14 - Closing of Transactions Flashcards
0
Q
Which entry would normally appear as a debit on the buyers statement?
A
Intangible taxes on a note
1
Q
What is the purpose of the closing statement?
A
To summarize the financial aspects of a real estate transaction
2
Q
Which of the following statements best describes a single entry item?
A
It must be accounted for in the broker’s statement
