AZ Real Estate - Escrow & Closing B7

Question 0

What requires HUD 1 at closing

Answer 0

New home purchase w/ conventional financing

Question 1

Taxes pro rated btw buyer and seller. Taxes paid in advance by seller.

Answer 1

Credit seller

Debit buyer

Question 2

Taxes prorated but have not been paid by seller.

Answer 2

Debit seller

Credit buyer

Question 3

Interest proration w/ new loan on property by buyer is

Answer 3

Debit buyer

Question 4

What is not a debit to seller

Answer 4

Amt of buyers new loan

Question 5

Insurance on a closing statement is always a debit to the

Answer 5

Buyer

Question 6

Earnest money paid by buyer is a

Answer 6

Credit buyer only

Question 7

Sales price is

Answer 7

Debit buyer

Credit seller

Question 8

If buyer assuming existing loan what is prorated at closing

Answer 8

Interest only

Question 9

If subtotal on seller’s closing statement shows more debits than credits

Answer 9

Seller must pay money to close escrow.

Question 10

Once recorded, buyer get deed from

Answer 10

County recorder

Question 11

In double Escrow vendee becomes

Answer 11

Vendor

Question 12

Bring down endorsement is associated with

Answer 12

Title

Question 13

Doctrine of relation back

Answer 13

Ensures delivery of deed to buyer even if grantor dies. Eliminates specific performance lawsuits against heirs.

Question 14

Interpleader is

Answer 14

Neutral 3rd party hired by escrow agent to settle dispute.

Question 15

What law requires use of HUD 1?

Answer 15

RESPA

Question 16

What doc is recorded w/ deed?

Answer 16

Affidavit of value

Question 17

Seller responsible for taxes through close of escrow..

Answer 17

Debit seller

Question 18

IRS FORM 1099S used to

Answer 18

Report sales price

Question 19

What would buyer normally pay for?

Answer 19

Recording of new loan

Question 20

Uniform Settlement Statement given to buyer how many days before closing?0

Answer 20

1 day

Question 21

Property closes 2/3, property taxes prorated based on

Answer 21

Last year

Question 22

On settlement sheet rent paid in advance is

Answer 22

Credit buyer, debit seller

Question 23

On settlement sheet buyer usually credited for

Answer 23

Unpaid taxes

Question 24

What does seller usually pay at closing

Answer 24

Deed prep

Question 25

On closing statement what is not prorated

Answer 25

Security deposits

Question 26

Commercial closing statement RE: taxes

Answer 26

Seller debited for property tax

Question 27

When escrow closed what must be filed w/ IRS?

Answer 27

1099S

Question 28

At closing who signs HUD1?

Answer 28

Buyer, seller, escrow agent

Question 29

In escrow closing signed deed delivered to?

Answer 29

Escrow agent

Question 30

After close of escrow buyer and seller decide to cancel transaction. They must?

Answer 30

Prepare and record a new deed

Question 31

What is not charged to seller on settlement sheet?

Answer 31

Property insurance

Question 32

When taxes are prorated on settlement sheet taxes are based on

Answer 32

Prior year

Question 33

When a new loan is paid PITI what is not on closing statement?

Answer 33

Principal payments