Florida Real Estate Broker Exam — All Questions
2 questions
On a Florida closing statement, when annual property taxes are prorated between buyer and seller, the seller is typically charged for:
- a.The entire year regardless of closing date
- b.The portion of the tax year the seller owned the property up to closing✓
- c.Only the buyer's future taxes
- d.Nothing, because taxes are always the buyer's
Florida closing math includes prorating recurring costs like property taxes as of the closing date. The seller is responsible for the share of the tax year during which the seller owned the property (up to, and depending on custom including or excluding, the day of closing), and the buyer takes over from there. Because Florida real estate taxes are paid in arrears, the seller usually owes a credit to the buyer at closing.
A Florida broker splits a 6% commission on a $300,000 sale equally with the cooperating brokerage. The listing brokerage's share is:
- a.$18,000
- b.$4,500
- c.$9,000✓
- d.$36,000
First find the total commission: 6% of $300,000 = $18,000. Splitting it equally between the listing and cooperating brokerages gives each $9,000. Commission and proration math appear on the Florida broker exam because brokers are responsible for computing and disbursing compensation correctly. Always compute the total first, then apply the split.