Florida Real Estate Practice Exam

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How is the Documentary Stamp Tax on notes calculated?

  1. 10 cents for every $100

  2. 20 cents for every $100

  3. 35 cents for every $100

  4. 50 cents for every $100

The correct answer is: 35 cents for every $100

The Documentary Stamp Tax on notes is calculated by multiplying the face value of the note by 0.0035. Option A would result in a lower tax rate, while option B would result in a higher tax rate. Option D is also not correct, as it would result in a higher tax rate. Therefore, the correct answer is option C.

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