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10 Cards in this Set
- Front
- Back
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Which of the following is true with regard to interest on deposits into accounts? |
Interest on security deposits in mobile home parks belongs to the landlord |
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Which of the following is a permissible depository for an escrow account? |
A community bank |
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What is not considered “Money belonging to others” |
Operating funds |
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Function of the ledger? |
To keep track of each beneficiary’s transaction |
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What is not true about interest bearing escrow accounts? |
The broker must keep a journal and ledger for the account |
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How are miscellaneous unexpected closing expenses paid? |
Out of the brokers ledger |
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The journal balances to all but which of the following? |
Operating account |
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What would not appear on the journal? |
Checks for the account |
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Closed ledgers must be kept along with copies of what? |
Deposit slips |
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On going owner expenses and net proceeds should be paid from what account? |
The sales escrow account |
