B7 Flashcards
Homeowner’s insurance on a closing statement will always be a (credit/debit)?
Debit to the buyer
The amount of the seller carryback would be what (debit/credit) on the closing statement?
Debit seller, credit buyer
On a closing statement the earnest money paid by the buyer would be? (debit/credit)
Credit buyer only
The amount of money that the buyer has to bring to escrow to close a transaction would show on a closing statement in the following manner (credit/debit)
Credit buyer only
If the buyer is assuming an existing loan on the property, what is prorated at closing?
Interest only
The seller’s proceeds would show on a closing statement in the following manner (credit/debit)
debit seller only
Debits to the seller do not include….
Impound accounts
Once recorded, the buyer will receive the deed to the property from who?
County Recorder
The Closing Disclosure form closing statement must be signed by who?
Buyer
Schedule B on a title policy would not contain what?
Type of conveying deed used
What relationship best describes a double escrow
The vendee becomes the vendor
A bring down endorsement is associated with what?
Title
What law requires the use of the Closing Disclosure prior to a loan consummation?
RESPA
Real Estate Settlement Procedures Act
When a new loan is paid PITI what would NOT appear on an escrow statement?
Principal Payments
When would IRS from 1099S be used?
Report Sales Price
In a real estate closing, what would the buyer normally pay for?
Recording of a new loan
The Closing Disclosure would be given to a borrower how many days prior to loan consummation?
Three Business Days
What does a seller usually pay for at closing?
Deep preparation
Who at closing signs the settlement statement?
Buyer, Seller and Escrow Officer
In an escrow closing, the signed deed is delivered to?
Escrow officer
On a closing statement, what will not be prorated?
Security deposits
