Chapter 14: Real Estate-Related Computations & Closing of Transactions (FITB) Flashcards Preview

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Flashcards in Chapter 14: Real Estate-Related Computations & Closing of Transactions (FITB) Deck (14):
1

The binder deposit held in escrow by a broker would be entered on the closing statement as a ____ to the ____.

credit to the buyer.

2

The ____ normally pays for the documentary stamp tax on the deed.

seller

3

Expenses on a closing statement are always entered as ____.

debits

4

Prorations are always entered onto a closing statement as ____ entries.

double

5

Title insurance is ordinarily paid by the ____.

buyer

6

The state documentary stamp tax on the promissory note and intangible tax on a new mortgage is normally paid by the ____.

buyer

7

____ is paid in advance; ____ and ____ are paid in arrears.

rent, taxes and interest

8

The amount due the seller at closing is calculated by subtracting the seller's total ____ from the seller's total ____.

debits, credits

9

The amount the buyer is required to bring to closing is calculated by subtracting the buyer's total ____ from the buyer's total ____.

credits, debits

10

The seller's ____ ____ and the buyer's ____ ____ are not usually equal due to the differences in their expenses.

grand totals, grand totals

11

The day of closing is always charged to the buyer for ____.

prepaid interest

12

Entries on the broker's statement are made as either ____ or ____.

receipts or disbursements

13

Prorated rent is entered on the closing statement as a ____ to the seller and a ____ to the buyer.

debit, credit

14

No taxes are payable on either the note or mortgage when title is taken ____ ____ the mortgage.

subject to

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