Florida Computations and Closing Practice Questions and Answers
Real Estate Computations and Closing of Transactions accounts for about 6 of the 100 Florida sales associate exam questions. You need to choose the formula, apply the correct Florida rate, and classify each closing item before calculating. These 11 original worked questions cover commissions, documentary stamps, intangible tax, prorations, area, value, loan-to-value, millage, and closing-statement entries, with an official source after every solution.
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Official outline coverage
What Computations and Closing can test
The scored set emphasizes the most error-prone rules. Use this map to make sure the smaller subtopics are in your review plan too.
- Commission and brokerage-split calculations
- Documentary stamp tax on deeds and obligations
- Nonrecurring intangible tax on secured debt
- Property-tax, rent, and expense prorations
- Area, acreage, and valuation calculations
- Loan-to-value and buyer cash requirements
- Millage rates and homestead taxable value
- Buyer and seller debits, credits, and net proceeds
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Computations and Closing Practice Questions
11 scenario-based questions on computations and closing, scored, each with a full explanation after you answer. Every question is also written out below if you would rather study at your own pace.
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How Computations and Closing is testedRead the strategy behind this topic
Most math misses happen before the arithmetic. Write what the question asks for, set up one labeled line at a time, and keep percentages as decimals. In a commission problem, for example, separate total commission, brokerage side, and associate share before multiplying.
For Florida transfer taxes, identify the document first. Outside Miami-Dade County, a taxable deed generally uses $0.70 per $100 or portion. A taxable written obligation uses $0.35 per $100 or portion, and an unrecorded note's tax is capped at $2,450. A recorded mortgage has the same rate without that cap. Nonrecurring intangible tax on a Florida real-property obligation is 2 mills, or 0.002.
Closing questions are classification problems too. Earnest money and a new loan are buyer credits. The purchase price is a buyer debit and seller credit. An unpaid seller obligation allocated through closing is generally a seller debit and buyer credit. Always follow the day-of-closing convention stated in the question.
Study mode · Every question explainedAll 11 questions, correct answers, exam traps and sources
Read each question at your own pace, then reveal the correct answer, the reasoning, and the trap that catches most candidates.
1. A home sells for $420,000 at a 6 percent total commission. The listing and selling brokerages split the commission equally, and the listing agent receives 60 percent of her brokerage's share. How much does the listing agent earn?
- A.$7,560
- B.$12,600
- C.$15,120
- D.$25,200
Show answer and explanation
Correct answer: A. $7,560
Why A is correct: Total commission is 420,000 times 0.06, which is $25,200. The listing brokerage's equal half is $12,600. The listing agent's 60 percent share is 12,600 times 0.60, which is $7,560.
Trap: Read what the question asks for. 25,200 is the total, 12,600 is the brokerage's half, and 15,120 would be 60 percent of the whole commission. The agent's share is 7,560.
Source: Florida DBPR Candidate Information Booklet, exam content outline
2. A deed conveys an Orange County property for $352,150. Documentary stamp tax on a deed is $0.70 per 100, and the consideration rounds up to the next 100. The deed tax is
- A.$2,465.05
- B.$2,465.40
- C.$1,232.70
- D.$246.54
Show answer and explanation
Correct answer: B. $2,465.40
Why B is correct: Round 352,150 up to the next 100, which is 352,200. Divide by 100 to get 3,522 units. Multiply by 0.70 to get $2,465.40.
Trap: The unrounded figure 352,150 times 0.007 gives 2,465.05, which skips the round-up rule. Using the note rate of 0.35 gives 1,232.70. The deed answer is 2,465.40.
3. A buyer signs a promissory note for $280,000. Documentary stamp tax on a note is $0.35 per 100. The note tax is
- A.$1,960
- B.$560
- C.$980
- D.$2,800
Show answer and explanation
Correct answer: C. $980
Why C is correct: Divide 280,000 by 100 to get 2,800 units, then multiply by 0.35 to get $980.
Trap: Using the deed rate of 0.70 gives 1,960, which is double the correct note tax. The note rate is 0.35 per 100.
4. A new mortgage secures $280,000 of debt on Florida real property. The nonrecurring intangible tax is 2 mills, or 0.002. The intangible tax is
- A.$980
- B.$560
- C.$1,960
- D.$5,600
Show answer and explanation
Correct answer: B. $560
Why B is correct: Multiply the exact loan amount by 0.002: 280,000 times 0.002 equals $560. The intangible tax uses the exact amount with no rounding to the next 100.
Trap: Do not round for intangible tax, and do not use the 0.35 note rate. The intangible tax is 0.002 times the loan, which is 560.
5. Annual property taxes are $3,650, paid in arrears. A sale closes on June 30 of a non-leap year, the seller owns the day of closing, and a 365-day year is used. The seller's share, charged as a debit to the seller, is
- A.$1,825
- B.$1,800
- C.$1,810
- D.$1,840
Show answer and explanation
Correct answer: C. $1,810
Why C is correct: The daily rate is 3,650 divided by 365, which is $10 per day. From January 1 through June 30 in a non-leap year is 181 days. Multiply 181 by 10 to get $1,810 owed by the seller.
Trap: Half of 3,650 is 1,825, but the period is not exactly half a year. The correct day count from January 1 through June 30 is 181 days, giving 1,810.
Source: Florida DBPR Candidate Information Booklet, exam content outline
6. A rectangular commercial lot measures 150 feet by 200 feet. At $12 per square foot, the lot is worth
- A.$4,200
- B.$30,000
- C.$360,000
- D.$43,560
Show answer and explanation
Correct answer: C. $360,000
Why C is correct: Area is length times width: 150 times 200 equals 30,000 square feet. Multiply by $12 per square foot to get $360,000.
Trap: Add the sides and you get 350, which is wrong. Area is length times width, not the perimeter.
Source: Florida DBPR Candidate Information Booklet, exam content outline
7. An office building produces net operating income of $84,000 per year, and investors require a 7 percent capitalization rate. Using the income approach, the value is
- A.$588,000
- B.$1,000,000
- C.$1,200,000
- D.$5,880
Show answer and explanation
Correct answer: C. $1,200,000
Why C is correct: Value equals net operating income divided by the cap rate: 84,000 divided by 0.07 equals $1,200,000.
Trap: Divide by the cap rate, do not multiply. Multiplying 84,000 by 0.07 gives 5,880, which is not a value.
8. A property is appraised at $300,000 and has a contract price of $310,000. The lender makes an 80 percent loan based on the lower of value or price. The maximum loan amount is
- A.$248,000
- B.$240,000
- C.$300,000
- D.$60,000
Show answer and explanation
Correct answer: B. $240,000
Why B is correct: Lenders use the lower of the appraised value or the sale price. The lower figure is 300,000. Multiply by 0.80 to get a maximum loan of $240,000.
Trap: Do not use the higher contract price. 310,000 times 0.80 gives 248,000, but the lender uses the lower 300,000 value.
Source: Fannie Mae Selling Guide B2-1.2-01, loan-to-value ratios
9. A homesteaded property has an assessed value of $285,000 and qualifies for the full $50,000 homestead exemption. Using a simplified 18-mill rate that applies to non-school taxes, the tax on that non-school portion is
- A.$5,130
- B.$4,230
- C.$4,275
- D.$235,000
Show answer and explanation
Correct answer: B. $4,230
Why B is correct: Subtract the exemption first: 285,000 minus 50,000 equals 235,000 taxable value. Then apply the millage: 235,000 times 18 divided by 1,000 equals $4,230. The full $50,000 applies here because the additional $25,000 homestead exemption counts against non-school taxes.
Trap: Subtract the exemption before applying the rate. Also note the extra $25,000 exemption does not reduce school taxes, so the taxable value for the school portion would be $260,000, not $235,000.
10. A Florida home sells for $400,000. The seller pays a 6 percent commission, documentary stamp tax on the deed at $0.70 per 100, and a $1,200 title charge, and must pay off an existing $250,000 mortgage. Ignoring prorations, the seller's net proceeds are
- A.$122,000
- B.$124,800
- C.$123,400
- D.$372,000
Show answer and explanation
Correct answer: A. $122,000
Why A is correct: Add the seller's costs. Commission is 400,000 times 0.06, which is 24,000. Deed stamps are 400,000 divided by 100, times 0.70, which is 2,800. The title charge is 1,200, and the mortgage payoff is 250,000. Total costs are 278,000. Net proceeds are 400,000 minus 278,000, which is $122,000.
Trap: A multi-step closing problem punishes skipped lines. The most common misses are forgetting the mortgage payoff ($372,000) and using the note rate of 0.35 instead of the deed rate of 0.70 on the stamps ($123,400).
Source: F.S. 201.02, documentary stamp tax on deeds; Florida DBPR Candidate Information Booklet
11. A buyer previously deposited $8,000 of earnest money that will be applied at closing. On the buyer's closing statement, the deposit is shown as
- A.a buyer debit because the buyer paid it
- B.a buyer credit because it reduces the cash the buyer must bring
- C.a seller debit because the broker held it
- D.a seller credit because it is part of the price
Show answer and explanation
Correct answer: B. a buyer credit because it reduces the cash the buyer must bring
Why B is correct: Earnest money already paid is a buyer credit at closing. It is part of the buyer's funds toward the transaction and reduces the remaining cash due. The full purchase price is still a buyer debit and seller credit.
Trap: A prior payment is not charged twice. The buyer receives credit for the deposit already made.
Frequently asked questions
Are these real Florida real estate exam questions?+
No. These are original Pass Florida problems based on the official exam outline. They are not copied or recalled Pearson VUE items. Every rate and closing rule in this set was checked against 2026 Florida law and current federal guidance on August 31, 2026.
Are formulas provided on the Florida real estate exam?+
The examination does not supply a formula sheet. Memorize the commission, documentary stamp, intangible tax, proration, area, income approach, loan-to-value, and millage setups. The current DBPR candidate booklet allows suitable handheld calculators at test centers and explains the permitted calculator features, so check the latest booklet before exam day.
How do you calculate Florida documentary stamp tax?+
Outside Miami-Dade, divide deed consideration into $100 units, rounding any fraction up, and multiply by $0.70. Miami-Dade uses $0.60 plus a $0.45 surtax, but the surtax is not due on a document transferring only a single-family dwelling. Taxable notes and recorded mortgages use $0.35 per $100 or portion. The unrecorded-note tax is capped at $2,450, while the recorded-mortgage tax is not capped.
How many math questions are on the Florida exam?+
Real estate computations and closing of transactions is about 6 percent of the 100-question Florida sales associate exam, so expect roughly 6 math questions covering commission, taxes, proration, area, value, and loan calculations.
What is the documentary stamp tax rate in Florida?+
For deeds, the rate is $0.70 per $100 or portion in every county except Miami-Dade. Miami-Dade uses $0.60 per $100 or portion and a $0.45 surtax that does not apply when the document transfers only a single-family dwelling. Taxable notes and recorded mortgages use $0.35 per $100 or portion, with the cap distinction described above.
How do you calculate a real estate commission?+
Multiply the sale price by the commission rate to get the total commission, then apply the agreed split. For example, a $300,000 sale at 6 percent is $18,000 total; a 50/50 split between the listing and selling sides leaves $9,000 on each side before the associate's share.
What is the formula for loan-to-value?+
Loan-to-value equals the loan amount divided by the value used by the lender, then multiplied by 100. In a purchase, many underwriting problems use the lower of appraised value or contract price. On many conventional loans, an LTV above 80 percent can trigger private mortgage insurance, but loan terms and federal cancellation rules control the actual requirement.
What are the basic buyer and seller closing-statement entries?+
The purchase price is a buyer debit and seller credit. Earnest money and new-loan proceeds are buyer credits. A seller's mortgage payoff and seller-paid expenses are seller debits. In a two-entry proration, one side is debited and the other is credited by the same amount, using the ownership and day-of-closing convention stated in the problem.
Keep studying
Sources
- Florida Department of Revenue, documentary stamp tax
- 2026 F.S. 201.02, documentary stamp tax on deeds
- 2026 F.S. 201.08, tax on notes and recorded obligations
- 2026 F.S. 199.133, nonrecurring intangible tax
- 2026 F.S. 196.031, homestead exemption
- Florida Department of Revenue, property-tax exemptions
- IRS Internal Revenue Manual 4.48.6, real property valuation
- Fannie Mae Selling Guide B2-1.2-01, loan-to-value ratios
- CFPB, 12 C.F.R. 1026.38 Closing Disclosure
- Florida DBPR Candidate Information Booklet