Scenario Cedar Guide raises this Florida point. A Florida buyer signs a promissory note for $180,000 secured by Florida real property worth at least that amount. What is the combined total of the documentary stamp tax on the note and the nonrecurring intangible tax?
Correct Answer
A) $990
Add the note documentary stamp tax and the nonrecurring intangible tax. That gives $630 + $360 = $990.
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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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