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Prorations/Escrow/Settlement Statement > Closing Statement > Flashcards

Closing Statement Flashcards

1
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Closing costs on a loan (unless negotiated differently)

A

Debit Buyer

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2
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Owner’s title insurance policy

A

Debit Seller

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3
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Earnest money that had been deposited in escrow

A

Credit Buyer

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4
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

New Loan

A

Credit Buyer

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5
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Seller carryback loan

A

Credit Buyer/Debit Seller

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6
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Loan Payoff

A

Debit Seller

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7
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Rents prepaid by tenants (prorated)

A

Credit Buyer/Debit Seller

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8
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

security deposits paid by tenants (full amount)

A

Credit buyer/debit seller

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9
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Property tax paid in arrears (prorated)

A

Credit Buyer/Debit Seller

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10
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

prepaid taxes (prorated)

A

debit buyer/credit seller

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11
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Fuel oil/propane gas (prorated)

A

debit buyer/debit seller

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12
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

water charges to be billed (prorated)

A

credit buyer/debit seller

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13
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

tax and insurance impounds

A

debit buyer

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14
Q

Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:

Interest on a new loan from closing date to first day of the following month

A

debit buyer

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15
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost_:_

Sales Price

A

Credit Seller/Debit Buyer

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16
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost_:_

Earnest money

A

Credit buyer

17
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: Buyer executes a second load to seller for $10,000 (Seller Carryback)

A

Debit Seller/Credit Buyer

18
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: Seller’s existing loan to be paid off (Payoff First Loan)

A

Debit Seller

19
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: New first loan

A

Credit buyer

20
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: Tax Proration

A

Debit Seller/Credit Buyer

21
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: Loan Orig. Fee

A

Debit Buyer

22
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: ALTA Title Policy Fee

A

Debit Buyer

23
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: Escrow Fee

A

Debit Seller/Credit Buyer

24
Q

Indicate Credit/Debit for Buyer and Seller

Owner’s Title Insurance Policy

A

Debit Seller

25
Q

Indicate Credit/Debit for Buyer and Seller

Closing Statement Cost: Brokerage commission

A

Debit Seller

26
Q

The following closing costs are paid by seller or buyer:

  1. Loan Origination Fees
  2. ALTA Title Insurance Policy
  3. Onwer’s Title Insurance Policy
  4. Escrow Fee
  5. Recording Finance Instruments
  6. Affidavit of Value
  7. Insurance Prem & Impound
A
  1. Buyer
  2. Buyer
  3. Seller
  4. Buyer and Seller (half each)
  5. Buyer
  6. Seller
  7. Buyer

Prorations/Escrow/Settlement Statement (2 decks)

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