CHAPTER FOURTEEN QUIZ

Who should perform the final walkthrough of the property prior to closing?

If a sale contract indicates that the day of closing is “the seller’s day,” this means that

If a seller paid $488 for transfer taxes at closing, and the rate was $1.00 for every $400 or fraction thereof of the sale price, what was the sale price?

Florida’s documentary stamp tax rate for deeds in Pinellas County is

Assume a seller at closing must pay transfer taxes at the rate of $1.00 for every $500 of purchase price, or fraction thereof. If the sale price is $345,600, how much tax must the seller pay?

A sale contract may specifically deal with tax withholding responsibility if the seller is a foreigner. What is this responsibility?

A prorated expense on the settlement statement is

A buyer’s financing arrangements are often concluded at closing, because

The amount a buyer owes at closing is equal to

The purpose of the closing event is to

The Real Estate Settlement Procedures Act prescribes closing procedures that must be followed whenever

When a licensee receives earnest money from a buyer, the licensee must turn the money over to his or her broker

Which of the following are examples of closing items not prorated between buyer and seller?

Which of the following items are paid in advance?

Which of the following items are paid in arrears?