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FLORIDA MORTGAGE BROKER EXAM PRACTICE QUESTIONS WITH CORRECT ANSWERS (VERIFIED ANSWERS) PLUS RATIONALES 2026 Q&A | INSTANT DOWNLOAD PDF

A tax shelter is ? the excess of cash flow over taxable income. Pooling of funds of several lenders to make a single loan is ? mortgage participation In a tax deferred exchange "boot' is the ? taxable unlike property. The ability of a comapany to meet its short term obligations is expressed by the? quick ratio. Which is a residual concept? highest and best use An investor is going to restore and old Victorian home. The lender wants to know what its value...

Each discount point paid to the lender will increase the lender's yield (return) by approximately 1/8 of 1 percent. TRUE. Florida statute requires that the mortgagee send the recorded satisfaction to the mortgagor within 60 days. State-chartered commercial banks must display the word "National" somewhere in their name. FALSE. Commercial banks chartered by the federal government must display the word "National" or the initials "N.A." somewhere in their name. Deposit account...

e registry form that must be used for branch office is the: MU3 The registry that must be used for a non-licensed control person is the: MU2 When would a person convicted of arson not be eligible for licensure? For a least 15 years from the trigger date. A mortgage lender without a servicing endorsement requires a net worth of: 63,000.00 A mortgage lender without a servicing endorsement may only service a loan for: 6 months A branch manager of a mortgage b...

Technical skills Skills that include time management, preparing Cmas, and completing contracts. Desk cost Dividing total office expenses by number of sales associates Institutional advertising Advertising that describes the firm, its personnel, and its services. Fixed expense Occupancy costs are an example of what type of expenses? Cash basis accounting What is the most simple type of accounting and is used by most small business taxpayers? 100 sqft What ...

For a mortgage loan of $7,000, what is the maximum loan origination fee that may be charged? $950 The anti-coercion notice: Must be signed by the borrower and retained by the lender Contract loan processors: May work for more than one mortgage broker or mortgage lender at the same time At what point in a mortgage loan transaction must the anti-coercion notice be provided? When negotiations begin and before a formal application is submitted Maggie is a loan origina...

Brokerage Fee on closing disclosure debit seller only; page 2 Accrued depreciation using the age-life method Never depreciate a land, Sales Price, Appraisal, Survey, Title Insurance, Tangible Tax, Stamp Tax, = Add those, Don't add any Land Value. Only Building. Multiply say 80% building (20% Land) Residential Income producing property 27.5 years life for investment property, Non residential 39 years, so divide by years, = Answers capital gains taxes on this sale $0 A lic...

Florida Office of Financial Regulation (OFR or the Office) Does what? oversees all financial institutions in the state of Florida. Within the Office, there are three Divisions What are the the three divisions in the OFR ? The Division of Finance, the Division of Financial Institutions, and the Division of Securities. The Division of Finance (the Division) Does what ? oversees the regulation of non-depository financial services professionals including mortgage loan originators,mo...

Which statement is TRUE concerning radon? Two homes next door to each other may have very different levels of radon. Hazel's brokerage firm has an annual expense budget of $162,000 that includes her own salary. She wants to make $20,000 profit. If she has seven sales associates, what must each sales associate generate in company dollars for Hazel to achieve her goal? The answer is $26,000. Required revenue is $182,000. ($20,000 + $162,000). Each sales associate must bring in at least $...