Audit memo Cedar Worksheet highlights this Florida rule. A lender makes a Florida loan of $120,000 secured by Florida real property worth $200,000. Focusing only on nonrecurring intangible tax, how much tax is due?
Correct Answer
A) $240
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 $240.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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