Unit 21 Quiz Attempt #2

The RESPA act establishes

RESPA is an acronym for

What is the New RESPA Rule

Which defines what the HUD-1 Settlement Statement

Two parties enter into a contract for deed agreement. In this form of agreement

Which answer best describes a true contract for a deed transaction

A due-on-sale clause in a sale contract puts parties on notice that

A certain item is to be prorated between a buyer and a seller. If no outside party is concerned, the item must be prorated and recorded as a debit to one party and a credit to the other party for the same amount.

An item is said to be paid in arrears if it is normally paid

A certain item is to be prorated between a buyer and seller. If no outside party is concerned, which of the following statements is true?

A seller received a rental payment of $900 in advance. At closing, the seller has earned only $320 of this rent. What should appear on the closing statement?

A buyer will receive a water bill for an estimated $100 at the end of the month. At closing, the seller has used an estimated $43 in water. What should appear on the closing statement?

At a closing in Georgia, which of the following would appear as a debit on the seller’s closing statement?

What would not appear on as a debit on the seller’s closing statement?

The closing attorney represents the _____, not the _______.

In Georgia, a rental property closing takes place on December 15. What will happen at the closing if tenants pay rent on the first day of each month?

What is not entered on a profit and loss statement?

Personal property taxes would not be paid by _________

All of the following EXCEPT _______ would appear as a debit on the seller’s closing statement.

A client gives the agent an extra $500 for working very hard in the transaction. Which is true?

How many months will the lender add to the the time since last property tax payment was made to determine how much the borrow is required to pay into escrow?

What is required of the seller in a real estate contract?

Who is the most important player to have present when closing a real estate transaction, WITHIN the state of Georgia?

Referring to a closing of a rental property in Georgia, if tenants usually pay rent on the first day of each month and the closing takes place on December 15, what will happen at the closing?

A statement that does not reflect the entire debt service is known as

A purchase agreement is _____

Commercial fire and hazard insurance policies require coverage to at least 80 percent of the property for the:

This type of insurance is supposed to insure employees for most claims for job-related accidents:

Property managers have a ____ relationship with the property owner:

An item is said to be paid in arrears if it is normally paid: