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- 1. Multiple Choice
Real estate agents typically get paid…?
Once the funds clear in the seller’s account
After the deed is recorded
As soon as they find a buyer
At the closing
- 2. Multiple Choice
The closing of a real estate transaction is also known as the…?
Exchange
Settlement
Granting
Transfer
- 3. Multiple Choice
Which of the following is a charge against the seller at the closing…?
Loan origination fee
Discount points
Payment of the buyer’s closing costs
All of the above
- 4. Multiple Choice
Who typically pays the real estate commission in a transaction…?
The buyer
The seller
Both the buyer and seller
The title company
- 5. Multiple Choice
Who typically pays for the recording of the transfer of title…?
The buyer
The seller
Both the buyer and seller
The County Clerk
- 6. Multiple Choice
Who typically pays to have an attorney review and issue an Opinion of Title when an abstract of title is used…?
The seller
The buyer
Both the buyer and seller
The County Clerk
- 7. Multiple Choice
Who is responsible for paying special assessments…?
The seller
The buyer
Both the buyer and seller
The appraiser
- 8. Multiple Choice
Which of the following are not prorated at closing…?
Security deposits
Security deposits
Attorney fees
All of the above
- 9. Multiple Choice
The closing agent prepares a ……………………... to prove that all funds have been paid out correctly?
Disbursement sheet
P&L statement
Expense sheet
Transfer statement
- 10. Multiple Choice
The division of certain settlement costs between a buyer and seller is known as…?
Proration
Distribution
Closing
Apportion
- 11. Multiple Choice
Items that are owed by the seller but ultimately paid by the buyer are known as…?
Accrued items
Pre-paid items
Credit items
Debit items
- 12. Multiple Choice
After a purchase contract is signed by both parties, both the contract and the …………………. are delivered to the escrow agent…?
Earnest money
Letter of Intent
Inspection report
Chain of title
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