Escrow & Title
In Florida, 'intangible personal property tax' was historically assessed on which type of asset?
AReal property improvements
BStocks, bonds, mutual funds, and other intangible assets (repealed in 2007)✓ Correct
CMotor vehicles and boats
DBusiness inventory and equipment
Explanation
Florida's intangible personal property tax applied to stocks, bonds, mutual funds, and similar financial assets. It was phased out and repealed in 2007.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
1031 ExchangeA tax-deferred exchange allowing investors to sell one investment property and reinvest proceeds in a like-kind property while deferring capital gains taxes.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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