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AZ Real Estate (ASREB) 5/2017 > B7 > Flashcards

Flashcards in B7 Deck (21)
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1

Homeowner's insurance on a closing statement will always be a (credit/debit)?

Debit to the buyer

2

The amount of the seller carryback would be what (debit/credit) on the closing statement?

Debit seller, credit buyer

3

On a closing statement the earnest money paid by the buyer would be? (debit/credit)

Credit buyer only

4

The amount of money that the buyer has to bring to escrow to close a transaction would show on a closing statement in the following manner (credit/debit)

Credit buyer only

5

If the buyer is assuming an existing loan on the property, what is prorated at closing?

Interest only

6

The seller's proceeds would show on a closing statement in the following manner (credit/debit)

debit seller only

7

Debits to the seller do not include....

Impound accounts

8

Once recorded, the buyer will receive the deed to the property from who?

County Recorder

9

The Closing Disclosure form closing statement must be signed by who?

Buyer

10

Schedule B on a title policy would not contain what?

Type of conveying deed used

11

What relationship best describes a double escrow

The vendee becomes the vendor

12

A bring down endorsement is associated with what?

Title

13

What law requires the use of the Closing Disclosure prior to a loan consummation?

RESPA
Real Estate Settlement Procedures Act

14

When a new loan is paid PITI what would NOT appear on an escrow statement?

Principal Payments

15

When would IRS from 1099S be used?

Report Sales Price

16

In a real estate closing, what would the buyer normally pay for?

Recording of a new loan

17

The Closing Disclosure would be given to a borrower how many days prior to loan consummation?

Three Business Days

18

What does a seller usually pay for at closing?

Deep preparation

19

Who at closing signs the settlement statement?

Buyer, Seller and Escrow Officer

20

In an escrow closing, the signed deed is delivered to?

Escrow officer

21

On a closing statement, what will not be prorated?

Security deposits