Unit 14 Key Terms Flashcards
arrears
The state of being behind in the discharge of an obligation; paid at the end of the period for which something is due (the opposite of in advance).
credit
As a verb, to make an entry on the right or credit side of an account; as a noun, payment or value received
debit
As a verb, to make an entry on the left or charge side of an account; as a noun, a charge or expense.
preclosing inspection
A final walk-through with the sales associate to verify that repairs have been completed and that the property is left in good condition.
profit
The amount one makes over and above one’s cost.
proration
To divide or assess proportionate shares of charges and credits between the buyer and the seller according to their individual period of ownership.
The state of being behind in the discharge of an obligation; paid at the end of the period for which something is due (the opposite of in advance).
arrears
As a verb, to make an entry on the right or credit side of an account; as a noun, payment or value received
credit
As a verb, to make an entry on the left or charge side of an account; as a noun, a charge or expense.
debit
A final walk-through with the sales associate to verify that repairs have been completed and that the property is left in good condition.
preclosing inspection
The amount one makes over and above one’s cost.
profit
To divide or assess proportionate shares of charges and credits between the buyer and the seller according to their individual period of ownership.
proration
