COLORADO REAL ESTATE CLOSINGS AND SETTLEMENT FINAL EXAM QUESTIONS AND 100% CORRECT ANSWERS|LATEST 2025/2026|A+ GUARANTEED

COLORADO REAL ESTATE CLOSINGS AND
SETTLEMENT FINAL EXAM QUESTIONS AND
100% CORRECT ANSWERS|LATEST 2025/2026|A+


If the new loan amount is $70,330 and the total lender payouts are $35,326, the net loan proc
B B B B B B B B B B B B B B B B B



eeds are - ANSWER-
B B B $35,004

($70,330 - $35,326) B B




The appraisal is - ANSWER-
B B B B paid by the buyer or the seller, or a combination of the two
B B B B B B B B B B B B




At closing, a loan being assumed will show up on which closing statement? - ANSWER-
B B B B B B B B B B B B B B



The seller's and buyer's
B B B




The closing entity is most likely NOT - ANSWER-
B B B B B B B B the Colorado Department of Revenue
B B B B




An investor buyer is acquiring a four-
B B B B B B



unit property. Each unit has a $400 security deposit held by the seller. How are these deposits
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handled on the settlement worksheet? - ANSWER-
B B B B B B $1,600 debit seller, credit buyer
B B B B




The broker's fee is normally shown on the settlement worksheet as - ANSWER-
B B B B B B B B B B B B



debit seller, credit buyer
B B B




The entry for purchase price on a seller-carry purchase is - ANSWER-
B B B B B B B B B B B



credit seller, debit buyerB B B




If the taxes for the preceding year are unpaid at the time of the closing, the amount will alway
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s be - ANSWER-
B B B a debit on the seller's closing statement
B B B B B B




1
Wicky

, Whose closing statement would normally include the notary fee for the warranty deed? -
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B ANSWER- The seller B




The seller's subtotal of debits is $132,456.28 and subtotal of credits is $142,333.26. This mean
B B B B B B B B B B B B B B



s the seller - ANSWER-
B B B B will receive $9,876.98 at closing
B B B B




($142,333.26 - $132,456.28) B B




A broker who is unable to attend a closing for a transaction in which the broker is designated t
B B B B B B B B B B B B B B B B B B



o represent the buyer should - ANSWER-
B B B B B B



ask another experienced licensee in her office to attend for her and share the responsib
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ility to confirm the buyer's closing figures
B B B B B B




A buyer is getting a new seller-
B B B B B B



carry second loan for $45,000 at 9 percent interest with monthly payments. If the closing is Au
B B B B B B B B B B B B B B B B



gust 17, what is the settlement entry for "Interest on New Loan"? - ANSWER-
B B B B B B B B B B B B B



$166.44 debit buyer, credit seller B B B B




($45,000 x . x 15) B B B B B B




A survey is required as a condition in a purchase contract. Who will be charged for this cost? -
B B B B B B B B B B B B B B B B B B



B ANSWER- Negotiable—check the contract B B




How is a seller-carry loan entered on the settlement worksheet? - ANSWER-
B B B B B B B B B B B



Debit seller, credit buyer B B B




At closing, who is responsible to confirm the figures on the seller's closing statement? -
B B B B B B B B B B B B B B



B ANSWER- The designated listing broker
B B B




In a new loan closing, the settlement worksheet will show an entry for tax reserve that indicat
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es the new lender is - ANSWER-
B B B B B B



collecting this amount to start the reserve for the buyer's next tax payment
B B B B B B B B B B B B




2
Wicky