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Florida Real Estate Practice Questions - Page 22

Practice Florida real estate topics with multiple-choice questions. Choose an answer to see the explanation, or start the free 63Hours course. Page 22.

692 practice questions

  1. Chapter 19 The Save Our Homes (SOH) amendment caps the annual increase in assessed value of homesteaded property to:
  2. Chapter 19 To transfer the Save Our Homes (SOH) benefit (Portability), a homeowner must establish a new homestead within:
  3. Chapter 19 One "Mill" is equivalent to:
  4. Chapter 19 If a property has a taxable value of $150,000 and the tax rate is 20 mills, what is the tax amount?
  5. Chapter 19 Cities, counties, and school boards are each capped at a basic real property tax rate of:
  6. Chapter 19 Taxes levied on properties to pay for specific public improvements that benefit the property (like sidewalks) are called:
  7. Chapter 19 Which lien takes priority over all other liens on a property?
  8. Chapter 19 Property owners who itemize deductions may deduct which of the following for their principal residence?
  9. Chapter 19 How are "points" treated on a loan to finance a principal residence?
  10. Chapter 19 How are "points" treated on a loan to finance a second home?
  11. Chapter 19 Which of the following is deductible for Investment Property?
  12. Chapter 19 Depreciation is a means of deducting the cost of improvements based on:
  13. Chapter 19 Is the value of the land depreciable?
  14. Chapter 19 What is the IRS established useful life for depreciating residential rental property?
  15. Chapter 19 What is the IRS established useful life for depreciating nonresidential (commercial) income-producing property?
  16. Chapter 19 An investor buys a commercial building for $600,000. The land is valued at $132,000. What is the annual depreciation deduction?
  17. Chapter 19 An investor buys a residential rental property for $300,000. The land is valued at $52,500. What is the annual depreciation deduction?
  18. Chapter 19 The "Installment Sale Method" benefits the seller by:
  19. Chapter 19 A "Like-Kind Exchange" (1031 Exchange) enables a taxpayer-investor to:
  20. Chapter 19 A homesteaded property is assessed at $350,000. The millage rates are: City 6 mills, County 7 mills, School 8 mills. What are the total property taxes due?
  21. Chapter 19 A legally blind widower owns a homesteaded property assessed at $45,000. Based on the provided text ($5,000 per additional exemption), what is the total tax exemption amount for City and County taxes?
  22. Chapter 19 When does a "Special Assessment" become a lien on the property?
  23. Chapter 19 An investor purchased a small residential apartment complex in March for $1,250,000. The appraisal specified that 80% of the total purchase price was allocated to the value of the building, and 20% was allocated to the land. The investor made a 20% cash down payment of $250,000 and financed the remainder of the purchase. What is the annual IRS depreciation allowance for this property? (Round to the nearest dollar.)
  24. Chapter 19 A legally blind widow owns a primary residence assessed at $410,000. What is her total homestead exemption for county taxes?
  25. Chapter 19 A real estate agent is explaining the benefits of Florida’s Green Belt Law to a client interested in purchasing a 50-acre citrus grove. Which statement made by the agent would be considered FALSE?
  26. Chapter 19 A homeowner has a lot with 80 feet of street frontage. The city is paving the road at a cost of $50 per running foot and has agreed to cover 30% of the total expense. What will be the homeowner's special assessment for this project?
  27. Chapter 19 A widower owns a homesteaded principal residence assessed at $350,000. The city tax rate is 7.0 mills, the county rate is 8.0 mills, and the school district rate is 6.0 mills. What are the total property taxes owed?
  28. Chapter 19 An investor is attending a county property tax certificate auction. The auctioneer opens the floor for the first delinquent property. According to state law, what is the maximum annual interest rate the investor can legally collect on this certificate?
  29. Chapter 19 A married couple filing jointly sells their primary residence in Florida, realizing a total net profit of $650,000. Assuming they meet all ownership and use requirements, how will the IRS treat this profit?
  30. Chapter 19 A married homeowner who files their federal income taxes separately. Under current IRS regulations, what is the maximum amount of capital gains she can exclude from the sale of this property?