Unit 14 of 19
Real estate related computations and closing of transactions
The math on the exam: commissions, prorations, loan-to-value, documentary stamp and intangible taxes, and closing statements.
- 1Commissions, profit, and net to sellerHow to work the percentage problems on the Florida sales associate exam, including commission splits, tiered commissions, percent profit, and the price a seller needs to net a target amount.+50 XP
- 2Loan-to-value, points, and interestLoan-to-value ratios, discount points, simple interest, and splitting a mortgage payment into interest and principal, as tested on the Florida sales associate exam.+50 XP
- 3Documentary stamp and intangible taxesFlorida documentary stamp tax on deeds and notes and the nonrecurring intangible tax on new mortgages, with the rates, rounding rule, and who customarily pays each.+50 XP
- 4ProrationsHow to prorate property taxes, rent, interest, and prepaid dues at closing using the 365-day and 360-day methods, and how to tell which party gets the debit and which gets the credit.+50 XP
- 5Closing statementsHow to place items on a closing statement as debits or credits to buyer and seller, and how to calculate the buyer's cash to close and the seller's net proceeds.+50 XP
Practice questions
Check yourself with exam-style questions. Each one explains the answer as soon as you pick.