Unit 14: Closing the Real Estate Transaction

Question 1

1. Held in an office (title company, lender,
   attorney, broker)
2. Conducted by a closer
3. Attended by buyer, seller, and their real
   estate agents
4. Representatives from the lender and title
   insurance companies may also attend.

Answer 1

Face-to face closing

Question 2

1. Escrow agent
   a) A disinterested third party authorized to
   coordinate closing activities
   b) Completes the transaction according to the
   terms in the purchase contract
2. The parties to the transaction never meet.

Answer 2

Escrow closing

Question 3

sales price is credit to seller, and debit to buyer

Answer 3

note

Question 4

In a closing statement, a credit (+) is an amount payable to the buyer or seller.

Answer 4

none

Question 5

closing statement

Answer 5

debit (-) is amount to be paid by the buyer or seller

Question 6

this is an example of a credit to the seller

Answer 6

sale price

Question 7

4 examples of debit to seller examples

Answer 7

payoff existing loan, brokerage fee, seller contribution, seller financing

Question 8

example of debit to buyer

Answer 8

sale price, loan fees, recording the deed

Question 9

credit to buyer examples:

Answer 9

new loan amount earnest money, any seller financing

Question 10

a ______ _______ (__) combines TILA and RESPA requirements and shows both APR/lender costs and all estimated loan costs

Answer 10

loan estimate (LE)

Question 11

wtf

Answer 11

home qequity lines of credit, mobile homes, reverse mortgages, seller financing (contract for deed and purchase money mortgages)