Florida real estate exam
The purpose of the closing statement is to correct answerssummarize
the financial
aspects of a real estate
transation
Which entry would normally appear as a debit on the buyer's
statement correct tax on a new
answersintangible
mortagage
Single entry items correct answersmust be accounted for in the broker's
statement
Which entry would appear as a credit on the seller's closing
statement correct
answerspurchase
price
The document that stipulates which party pays which expense in a closing is
the correct
answerspurchase and sale
contract
An earnest money deposit held in escrow is reflected on the closing
statement
correct answerscredit
as a to the
buyer
In the absence of any agreement between the parties, the state
documentary
on the deed isstamp taxthe correct
paid by
answersseller
In a residential transaction, the brokerage fee is usually reflected on
the closing as a correct answersdebit to
statement
the seller
Double entry items correct answersdo not appear in the broker's
statement
The amount of a new mortagage being obtained by the buyer would be
enteredstatement
closing on the as a correct answerscredit to
the buyer
The amount of a mortgage loan being assumed at closing by the
buyer would
entered as a be
correct answersdouble
entry
The balance due from the buyer on the closing statement is paid to
the correct
answersclosing
agent
On a closing statement, the day of closing correct answersis determined by
agreement
The balance due to the seller is paid by the correct
answersclosing agent
Which statement about the broker's portion of the closing statement is
true correct
answersReceipts and disbursements must
equal
The purpose of the closing statement is to correct answerssummarize
the financial
aspects of a real estate
transation
Which entry would normally appear as a debit on the buyer's
statement correct tax on a new
answersintangible
mortagage
Single entry items correct answersmust be accounted for in the broker's
statement
Which entry would appear as a credit on the seller's closing
statement correct
answerspurchase
price
The document that stipulates which party pays which expense in a closing is
the correct
answerspurchase and sale
contract
An earnest money deposit held in escrow is reflected on the closing
statement
correct answerscredit
as a to the
buyer
In the absence of any agreement between the parties, the state
documentary
on the deed isstamp taxthe correct
paid by
answersseller
In a residential transaction, the brokerage fee is usually reflected on
the closing as a correct answersdebit to
statement
the seller
Double entry items correct answersdo not appear in the broker's
statement
The amount of a new mortagage being obtained by the buyer would be
enteredstatement
closing on the as a correct answerscredit to
the buyer
The amount of a mortgage loan being assumed at closing by the
buyer would
entered as a be
correct answersdouble
entry
The balance due from the buyer on the closing statement is paid to
the correct
answersclosing
agent
On a closing statement, the day of closing correct answersis determined by
agreement
The balance due to the seller is paid by the correct
answersclosing agent
Which statement about the broker's portion of the closing statement is
true correct
answersReceipts and disbursements must
equal
