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Ch 14 EXAM
| Question | Answer |
|---|---|
| What is the purpose of the closing statement? | to summarize the financial aspects of a real estate transaction |
| This would normally appear as a debit on the buyer's statement? | intangible ta on a new mortgage |
| A single-entry item.... a) appears on both the buyer and seller's statements b) is not paid at closing c)must be accounted for in the broker's statement d) is always a credit. | it must be accounted for in the broker's statement |
| This would appear as a credit on the seller's closing statement. | purchase price |
| What document stipulates which party pays which expense in a closing? | purchase and sale contract |
| How is an earnest money deposit held in escrow reflected on the closing statement? | credit to the buyer |
| In the absence of any agreement b/w the parties, who pays for the state documentary stamp tax on the deed? | the seller |
| In a residential transaction, how is the brokerage fee reflected on the closing statement? | debit to the seller |
| A double-entry item: a)must be accounted for in the broker's statement b) does not appear in the broker's statement. c) is entered on the broker's statement as a credit. d) is entered on the broker's statement as a debit. | it does not appear in the broker's statement |
| How is the amount of anew mortgage obtained by the buyer entered on the closing statement? | credit to the buyer |
| How is the amount of a mortgage loan assumed at closing by the buyer entered on the closing statement? | double entry |
| Who is paid the balance due from the buyer that is shown on the closing statement? | the closing agent |
| How are expenses that are paid to a 3rd party entered on a closing statement? | debits |
| When determining prorations on a closing statement, the day of closing... a) belongs to the closing agent b) is determined by agreement c) is the responsibility of the seller d) is charged to the buyer. | is determined by agreement |
| T/F: All double-entry items must appear on the broker's portion of the closing statement. | false |
| T/F: Regarding the broker's portion of the closing statement, total receipts, minus the binder deposit, equal the grand total. | false |
| T/F: Regarding the broker's portion of the closing statement, total expenses, less the brokerage fee, equal the grand total. | false |
| T/F : Regarding the broker's portion of the closing statement, receipts and disbursements must equal | true |
Created by:
riverjan1122