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11 Cards in this Set

  • Front
  • Back
The anount of an assumed mortgage appears on the buyer's statement as a:

A. credit
B. debit
C. reconciliation
D. format
A. credit
The amount of the earnest money deposit appears as a:

A. seller's debit
B. seller's credit
C. buyer's debit
D. buyer's credit
D. buyer's credit
If a property was listed for sale at $30,000 and sold for $28, 500, the 6 percent broker's fee would appear in the seller's statement as a:

A. debit of $1,800
B. credit of $1,800
C. debit of $1,710
D. Credit of $1,710
C. debit of $1,710
The cost of preparing a deed appears as a:

A. seller's debit
B. seller's credit
C. buyer's debit
D. buyer's credit
A. seller's debit
If the closing date is June 30 and seller's real property taxes of $664 for the calendar year are unpaid, the appropriate entry on the buyer's statement would be a:

A. credit of $332
B. debit of $664
C. debit of $332
D. credit of $664
A. credit of $332
The proper entry on the closing statements for a transaction closed on April 15, in which the buyer is purchasing the seller's insurance policy for which the seller paid an annual premium of $156 on November 30, would be:

A. credit to seller of $97.50
B. debit to buyer of $58.50
C. debit to seller of $97.50
D. credit to buyer of $58.50
A. credit to seller of $97.50
A buyer purchased a rental property and closed the transaction on July 20. The tenant had paid rent for the month of July in the amount of $540 on July 1. The rent should be shown as a:

A. debit to seller of $180
B. debit to buyer of $180
C. debit to seller of $360
D. credit to buyer of $360
A. debit to seller of $180
A purchase money mortgage appears as:

A. credit to seller
B. debit to seller
C. debit to buyer
D. prepaid by seller
B. debit to seller
The cost of recording a deed appears as a:

A. debit to the buyer
B. debit to the seller
C. credit to the buyer
D. credit to the seller
A. debit to the buyer
The test to determine a parcel's ability to support a septic system is:

A. soil bearing test
B. percolation test
C. EPA test
D. radon test
B. percolation test
On a four column closing statement, the amount of money a buyer must bring to closing is listed as a:

A. credit to the buyer
B. debit to the buyer
C. credit to the buyer and a debit to the seller
D. debit to the buyer and a credit to the seller
A. credit to the buyer