Unit 17: Closing the Real Estate Transaction
Study online at https://quizlet.com/_8zcrf9
1. accrued items On a closing statement, items of expense
that are incurred but not yet payable, such
as interest on a mortgage loan or taxes on
real property.
2. abstract of title requires an attorney's opinion of the quality
of the seller's title
3. affidavit of title a sworn statement in which the seller as-
sures the title company and buyer that no
other defects in the title have occurred since
the date of the title examination
4. affiliated business arrangement (ABA) Practice of one company offering a package
of services to consumers.
5. Banking a Year a 360-day period used in calculating prora-
tions
6. Bring Down search of the public record made after clos-
ing
7. closing An event where promises made in a sales
contract are fulfilled and mortgage loan
funds (if any) are distributed to the buyer.
8. Closing Disclosure form required by the consumer financial
protection bureau in specified real estate
transactions
9. closing statement A detailed cash accounting of a real estate
transaction showing all cash received, all
, Unit 17: Closing the Real Estate Transaction
Study online at https://quizlet.com/_8zcrf9
charges and credits made, and all cash paid
out in the transaction.
10. credit On a closing statement, an amount entered
in a person's favor—either an amount the
party has paid or an amount for which the
party must be reimbursed.
11. debit On a closing statement, an amount
charged; that is, an amount that the debited
party must pay.
12. escrow accounts The trust account established by a real es-
tate professional under the provisions of
the license law for the purpose of holding
funds on behalf of the real estate profes-
sional's principal or some other person un-
til the consummation or termination of a
transaction; trust account established by an
escrow agent to hold funds pending distri-
bution at the closing of a transaction.
13. escrow closing Occurs when a disinterested third party is
authorized to act as escrow agent (escrow
holder) and to coordinate the closing activ-
ities on behalf of the buyer and the seller.
14. impound accounts An account that the mortgage lender may
require a borrower to have to accumulate
funds to pay future real estate taxes and
insurance premiums.
15. kickback
Study online at https://quizlet.com/_8zcrf9
1. accrued items On a closing statement, items of expense
that are incurred but not yet payable, such
as interest on a mortgage loan or taxes on
real property.
2. abstract of title requires an attorney's opinion of the quality
of the seller's title
3. affidavit of title a sworn statement in which the seller as-
sures the title company and buyer that no
other defects in the title have occurred since
the date of the title examination
4. affiliated business arrangement (ABA) Practice of one company offering a package
of services to consumers.
5. Banking a Year a 360-day period used in calculating prora-
tions
6. Bring Down search of the public record made after clos-
ing
7. closing An event where promises made in a sales
contract are fulfilled and mortgage loan
funds (if any) are distributed to the buyer.
8. Closing Disclosure form required by the consumer financial
protection bureau in specified real estate
transactions
9. closing statement A detailed cash accounting of a real estate
transaction showing all cash received, all
, Unit 17: Closing the Real Estate Transaction
Study online at https://quizlet.com/_8zcrf9
charges and credits made, and all cash paid
out in the transaction.
10. credit On a closing statement, an amount entered
in a person's favor—either an amount the
party has paid or an amount for which the
party must be reimbursed.
11. debit On a closing statement, an amount
charged; that is, an amount that the debited
party must pay.
12. escrow accounts The trust account established by a real es-
tate professional under the provisions of
the license law for the purpose of holding
funds on behalf of the real estate profes-
sional's principal or some other person un-
til the consummation or termination of a
transaction; trust account established by an
escrow agent to hold funds pending distri-
bution at the closing of a transaction.
13. escrow closing Occurs when a disinterested third party is
authorized to act as escrow agent (escrow
holder) and to coordinate the closing activ-
ities on behalf of the buyer and the seller.
14. impound accounts An account that the mortgage lender may
require a borrower to have to accumulate
funds to pay future real estate taxes and
insurance premiums.
15. kickback
