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a. $250,575/100=2,506
2,506x.70=$1,754.2 deed (debit
b. deed: $1,754.2
intangible:$701.75
250,575x.80=200,460
200,460x.002=$400.92
note:
200,460/100=2,005
2,005x.35=$701.75
total:
701.75+400.92 = $1,102.67
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?
A)
$1,960
B)
$2,100
C)
$1,265
D)
$1,365
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?
a. $44,550
b. 54,450
c. 95,000
d. 99,000
b. 265,000
idk
100,000x.20=20,000
20,000+100,000=120,000original price
200,000x.20=40,000
40,000+200,000=240,000+20,000=260,000????
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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
$102,750 ÷ $100 = 1027.5 tax units, which is rounded up (for the fractional part) to 1028.
Documentary stamp tax = 1028 tax units x $.70 = $719.60 (debit to the seller).
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
-$83,255 ÷ $100 = 832.55 tax units, which is rounded up to 833 for the fractional part. Documentary stamp tax on the promissory note = 833 tax units x $0.35 = $291.55 (debit to buyer).
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
-$98,350 ÷ $100 = 983.5 tax units, which is rounded up (for the fractional part) to 984.
-Documentary stamp tax = 984 tax units x $.70 = $688.80 (debit to the seller)
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
-Seller's days: 31 (Jan) + 28 (Feb) + 31 (Mar) + 16 (part of April, including closing day) = 106 days
-Seller's debit: ($1,034 ÷ 365) x 106 days = $300.28
-Since the buyer will pay the annual tax bill, the amount is credited to the buyer.
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
($900 ÷ 31) x 26 days = $754.84 debited the seller and credited to the buyer.
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
-($697 ÷ 31) x 14 days = $314.77 (amount the seller owes the buyer for interest).
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
-Step
1: $220,000 Sales Price ÷ $100 = 2,200 tax units
-Step 2: If any decimals had resulted, the number of tax units would have been increased to the next higher whole number.
-Step 3: 2,200 tax units x $0.70 = $1,540 State documentary tax on the deed, which would normally be a debit to the seller.
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
-($1,800 ÷ 31) x 18 days = $1,045.16 debited the seller and credited to the 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%
--$4,375 ÷ $.70 = 6,250 Tax units; 6,250 Tax units x $100 = $625,000 Purchase Price
-$937.50 ÷ .002 = $468,750 Loan amount LTV = $468,750 Loan ÷ $625,000
Purchase price = .75 or 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
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