Florida Real Estate State Exam: Gold Coast Q&A CRAM EXAM 1&2 |Question and Answer| 100% Correct

Florida Real Estate State Exam: Gold Coast Q&A CRAM EXAM 1&2 |Question and Answer| 100% Correct .35 per 100 *Ans* Which characteristic applies to the note documentary stamp tax? 1,181.75 *Ans* Closing date is June 8 with the day of closing belonging to the buyer. Annual real estate taxes are 2,730. Using the 356 day method, what prorated amount of taxes will be debited to the seller? 10 *Ans* FREC may suspend a licensee for a maximum of how many years 10,000 *Ans* What is the maximum fine the commission could impose against a licensee who was found guilty of two violtions of Chapter 475 134.75 *Ans* What is the monthly gross rent multiplier for a house that sold for 269,500 and was rented for 2,000 per month? 14,303.59 *Ans* An investor purchased an office building for 655,000, with acquisition costs of 42,300. If the building represents 80% of the cost, what is the annual IRS depreciable allowance? 145,000 *Ans* An investment property has a potential gross income of 300,000, a vacancy rate of 5% and operating expenses including 13,000 of reserved for replacement totaling 140,000. What is the net operating income? 150,000 *Ans* For multiple claims against a licensee, what is the maximum reimbursement from the Florida RE recovery fund? 163.60 *Ans* What amount of the second monthly payment would be applied to principal on a 180,000 loan with an annual interest rate of 6.5% for 30 years, with payments of 1,137.72? 17 *Ans* the southeast corner of section 31, township 1 north, range 3 west, is how many miles from Tallahassee 2 *Ans* Failiure to pay property taxes will lead to the sale of tax certificates. In order to force the sale of the property, how many years must the investor wait? 2,549 *Ans* Calculate the total state taxes due in the following transaction: The sales price is 249,480. The buyer will assume the seller's first mortgage if 190,000. The seller has agreed to take back a new purchse money second mortgage for 25,000 20,000 *Ans* A property manager of an office building leases 2,500 square feet of space to a doctor's office, which is 12.5% of the total space. What is the total square footage of the building? 26,700 *Ans* An 8-year old building looks only 3 years old because it has been well maintained . The reproduction cost the building is $400,500 and the economic life is 45 years. The land is valued at $80,000. What is the buildings approximate depreciation. 26% *Ans* Jack has an income of $85,000 per year, and patricia his wife, has an income of $75,000. They have car payments of $540 per month each, credit card payments of $600 and student loan payments of $1000 per month. The loan they are applying for would have a monthly payment of 3,400. What is the housing expense ratio. 27,500 *Ans* Sarah made an escrow deposit of 8,500 on her sales contract. The sale price is 200,000 and she has arranged for an 85% loan. If her closing costs are 6,000, how much additional cash must she bring to the closing.