Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How to correctly calculate Florida's documentary stamp tax on deeds (70 cents per $100) and promissory notes (35 cents per $100). - The formula for Florida's intangible tax on new mortgages (Loan Amount x 0.002) and that the buyer is responsible for paying it. - The difference between a debit (an amount you owe) and a credit (an amount you receive) on a closing disclosure. - Why the 365-day method is the standard for prorating property taxes on the Florida exam unless a question states otherwise. - A common exam trap: Forgetting to round the sales price or loan amount up to the next $100 before calculating documentary stamp taxes. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep