Florida real estate exam chapter 14 100%
Correct
The purpose of the closing statement is to - ANSWER summarize the financial aspects
of a real estate transation
Which entry would normally appear as a debit on the buyer's statement - ANSWER
intangible tax on a new mortagage
Single entry items - ANSWER must be accounted for in the broker's statement
Which entry would appear as a credit on the seller's closing statement - ANSWER
purchase price
The amount of a new mortagage being obtained by the buyer would be entered on the
closing statement as a - ANSWER credit to the buyer
The amount of a mortgage loan being assumed at closing by the buyer would be
entered as a - ANSWER double entry
The balance due from the buyer on the closing statement is paid to the - ANSWER
closing agent
On a closing statement, the day of closing - ANSWER is determined by agreement
The balance due to the seller is paid by the - ANSWER closing agent
The document that stipulates which party pays which expense in a closing is the -
ANSWER purchase and sale contract
An earnest money deposit held in escrow is reflected on the closing statement as a -
ANSWER credit to the buyer
In the absence of any agreement between the parties, the state documentary stamp tax
on the deed is paid by the - ANSWER seller
In a residential transaction, the brokerage fee is usually reflected on the closing
statement as a - ANSWER debit to the seller
Double entry items - ANSWER do not appear in the broker's statement
Which statement about the broker's portion of the closing statement is true - ANSWER
Receipts and disbursements must equal
Correct
The purpose of the closing statement is to - ANSWER summarize the financial aspects
of a real estate transation
Which entry would normally appear as a debit on the buyer's statement - ANSWER
intangible tax on a new mortagage
Single entry items - ANSWER must be accounted for in the broker's statement
Which entry would appear as a credit on the seller's closing statement - ANSWER
purchase price
The amount of a new mortagage being obtained by the buyer would be entered on the
closing statement as a - ANSWER credit to the buyer
The amount of a mortgage loan being assumed at closing by the buyer would be
entered as a - ANSWER double entry
The balance due from the buyer on the closing statement is paid to the - ANSWER
closing agent
On a closing statement, the day of closing - ANSWER is determined by agreement
The balance due to the seller is paid by the - ANSWER closing agent
The document that stipulates which party pays which expense in a closing is the -
ANSWER purchase and sale contract
An earnest money deposit held in escrow is reflected on the closing statement as a -
ANSWER credit to the buyer
In the absence of any agreement between the parties, the state documentary stamp tax
on the deed is paid by the - ANSWER seller
In a residential transaction, the brokerage fee is usually reflected on the closing
statement as a - ANSWER debit to the seller
Double entry items - ANSWER do not appear in the broker's statement
Which statement about the broker's portion of the closing statement is true - ANSWER
Receipts and disbursements must equal
