FRESA Florida Real Estate Sales Associate Exam - Set 4 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A closing agent in Ocala explains that Florida charges documentary stamp tax on the deed, calculated on the total consideration the buyer paid. How does that calculation handle a consideration amount that does not land on an even round figure?

The tax is rounded down

The tax applies only to financed purchases

The tax rounds upward on any fraction

The tax applies only to commercial deeds

Question 42: A borrower in Ocala submits a completed mortgage application, and federal rules require the lender to deliver a document setting out estimated loan terms, projected payments, and closing costs promptly afterward. Which deadline governs delivery of that document?

Within thirty days of application

On the day of closing

Within ten business days

Within three business days of application

Question 43: A closing agent in Ocala prepares the settlement statement and checks it for internal consistency before the buyer and seller arrive at the closing table. Which relationship must hold on each party's side of a correctly prepared statement?

Debits must exceed credits for the buyer

Credits must exceed debits for the seller

Total debits and total credits must balance

Only the buyer's side must balance

Question 44: A closing in Ocala uses a proration method treating each month as thirty days and the year as three hundred sixty days, instead of counting the actual days in each calendar month. What is that proration method commonly called?

The statutory or banker's year method

The actual day method

The reconciliation method

The capitalization method

Question 45: A closing agent in Ocala prepares a financed purchase and lists the state charges the clerk will collect when the mortgage itself is presented for recording, apart from the deed tax. Which two state charges is she listing?

Only the deed documentary stamp tax

Only the local discretionary surtax

Note stamps and the nonrecurring intangible tax

No taxes attach to recording a mortgage

Question 46: A buyer in Ocala walks through the property on the morning of closing to confirm that the home is in the condition the contract required and that agreed repairs were completed. What is this final step commonly called?

A final walk-through inspection

A professional home inspection

A survey of the boundaries

An appraisal for the lender

Question 47: A closing agent in Ocala collects several months of property tax and hazard insurance from the buyer so the servicer can start the account that will pay those bills when they come due. What are those collected amounts called?

Discount points paid to the lender

A prepayment penalty reserve

Documentary stamps on the note

Prepaid items funding the escrow account

Question 48: A buyer in Ocala receives an email the night before closing that appears to come from her title company, giving new wiring instructions and urging her to send the money immediately. What should she do before wiring any funds at all?

Follow the instructions to avoid delay

Verify by calling a known number first

Forward the email to the seller

Wire a small test amount first

Question 49: A closing agent in Ocala records the deed and the mortgage and charges the parties for the clerk's fee for entering those documents into the public records of the county. Which charge is she collecting from the parties?

A state transfer surtax

An intangible personal property tax

A title examination fee

A recording fee

Question 50: A closing agent in Ocala lists a special assessment for a new sewer line that the county levied against the property before the sale, with installments continuing for several years afterward. How is that assessment allocated between them?

The buyer always pays the entire balance

The contract determines how it is allocated

The seller pays it in full

The county cancels it upon transfer

Struggling With Exams?

Less Time Studying, More Time Living – Finish Your Degree Faster! Pay-After-you-Pass!

Get Exam Support