closing disclosure Flashcards
1
Q
All are buyers closing cost except? Down payment Documentary stamps on the note Intangible tax on the mortgage Documentary stamps on the deed
A
Documentary stamps on the deed
2
Q
Taxes Paid by the Seller include? Documentary stamps on the deed Prorated real property taxes Intangible tax on the mortgage 1 & 2, but not 3
A
1 & 2, but not 3
3
Q
Does the Seller or the Buyer get these items charged to them? Appraisal Mortgage insurance Prepaid interest Title insurance
A
Buyer
4
Q
Does the Seller or the Buyer get these items charged to them? Documentary stamps on the note Intangible tax on the mortgage Loan fees Hazard insurance
A
Buyer
5
Q
Documentary stamps on the deed Prorated real property taxes Title search fee Lien search fee These are paid by the Seller or Buyer?
A
Seller
6
Q
Name as many items you can paid by the Seller. L P B C D S D P R P T T S F L S F
A
Loan payoff Broker's commission Documentary stamps on the deed Prorated real property taxes Title search fee Lien search fee
7
Q
Name as many items you can paid by the Buyer. D P T I D S N I T M L F P I I F A S F M I H I
A
Down payment Title insurance Documentary stamps on the note Intangible tax on the mortgage Loan fees Prepaid interest Inspection fees Appraisal Survey fee Mortgage insurance Hazard insurance
8
Q
static risk is ?
A
are the losses that are caused by factors other than a change in the economy (for example- hurricanes, earthquakes, other natural disasters)
9
Q
Dynamic risk is?
A
Dynamic Risks are the result of the economy changing (examples- inflation, recession, and other business cycle changes). Dynamic risks are not insurable.
