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Chapter 17 Review Questions

Terms in this set (11)

Which of the following would appear as a credit on the buyer's statement?:
a) the first mortgage proceeds
b) prepaid taxes
c) cost of deed preparation
d) title insurance
a) the first mortgage proceeds
Cash due from buyer at closing is:
a) debit to seller
b) credit to buyer
c) credit to seller
d) debit to buyer
b) credit to buyer
Balance due seller at closing is:
a) credit to seller and debit to buyer
b) debit to seller
c) credit to seller
d) debit to buyer
b) debit to seller
Which of the following statements would appear as a debit on seller's statements?:
a) rental income arrears
b) purchase price
c) mortgage payoff
d) insurance assumed
c) mortgage payoff
The realty transfer fee is:
a) debit to seller
b) debit to buyer
c) credit to seller
d) credit to buyer
a) debit to seller
The following would appear as a debit to seller and credit to buyer:
a) prepaid realty taxes
b) mortgage payoff
c) interest on mortgage payoff
d) unpaid realty taxes
d) unpaid realty taxes
The following would appear as a debit to seller and credit to buyer:
a) points
b) purchase money mortgage proceeds
c) loan organization fee
d) interest advance
b) purchase money mortgage proceeds
The following would be debt to buyer and credit to seller:
a) purchase price
b) unpaid realty taxes
c) interest arrears
d) purchase money mortgage
a) purchase price
The tenant security deposit appears as;
a) only a debit to seller
b) only a credit to seller
c) debit to seller and credit to seller
d) debit to buyer and credit to seller
c) debit to seller and credit to seller
Which of the following statements in TRUE?:
a) the realty transfer fee is paid by the purchaser
b) if the buyer demands title insurance it is an additional cost for the seller
c) the proceeds of the first mortgage will appear as a debit to the buyer
d) a purchase money mortgage will be shown as a debit to seller and credit to the buyer
d) a purchase money mortgage will be shown as a debit to seller and credit to the buyer
Which of the following statement is TRUE?:
a) a mortgage given to bank would appear on the closing statement as a credit to the buyer
b) a purchase money mortgage given to the seller would appear on the closing statement as a credit to the buyer and a debit to the seller
c) both A and B
d) neither A nor B
c) both A and B
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