ENGRADE Chapter 15 Flashcards
1
Q
After closing, the settlement statement is to be delivered to all parties immediately after the closing but no later than
A
5 calendar days after closing
2
Q
What is the settlement statement entry for a loan on a purchase money mortgage?
A
Credit Buyer, Debit Seller
3
Q
If personal property taxes appear on a residential settlement statement, these taxes are normally
A
Single entry DEBIT to the seller if the tax bill has been received and not yet paid by the seller.
A double entry item Debit seller/credit buyer, if taxes are to be paid later in the year by the buyer.
