A lender makes a Florida loan of $180,000 secured by Florida real property worth $200,000. Focusing only on nonrecurring intangible tax, how much tax is due?
Correct Answer
C) $360
Nonrecurring intangible tax is 2 mills, or 0.002, applied to the amount secured by Florida real property and not above the Florida collateral value. Here the tax is $360.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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