REAL ESTATE EXPRESS COLORADO
CLOSINGS FINAL VERSION 1& 2 EXAM
2025/2026 WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED DETAILED
ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS|ALREADY
GRADED A+|NEWEST|BRAND NEW
VERSION!!|GUARANTEED PASS
VERSION 1
A flat-rate water bill that is paid in advance in the amount of $37.50 for the month has not been
paid. For a closing on June 16, which is a correct entry for the settlement statements?
A)
Credit seller $18.75
B)
Debit seller $18.75, credit buyer $18.75
C)
Debit buyer $18.75, credit seller $18.75
D)
Debit seller and buyer $18.75
D)
The water is a lien at closing, but the seller only owes for the seller portion of the month, and
the buyer will be required to pay the buyer portion. The combined amount is the total
amount due, which will be a credit to the broker, who will write a check to clear the lien.
There is a $13 cost for the recording of the release for the current deed of trust in the new loan
statement. The settlement sheet entry is
1|Page
,A)
$13 debit seller only.
B)
$13 debit buyer, credit broker.
C)
$13 debit seller, credit broker.
D)
$13 debit buyer only.
A)
Since this is a new loan, this is a single-entry debit to the seller who wants this payoff
recorded. Remember, the broker does not write this check.
A special tax or special assessment is shown on the certificate of taxes due in the amount of
$834 for a curb and gutter project, which the buyer has agreed to assume. How will it show on
the settlement worksheet?
A)
$834 debit seller, $834 credit broker.
B)
It will not show up.
C)
$834 plus prorated interest debit seller and credit buyer.
D)
$834 debit seller, $834 credit buyer.
B)
Remember that when the buyer agrees to pay the special taxes or special assessments, these
are not collected at closing. The buyer is agreeing to make the payments as per the
assumption agreement.
The seller's subtotal of debits is $132,456.28 and subtotal of credits is $142,333.26. This means
the seller
A)
is bringing $9,876.98 to closing.
B)
will receive $9,876.98 at closing.
2|Page
,C)
needs $142,333.26 in cash to close.
D)
needs $132,456.28 in cash to close.
B)
Because the seller has more credits than debits, the seller receives the difference at closing;
simply subtract.
Who traditionally pays loan costs like discount points on a new loan?
A)
Buyer
B)
Seller
C)
Lender
D)
Broker
A)
Loan costs and other loan fees are traditionally paid by the borrower but can be negotiated to
be a seller concession. The Contract to Buy and Sell determines who will pay and how much.
At closing, a loan that is being assumed will show up on which closing statement?
A)
Seller's only
B)
Buyer's only
C)
Seller's, buyer's, and broker's
D)
Seller's and buyer's
D)
The assumed loan amount will show up on both Closing Statements, on the buyer's as a credit
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, and on the seller's as a debit. This is money the buyer is taking over for the seller and money
the seller still owes and will not receive at closing.
In Colorado, who owns the property on the day of closing?
A)
Seller
B)
Split at noon day of closing
C)
Negotiated
D)
Buyer
D)
In Colorado closings, the buyer owns the property on the day of closing.
On the Colorado side of the test, who owns the property on the day of closing?
A)
Buyer
B)
Seller
C)
No one
D)
Split at noon
A)
In Colorado closings, the buyer owns the property on the day of closing.
If a Colorado property sells for $263,900, what documentary fee will be paid when the warranty
deed is recorded?
A)
$263.90
B)
$26.00
4|Page
CLOSINGS FINAL VERSION 1& 2 EXAM
2025/2026 WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED DETAILED
ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS|ALREADY
GRADED A+|NEWEST|BRAND NEW
VERSION!!|GUARANTEED PASS
VERSION 1
A flat-rate water bill that is paid in advance in the amount of $37.50 for the month has not been
paid. For a closing on June 16, which is a correct entry for the settlement statements?
A)
Credit seller $18.75
B)
Debit seller $18.75, credit buyer $18.75
C)
Debit buyer $18.75, credit seller $18.75
D)
Debit seller and buyer $18.75
D)
The water is a lien at closing, but the seller only owes for the seller portion of the month, and
the buyer will be required to pay the buyer portion. The combined amount is the total
amount due, which will be a credit to the broker, who will write a check to clear the lien.
There is a $13 cost for the recording of the release for the current deed of trust in the new loan
statement. The settlement sheet entry is
1|Page
,A)
$13 debit seller only.
B)
$13 debit buyer, credit broker.
C)
$13 debit seller, credit broker.
D)
$13 debit buyer only.
A)
Since this is a new loan, this is a single-entry debit to the seller who wants this payoff
recorded. Remember, the broker does not write this check.
A special tax or special assessment is shown on the certificate of taxes due in the amount of
$834 for a curb and gutter project, which the buyer has agreed to assume. How will it show on
the settlement worksheet?
A)
$834 debit seller, $834 credit broker.
B)
It will not show up.
C)
$834 plus prorated interest debit seller and credit buyer.
D)
$834 debit seller, $834 credit buyer.
B)
Remember that when the buyer agrees to pay the special taxes or special assessments, these
are not collected at closing. The buyer is agreeing to make the payments as per the
assumption agreement.
The seller's subtotal of debits is $132,456.28 and subtotal of credits is $142,333.26. This means
the seller
A)
is bringing $9,876.98 to closing.
B)
will receive $9,876.98 at closing.
2|Page
,C)
needs $142,333.26 in cash to close.
D)
needs $132,456.28 in cash to close.
B)
Because the seller has more credits than debits, the seller receives the difference at closing;
simply subtract.
Who traditionally pays loan costs like discount points on a new loan?
A)
Buyer
B)
Seller
C)
Lender
D)
Broker
A)
Loan costs and other loan fees are traditionally paid by the borrower but can be negotiated to
be a seller concession. The Contract to Buy and Sell determines who will pay and how much.
At closing, a loan that is being assumed will show up on which closing statement?
A)
Seller's only
B)
Buyer's only
C)
Seller's, buyer's, and broker's
D)
Seller's and buyer's
D)
The assumed loan amount will show up on both Closing Statements, on the buyer's as a credit
3|Page
, and on the seller's as a debit. This is money the buyer is taking over for the seller and money
the seller still owes and will not receive at closing.
In Colorado, who owns the property on the day of closing?
A)
Seller
B)
Split at noon day of closing
C)
Negotiated
D)
Buyer
D)
In Colorado closings, the buyer owns the property on the day of closing.
On the Colorado side of the test, who owns the property on the day of closing?
A)
Buyer
B)
Seller
C)
No one
D)
Split at noon
A)
In Colorado closings, the buyer owns the property on the day of closing.
If a Colorado property sells for $263,900, what documentary fee will be paid when the warranty
deed is recorded?
A)
$263.90
B)
$26.00
4|Page
