Terms in this set (10)
A house sold for $165,000 and the total commission received by the broker was $13,200. What was the rate of commission?
Taxes are $1,485 for a July 31 closing. Compute the tax proration and show how the proration will appear on the settlement statement. The day of closing belongs to the buyer, and taxes are paid in arrears. Use the 365-day method for prorating
Debit seller $858.45; credit buyer $858.45
Rich and Merle purchase a property for 270,000. They obtain a new 75% loan from the ABC lending company. How much was their loan and how would it appear on their settlement statement?
$205,250; credit the buyer
Which of the following statements best describe the purpose of a closing disclosure ?
An official settlement statement used by settlement agents and title companies to itemize all changes for a borrower and seller
A seller listed a property for $96,000. The property sold for 94,000. How would the purchase price appear on a full settlement statement?
Credit the seller $94,000 and debit the buyer 94,000
A property sold for $198,000 with a listing commission of 8%. The selling office is to receive 40% of the total commission. How much will the listing salesperson receive if she is paid 60% of the amount retained by the listing broker?
In florida, the deed of the property is taxed based upon the
A borrower received an 80% conventional loan and paid two discount points. If the points totaled $1,500, what was the sale price?
A seller netted $55,000 at closing. If the seller paid costs $1000 and an 8.5% commission, what was the sale price to the nearest dollar?
A 15-acre plot of land sold for $3000 an acre. What is the cost of the deed stamp tax on this property?
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