Chapter 14 preview · Continuing Education (14 Hours)Vista previa del capítulo 14 · Continuing Education (14 Hours)
Chapter 13
Chapter 14 of the state-approved course focuses on essential concepts related to real estate contracts and closing procedures in Florida. This chapter will help you understand key terms and processes that are vital for real estate professionals.
Chapter audio lessonAudio del capítulo
The chapter audio provides an overview of important terms and procedures related to real estate transactions.
Key termsTérminos clave
- Contract Contingency
- A clause in a real estate contract that allows a party to withdraw from the agreement under specific conditions.
- Intangible Tax
- A tax imposed on the value of a mortgage in Florida, calculated per mil on the loan amount.
- Closing
- The final step in a real estate transaction where ownership is transferred and documents are signed.
- Loan Estimate
- A document that outlines the terms and costs of a mortgage loan, required to be provided to borrowers within three business days of applying.
- Prorated Expense
- An expense that is divided between parties in a real estate transaction based on the time of ownership.
Ask the AI tutorPreguntar al tutor de IA
Practice questions for this chapterPreguntas de práctica para este capítulo
- Commercial fire and hazard insurance policies usually require coverage to equal at least 80 percent of the property’s
- Which of the following are common contract contingencies?
- What is the intangible tax on a mortgage of $150,000 if the rate is 2 mils (.002)?
- The purpose of the closing event is to
- The Loan Estimate must be sent to the borrower within how many days of completing the loan application
Frequently asked questionsPreguntas frecuentes
Is a contract contingency required in Florida real estate transactions?
While not required, including contract contingencies is highly recommended to protect the interests of both buyers and sellers.
How is the intangible tax calculated in Florida?
The intangible tax in Florida is calculated by multiplying the mortgage amount by the applicable tax rate, typically expressed in mils.
What happens during the closing event?
During the closing event, all necessary documents are signed, funds are transferred, and ownership of the property is officially transferred to the buyer.
What is the significance of the Loan Estimate?
The Loan Estimate is significant as it provides borrowers with clear information about their loan terms and costs, helping them make informed decisions.
Keep studyingSigue estudiando
Ready for the full state-approved course?¿Listo para el curso completo aprobado por el estado?
This free chapter preview is part of our licensed program — enroll to unlock all chapters, quizzes, and your certificate path.Esta vista previa gratuita es parte de nuestro programa con licencia — inscríbete para desbloquear todos los capítulos, cuestionarios y tu camino al certificado.