Florida Real Estate Exam Prep 38, Commission Proration and Closing Math

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- How to correctly calculate Florida's documentary stamp tax on deeds (70 cents per $100) and promissory notes (35 cents per $100).

- The formula for Florida's intangible tax on new mortgages (Loan Amount x 0.002) and that the buyer is responsible for paying it.

- The difference between a debit (an amount you owe) and a credit (an amount you receive) on a closing disclosure.

- Why the 365-day method is the standard for prorating property taxes on the Florida exam unless a question states otherwise.

- A common exam trap: Forgetting to round the sales price or loan amount up to the next $100 before calculating documentary stamp taxes.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep