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1. Mr. And Mrs. Turner in Tampa are asking $95,000 for their 2,000 square foot home. The asking price square foot is:
a.$37.50
b.$47.50
c.$50.00
d.$475.00
2.The annual net income from a commercial building in Gainesville is $25,000. The investor wants, at least, a 10% return on his investment. The investment value of the building is:
a. $2,000
b. $25,000
c. $250,000
d. $2,500,000
3. John purchased a house which he financed with a 15% interest loan and which had a loan-to-value ratio of 80/20. If the first month's interest was $1,084.00, what was the sale price of the house?
a. $ 87,250
b. $108,400
c. $118,300
d. $130,000
4. The documentary stamp tax charged for a property $840.00 What is the purchase price of the property?
a. $ 58,800
b. $120,000
c. $420,000
d. $240,000
5. Mr. Parker was considering purchasing a home in Sarasota. The home was on the market for $120,000. The loan officer indicated that the closing costs for the loan were $3,000. Mr.
Parker's loan would be for $100,000. Mr. Parker was considering asking the Seller to pay the discount points of $6,000, how many points were going to be charged by the lender?
a. 5 points
b. 6 points
c. 7 points
d. 8 points
6. Lot size is 102 ft. by 106 ft. Approximately what fraction of an acre is this lot?
a. 1/2
b. 1/3
c. 1/4
d. 1/5
7. The total commission on a property was 6% of the Sales price of $130,000. The two brokers split the brokerage fee 50/50. What was the brokerage fee each of the brokers received.
a. $7,800
b. $4,550
c. $3,900
d. $2,333
8. Four college buddies got together to buy an investment property in their college town for $150,000. David invested $20,000, Ken invested $40,000 and John invested $30,000. What percentage did Bill contribute?
a. 60%
b. 50%
c. 45%
d. 40%
9. Bill and Beth Hernandez applied for a $145,000 loan on a property where they paid $55,000 down. What is the ratio of the loan to value of the building.
a. 27.5%
b. 37.9%
c. 72.5%
d. 80.0%
10. The city has decided to pave the street in front of your home. If you lot frontage is 125 feet, paving costs are $100 per running foot, and the city will pay 70 percent of the paving costs, what will your assessment be?
a. $8,750
b. $4,375
c. $3,750
d. $1,875
11. How many acres are contained in a rectangler property that measures 250 feet by 250 feet?
A. .70
B. 1.43
C. 1.49
D. 2.53
12. A Section contains:
a. 640 acres
b. 43,560 square feet
c. 1 square mile
d. Both a and c.
13. The compass bearing that is the reciprocal of south 45 degrees east is:
a. N 45 degrees E
b. N 45 degrees W
c. S 45 degrees S
d. S 45 degrees E
14. Ms. Jones owns a home in the city of St. Petersburg. The tax rate is 8.7 mills, the county rate is 9.2 mills, and the school board tax rate is 8 mills. Ms. Jones qualifies for homestead. The property is assessed at $74,500. What will Ms. Jones pay in property taxes?
a. $ 128.05
b. $ 192.95
c. $1,282.05
d. $1,929.55
15. The S ½ of the N ½ and the N ½ of section 7 has:
a. 160 acres
b. 320 acres
c. 480 acres
d. 640 acres
16. Your home is on an unpaved street with a front footage of 110 feet. The country is going to pave the street at a cost of $27.00 a front foot. The county will pay 27% of the cost. What will be your cost of this special assessment?
a. $1,084.05
b. $1,208.05
c. $2,168.10
d. $2,970.00
17. You own a corner lot in a subdivision which measures 100 feet by 80 feet. The cost per front for paving $24.00. The city agrees to pay 30% of the cost. What is your assessment?
a. $3,024.00
b. $1,680.00
c. $1,512.00
d. $840.00
18. In Hillsborough County, next year's estimated expenses will be $9,200,000 with $3,000,000 expected from non-property tax revenues. The total assessed valuation is $160,000,000. Exactly 230 properties have qualified from homestead exemption, and of these, 50 properties have been granted a widow's exemption. What is the tax rate in mills?
a.4 mills
b.4.02 mills
c.38 mills
d.40.2 mills
19. What township is due North of T1S, R3E?
a.T2N, R3E
b.T1N, R4E
c.T2S, R4E
d.T1N, R3E
20. In Clay County, real property is assessed at 75% of market value. If a house sells for $136,000 and the tax rate is 26.5 mills, what are the required taxes, assuming the property is homesteaded and the head of household is a veteran with a 15% related disability.
a. $2,703.00
b. $2,040.50
c. $2,027.25
d. $1,908.00
ANSWERS
1. b
Solution: $95,000 ÷ 2,000 sq. ft. = $47.50
2. c
Solution: $25,000 ÷ .10 = $250,000
3. b
1084 x 12 months = $13,008 (years interest)
$13,008 ÷ .15 = $86,720 (loan amount)
$86,720 ÷ .80 = $108,400 (price of house)
4. b
$840 ÷ .70 = 1200 x $100 = $120,000
5. b
Solution: $6,000 ÷ $100,000 = .6: each point is 1% = 6pts.
6. c
Solution: 102 x 106 = 10,812 sq. ft. (43,560 sq ft in 1 acre )
10,812 ÷ 43,560 = .248 = .25 = 25% = 1/4
7. c
Solution: $130,000 x .06 = $7,800 ÷ 2 (brokers) = $3,900
8. d
Solution: $20,000 + $40,000 + $30,000 = $90,000
$150,000 - $90,000 = $60,000 (Bill's share)
$60,000 ÷ $150,000 -= .4 = 40%
9. c
Solution: Loan ÷ Value = Loan / Price
$145,000 (loan) + $55,000 = $200,000 price
$145,000 ÷ $200,000 = .725 = 72.5%
10. d
Solution: Owners will pay 30%
125 ft. x $100 x .30 ÷ 2 = $1,875
11. b
Solution: 250 ft. x 250 ft. = 62,500 sq ft.
One acre is 43,560 sq. ft.
62,500 sq. ft ÷ 43560 sq. ft. = 1.43 acres
12. d
13. b
14. c
Solution: 8.7 + 92 + 8.0 = 25.9 = .0259 mills; $49,500 (taxable value0 x .0295 = $1,282.05
15. c
Solution: 640 ÷ 2 = 320
320 ÷ 2 = 160
Plus 640 ÷ 2 = 320
Then add 160 + 320 = 480 acres
16. a
110 ft. x $27.00 per foot x .73 ÷ 2 = $1,084.05
17. c
Solution: 180 ft. x $24 x .70 ÷ 2 = $1,512
18. d
Solution: Budget - other revenues / Base - exemptions =
$9,200,000 - $3,000,000 = $6,200,000 = Budget
230 x $25,000 = $5,750,000
$5,750,000 + $25,000 = $5,775,000
$160,000,000 - $5,775,000 = $154,225,000 (Assessed value)
$6,200,000 ÷ $154,225,000 = .0402 or 40.2 mills
19. d
20. d
Solution: $136,000 x .75 = $102,000 Assessed Value
$25,000 Exemptions + $5,000 = $30,000 (Homestead)
$102,000 - $30,000 = $72,000 Taxable Value
$72,000 x .0265 (mills) = $1908.00 Taxes |
