Chapter 15- Review Questions39 terms isagodoy91 Chapter 1663 terms iamcasssiek Sets found in the same folderCHAPTER 13- Types of Mortgages and Sources of Fina…32 terms breid010 CHAPTER 18- Taxes Affecting Real Estate28 terms breid010 Chapter 1522 terms monica_garrido6 Chapter 7 Quiz42 terms delgadovp Other sets by this creatorCh 1225 terms sabrina_dornau Ch 1025 terms sabrina_dornau CH 1127 terms sabrina_dornau CH 8 REAL ESTATE27 terms sabrina_dornau Verified questions
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applied math James looks in his TV cabinet and finds some old Beta and VHS tapes. He has 17 tapes in all. He finds that he has three more Beta tapes than VHS tapes. How many of each type does he have? Verified answer
applied math Assume that n is a positive integer with n > 1 and that all polynomials have integer coefficients. a) Show that if f(x) and g(x) are congruent as polynomials modulo n, thenfor every integer a, f (a)= g(a) (mod n). b) Show that it is not necessarily true that f(x) and g(x) are congruent as polynomials modulo n if f(a) = g(a) (mod n) for every integer a. Verified answer
applied math Prove the following statements using either direct or contrapositive proof. Sometimes one approach will be much easier than the other. If $a \equiv b$ ( mod n ), then $\operatorname{gcd}(a, n)=\operatorname{gcd}(b, n)$. Verified answer Recommended textbook solutionsBook of Proof2nd EditionRichard Hammack 340 solutions Elementary Differential Geometry2nd EditionBarrett O'Neill 297 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Introduction to Real Analysis4th EditionDonald R. Sherbert, Robert G. Bartle 842 solutions Other Quizlet setsAbnormal psychology exam 218 terms l_hannible Survey of NT - 11/30/201126 terms Reaux Chapter 6 Reconstruction34 terms Ella1392 Mod 4: Chapter Review 13.111 terms FeJi_Inikori Related questionsQUESTION The factors that must be considered when selecting a joint for a particular application include load considerations, environment, materials, cost, and 4 answers QUESTION Which of these is NOT a participant in the secondary market? 6 answers QUESTION when current flow is interrupted by a blow fuse , the circuit becomes 15 answers QUESTION
A sampling technique used to reach a conclusion about a population in terms of a rate (frequency) of occurrence. 3 answers What is the price of state documentary stamp tax on the deed for property that is located outside of Dade County?The Florida documentary stamp tax is applied at a rate of $0.70 per $100 paid for the property in every county except Miami Dade, where it is $0.60 per $100. The documentary stamp tax on a $300,000 home would equal $3,000.00.
What is the price of state documentary stamp tax on the deed for property that is located outside of Dade County quizlet?What is the price of a state documentary stamp tax on the deed for a property located outside of Dade County? a. $0.70 cents per $100 or fraction part thereof based on the sales price of the property.
What is a documentary stamp tax quizlet?documentary stamp. a tax attached to the deed in a real estate transaction. deed. a legal document used to transfer ownership.
What is the price of state documentary stamp tax in Florida?The rate of tax is 35 cents per $100 or portion thereof of the amount secured thereby. There is no cap on the amount of tax due. All parties to the document are liable for the tax regardless of who agrees to pay the tax. If one party is exempt, the tax must be paid by a non-exempt party.
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What is the price of state documentary stamp tax on the deed for property quizlet?
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