Chapter 14: Real Estate Computations and Closing Transactions Flashcards Preview

Florida Real Estate Sales Associate License > Chapter 14: Real Estate Computations and Closing Transactions > Flashcards

Flashcards in Chapter 14: Real Estate Computations and Closing Transactions Deck (18):
1

The _____ must clear any title problems and arrange for preparation of a deed.

seller

2

The seller provides either an _____ or _____ as evidence of merchantable title.

abstract of title
title insurance policy

3

The purpose of a closing statement is to _______.

summarize the transaction

4

When a residential closing involves financing provided by a federally-regulated lender, the closing agent is required to use the _______ form.

HUD-1 Uniform Closing Statement

5

Entries on a closing statement are identified to the buyer and seller as _____ and _____.

credits and debits

6

The closing statement reflects the financial relationship of the buyer and seller on ______.

day of closing

7

The binder deposit shows as a _____ to the _____.

credit
buyer

8

A first mortgage balance would show as a _____ to the seller and _____ to the buyer.

debit
credit

9

Doc stamp tax on the deed is usually paid by the _____.

seller

10

Doc stamp tax on the deed is ____/$100 (oft)

$.70

11

Doc stamp tax on the deed applies to _____ home sales.

all

12

Doc stamp tax on notes is usually paid by the _____.

buyer

13

Doc stamp tax on the notes is _____/$100 (oft)

$.35

14

Doc stamp tax on the note is paid in _____ and _____ types of transactions.

new
assumed

15

State intangible tax on a mortgage is usually paid by the _____.

buyer

16

State intangible tax on a mortgage is at the rate of ______.

2 mills

17

State intangible tax on a mortgage is paid in _____ types of transactions.

new

18

Title insurance is generally the responsibility of the _____.

seller