Azure Tide | Questions and Answers with complete solution

Usually, whichever party is to sign a particular closing document pays the fee for document preparation. - True Security deposits held by seller are entered as a credit to the seller and a debit to the buyer. - False The statutory method means that you always use 30 days to calculate a monthly proration and 365 days to calculate a years proration. - False, 30 days to calculate monthly proration and 360 days to calculate a years proration Interest on an assumable mortgage is paid ahead, so seller gets a credit from the buyer at closing. - False Intangible tax is paid on every dollar of both new mortgages and assumed mortgages at $.002. - False, paid on new mortgages only not assumed mortgages The Closing Disclosure is the financial summary of the deal. - True The broker commission is usually paid by the seller or whoever employed the broker unless otherwise negotiated beforehand on the contract. - True Even though the lender's title insurance is required by the buyer's lender, it may be paid by the seller at closing. - True A debit means that the person who gets the debit is being charged money. - True Items paid in arrears is entered as a credit to the seller and a debit to the buyer - False You are the listing agent representing seller Nancy. You listed her house for $350,000 at 6% commission. You offered 2.5% to a buyer's agent as a co-brokerage in the MLS. After 3 months on the market, you sellthe house yourself for $325,000 to buyer Tim. Based on your agreement with your broker, your broker keeps 25% of the commission and pays you the rest. How much do you pocket? - $14,625 Price sold at $325,000X.06 = $19.500X.75 = $14,625.00 Rubio purchased property from Covington. Rubio puts $50,000.00 down and gets a mortgage in the amount of $450,000.00. How much will Covington be charged for the doc stamp tax on the deed? - $3,500.00