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11 Cards in this Set
- Front
- Back
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The anount of an assumed mortgage appears on the buyer's statement as a:
A. credit B. debit C. reconciliation D. format |
A. credit
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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