Chapter 17 Quiz

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Chapter 17 Quiz

Real Estate Closing (Settlement) Procedures

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Which of the following would appear as a credit on the buyer’s statement?

1 point

(A) The first mortgage proceeds.

(B) Prepaid taxes.

(D) Title insurance.

Clear selection

Cash due from buyer at closing is:

1 point

(A) debit to seller.

(B) credit to buyer.

(D) debit to buyer.

Clear selection

Balance due seller at closing is:

1 point

(A) credit to seller and debit to buyer.

(B) debit to seller.

(D) debit to buyer.

Clear selection

Which of the following would appear as a debit on seller’s statement?

1 point

(A) Rental income arrears.

(B) Purchase price.

(D) Insurance assumed.

Clear selection

The really transfer fee is:

1 point

(A) debit to seller.

(B) debit to buyer.

(D) credit to buyer.

Clear selection

The following would appear as a debit to seller and credit to buyer:

1 point

(A) Prepaid realty taxes.

(B) Mortgage payoff.

(D) Unpaid realty taxes.

Clear selection

The following would appear as a debit to seller and credit to buyer:

1 point

(A) Points.

(B) Purchase money mortgage proceeds.

(D) Interest advance.

Clear selection

The following would be a debit to buyer and a credit to seller:

1 point

(A) Purchase price.

(B) Unpaid realty taxes.

(D) Purchase money mortgage.

Clear selection

The tenant security deposit would appear as:

1 point

(A) only a debit to seller.

(B) only a credit to buyer.

(D) debit to buyer and credit to seller.

Clear selection

Which of the following statements is TRUE?

1 point

(A) The realty transfer fee is paid by the purchaser.

(B) If the buyer demands title insurance it is an additional cost for the seller.

(D) A purchase money mortgage will be shown as a debit to the seller and credit to the buyer.

Clear selection

Which of the following statements is (are) true?

1 point

(A) A mortgage given to a bank would appear on the closing statement as a credit to the buyer.

(B) A purchase money mortgage given to the seller would appear on the closing statement as a credit to the buyer and a debit to the seller.

(D) Neither A nor B.

Clear selection

In a closing statement, an expense or money received against a credit

1 point

Arrears

Credit

Prorate

Debit

Clear selection

In closing statements, an amount entered in a person's favor

1 point

Credit

Arrears

Prorate

Debit

Clear selection

A standard settlement form required by RESPA

1 point

Closing Statement

HUD-1 Uniform Settlement Statement

Credit

Affidavit of Title

Clear selection

The time when a transaction is consummated, or the actual signing over the documents and delivery of the deed; the time after signing when the documents are recorded

1 point

Closing Statement

Closing

Prorate

Credit

Clear selection

To divide or distribute proportionately; to divide monies, usually at time of closing, proportionately between seller and buyer

1 point

Closing

Prorate

Arrears

Credit

Clear selection

Delinquency in meeting an obligation; or paid at the end of a period

1 point

Credit

Arrears

Debit

Prorate

Clear selection

A statement reduced to writing and sworn to before a notary public or some other authorized officer in which the seller states the existence of any known liens or facts relating to the title that were not included in the title binder, and reveals any judgements that were not revealed in the search

1 point

Closing Statement

Closing

HUD-1 Uniform Settlement Statement

Affidavit of Title

Clear selection

A statement of settlement made by a broker or an escrow company

1 point

Closing Statement

Closing

Arrears

Affidavit of Title

Clear selection

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