Chapter 14: Real Estate Computations and Closing of Transactions Flashcards Preview

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Flashcards in Chapter 14: Real Estate Computations and Closing of Transactions Deck (5)
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1
Q

Items Subject to Proration

Items subject to proration include_________ _______ when a loan is being assumed, ________ _______ ______, __________ and _______.

A

mortgage interest; real estate taxes, insurance, and rent

2
Q

State Documentary Stamps

What is the tax rate regarding documentary stamps?

A

In Dade County $.60 per $100 value or fractional part thereof and $.70 elsewhere

3
Q

State Documentary Stamp Tax on Promissory Note

The state doc stamp tax on a promissory note is calculated at the rate of ____ per ____ or fractional part thereof on the total amount of the note.

A

$.35 per $100

4
Q

State Intangible Tax on Mortgages

The state intangible tax on mortgages is paid on all ___ ________ only.

A

new mortgages

5
Q

State Intangible Tax on Mortgages

The state intangible tax on mortgage is calculated at the rate of __ mills on the total amount of the new mortgage

A

2 (.002)