1. Linda purchases property in Escambia County from Susan. Linda has
$30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and
there is no other consideration for the transfer. How much will the doc stamp tax on the
deed be?
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00: $1,260.00
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70
= $1260.00 tax due.
2. Heather has been using a roadway at the back of the 22 acres Pam owns. She has been
driving down the roadway almost every day without permission for over 20 years. This is
called what?
1) easement appurtenant.
2) easement by prescription.
3) easement in gross.
4) easement by necessity.: 2) easement by prescription
,3. When purchasing an existing condominium, the buyer must receive which of the
following?
1) Annual operating budget
2) A prospectus
3) Rules and Regulations
4) Articles of incorporation of the association: 4) Articles of incorporation of the
association
4. Todd is an 89-year-old veteran that is legally blind and partially disabled due to
injuries he sustained in the military. His home has an assessed value of $150,500. How
much will his taxable value be for county taxes?
1) $55,500
2) $95,000
3) $100,500
4) $110,000: 2) $95,000
5. A contract for deed is also called what?
1) Deed in lieu of foreclosure
2) Land Contract
3) Novation
4) Sales Contract: 2) Land Contract
6. The cost of borrowing money is called what?
1) Interest
2) Leverage
3) Capitol
4) Credit: 1) Interest
,7. Sally is buying a home and the closing date is set for April 20th. The annual property
taxes are $1234.00 and have not been paid yet. How much will the buyer be credited
and the seller be debited?
1) $371.80
2) $368.51
3) $375.18
4) $370.36: 2
2) $368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step
2: Seller will credit buyer from January through midnight the day before closing. Calculate
the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days;
Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51
8. A Landlord has how many days to return a tenants security deposit if not making a
claim on the deposit?
1) 10
2) 15
3) 30
4) 45: 15
9. A buyer's loan payment will change if which of the following occur?
1) They have an ARM loan
2) The property taxes increase or decrease
3) Their homeowner's insurance increases
4) All of the above: All of the above
10. Which statute covers the procedural process?
1) Chapter 455
, 2) Chapter 120
3) Chapter 475
4) Chapter 20: Chapter 120
11. Which brokerage relationship duty applies to all three types of brokerage
relationships?
1) Accounting for all funds
2) Loyalty
3) Using skill, care, and diligence
4) Confidentiality: Accounting for all funds
12. You sell Jessica a current up-to-date rental list and provide all the proper disclosures
and paperwork. Jessica contacts you 15 days later and asks for a refund of the amount
she paid for the list because she could not find a rental on the list. She is entitled to how
much of a refund?
1) 100%
2) 75%
3) 25%
4) 0%: 75%
13. A deal failed to close because the buyer was unable to secure financing. The broker
received conflicting demands regarding the earnest money. How long does the broker
have to notify FREC?
1) 10 days
2) 15 days
3) 20 days
4) 30 days: 15 days
$30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and
there is no other consideration for the transfer. How much will the doc stamp tax on the
deed be?
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00: $1,260.00
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70
= $1260.00 tax due.
2. Heather has been using a roadway at the back of the 22 acres Pam owns. She has been
driving down the roadway almost every day without permission for over 20 years. This is
called what?
1) easement appurtenant.
2) easement by prescription.
3) easement in gross.
4) easement by necessity.: 2) easement by prescription
,3. When purchasing an existing condominium, the buyer must receive which of the
following?
1) Annual operating budget
2) A prospectus
3) Rules and Regulations
4) Articles of incorporation of the association: 4) Articles of incorporation of the
association
4. Todd is an 89-year-old veteran that is legally blind and partially disabled due to
injuries he sustained in the military. His home has an assessed value of $150,500. How
much will his taxable value be for county taxes?
1) $55,500
2) $95,000
3) $100,500
4) $110,000: 2) $95,000
5. A contract for deed is also called what?
1) Deed in lieu of foreclosure
2) Land Contract
3) Novation
4) Sales Contract: 2) Land Contract
6. The cost of borrowing money is called what?
1) Interest
2) Leverage
3) Capitol
4) Credit: 1) Interest
,7. Sally is buying a home and the closing date is set for April 20th. The annual property
taxes are $1234.00 and have not been paid yet. How much will the buyer be credited
and the seller be debited?
1) $371.80
2) $368.51
3) $375.18
4) $370.36: 2
2) $368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step
2: Seller will credit buyer from January through midnight the day before closing. Calculate
the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days;
Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51
8. A Landlord has how many days to return a tenants security deposit if not making a
claim on the deposit?
1) 10
2) 15
3) 30
4) 45: 15
9. A buyer's loan payment will change if which of the following occur?
1) They have an ARM loan
2) The property taxes increase or decrease
3) Their homeowner's insurance increases
4) All of the above: All of the above
10. Which statute covers the procedural process?
1) Chapter 455
, 2) Chapter 120
3) Chapter 475
4) Chapter 20: Chapter 120
11. Which brokerage relationship duty applies to all three types of brokerage
relationships?
1) Accounting for all funds
2) Loyalty
3) Using skill, care, and diligence
4) Confidentiality: Accounting for all funds
12. You sell Jessica a current up-to-date rental list and provide all the proper disclosures
and paperwork. Jessica contacts you 15 days later and asks for a refund of the amount
she paid for the list because she could not find a rental on the list. She is entitled to how
much of a refund?
1) 100%
2) 75%
3) 25%
4) 0%: 75%
13. A deal failed to close because the buyer was unable to secure financing. The broker
received conflicting demands regarding the earnest money. How long does the broker
have to notify FREC?
1) 10 days
2) 15 days
3) 20 days
4) 30 days: 15 days
