Florida Real Estate Exam Math for 2013 Pro Rating Interest With The 360 Day Method
In February 2013, major changes were made to the Florida real estate exam. The 30 day 12 month method of pro rating is one of the recent changes. Ron Climer …
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@ Damien….this is true for prorating taxes or rents, but for an assumed
mortgage, because the mortgage payment is made every month, the seller has
already made the mortgage payments (with interest) for the previous
months. So you only have to prorate for the one month for which the seller
has not yet made the payment.
Do you *always* count days from the beginning of the month? Never subtract
the days tfrom the end of the month?
Wow, my instructor couldn’t even help me as much! Thank You <3
jwaldre1 Yes I always count from the beginning of the month. You can count
from the back if you want to. With interest , (paid in arrears) why would
you want to?
Yes this was a question on my state exam… Thanks Ron..
Hey Ron, Correct me if i’m wrong but arent you supposed to add all months
(Jan,Feb,March,April) and 5 days of May? This is what it says in the Linda
Crawford book, when prorating property taxes.