Free cheat sheet

Florida Real Estate Exam Math Cheat Sheet

Every formula you need for the Florida sales associate exam, each with its legal source and a worked example. Bookmark it, then test yourself with the free practice test.

Documentary stamp tax on deeds

Deeds (all counties except Miami-Dade)

tax = ceil(consideration ÷ 100) × $0.70

Worked example: A $325,000 sale: 3,250 × $0.70 = $2,275.

Source: s. 201.02(1)(a), F.S.

Deeds in Miami-Dade County

single-family residence: units × $0.60 · other property: units × ($0.60 + $0.45 surtax)

Worked example: A $500,000 Miami-Dade condo (single-family residence): 5,000 × $0.60 = $3,000. A $500,000 vacant lot: 5,000 × $1.05 = $5,250.

Source: Florida DOR, Documentary Stamp Tax; s. 201.031, F.S.

Consideration includes mortgages

consideration = cash + any mortgage or lien, assumed or not

Worked example: $80,000 cash, taking title subject to a $170,000 mortgage (not Miami-Dade): 2,500 × $0.70 = $1,750.

Source: s. 201.02(1)(a), F.S.

Rounding

partial $100 counts as a full unit

Worked example: $199,950 shown in full on the deed: 1,999.5 units × $0.70 = $1,399.65. If the full consideration is not shown on the face of the deed, round up: 2,000 × $0.70 = $1,400.

Source: s. 201.02(1)(a), F.S.

Notes, mortgages and intangible tax

Doc stamps on notes and mortgages

tax = ceil(loan ÷ 100) × $0.35

Worked example: A $260,000 new mortgage: 2,600 × $0.35 = $910. Unsecured notes are capped at $2,450.

Source: s. 201.08(1), F.S.

Nonrecurring intangible tax on a new mortgage

tax = loan × 0.002 (2 mills)

Worked example: A $260,000 mortgage: 260,000 × 0.002 = $520.

Source: s. 199.133(1), F.S.

Prorations

Daily rate (exam convention)

daily rate = annual amount ÷ 365 · buyer owns the day of closing

Worked example: Taxes $4,380/yr, closing April 10 (non-leap year). Seller owns Jan 1–Apr 9 = 99 days. $4,380 ÷ 365 = $12/day × 99 = $1,188 debit seller, credit buyer (Florida taxes are paid in arrears).

Source: Exam convention; s. 197.333, F.S. (taxes due Nov 1, paid in arrears)

Prepaid items (e.g. rent collected in advance)

seller credits the buyer for the days after closing

Worked example: $1,800 June rent collected by the seller, closing June 21 (30-day month, buyer owns closing day): buyer's days = 10 → $60/day × 10 = $600 credit buyer.

Source: Standard proration method; check the contract for the agreed convention

Commission

Commission and splits

commission = price × rate · associate share = commission × split

Worked example: $410,000 sale at 6%, listing side 50%, associate gets 60% of the listing side: 24,600 × 0.5 × 0.6 = $7,380.

Source: Computation (commissions are negotiable; not set by law)

Property tax and millage

Millage

1 mill = $0.001 · tax = taxable value × mills ÷ 1,000

Worked example: Assessed $300,000, homestead exemptions $50,000 for non-school levies, 15 mills: 250,000 × 0.015 = $3,750.

Source: s. 196.031, F.S.

Florida homestead exemption

first $25,000 off all levies · second up to $25,000 on value between $50,000 and $75,000 (not school levies)

Worked example: Assessed $200,000: school taxable = $175,000; non-school taxable = $150,000.

Source: s. 196.031, F.S.

Quick quiz

Question 1 of 3

A buyer pays $240,000 for a house in Orange County. What are the deed doc stamps?

  1. $840
  2. $1,440
  3. $1,680
  4. $2,400
Show answer

C. $1,680 2,400 units × $0.70 = $1,680. Source: s. 201.02(1)(a), F.S.

Question 2 of 3

A borrower takes a new $150,000 mortgage. What is the intangible tax?

  1. $150
  2. $300
  3. $525
  4. $450
Show answer

B. $300 150,000 × 0.002 = $300. Source: s. 199.133(1), F.S.

Question 3 of 3

Taxable value $180,000 at 20 mills. What is the annual tax?

  1. $360
  2. $3,600
  3. $36,000
  4. $1,800
Show answer

B. $3,600 180,000 × 0.020 = $3,600. Source: Computation

How close are you to a 75?

Take the free 25-question Florida practice test. You get a projected score, your weak areas and an explanation with a citation for every answer.

Start the free test