Under Florida's documentary stamp tax law, what is the tax due on a $450,000 mortgage? (Rate: $0.35 per $100 or fraction thereof)
Correct Answer
A) $1,575.00
Correct: $450,000 ÷ $100 = 4,500 × $0.35 = $1,575.00. Why not B: This uses wrong calculation method. Why not C: This adds unnecessary cents. Why not D: This uses incorrect rate or calculation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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.
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