Florida Real Estate Practice Exam

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Prepare for your Florida Real Estate Exam with a comprehensive quiz featuring multiple-choice questions, hints, and detailed explanations. Gain the confidence you need to succeed in obtaining your real estate license!

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How do you calculate the Intangible Tax on New Mortgages?

  1. Loan amount x 0.001

  2. Loan amount x 0.002

  3. Loan amount x 0.003

  4. Loan amount x 0.004

The correct answer is: Loan amount x 0.002

Intangible tax on new mortgages is typically calculated as a percentage of the loan amount. The tax rates can vary by state and can range from 0.001% to 0.004%. Option A, C, and D use different tax rates which are not correct for this calculation. Using those rates would result in an incorrect tax amount. Option B uses the correct tax rate and would provide the accurate intangible tax amount for a new mortgage.

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