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Alabama Post Salesperson Course Exam Prep: Contract to Closing Working With Sellers Study Guide Solutions $12.49   Add to cart
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Alabama Post Salesperson Course Exam Prep: Contract to Closing Working With Sellers Study Guide Solutions
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Alabama Post Salesperson Course Exam Prep: Contract to Closing Working With Sellers Study Guide Solutions Closing - ANSWER-The settlement of a real estate transaction Closing Disclosure - ANSWER-A statement of final loan terms and closing costs, provided to the borrower three days prior to clo...

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  • November 10, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • alabama post salesperson course exam prep contrac

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OliviaWest

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Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




Alabama Post Salesperson Course Exam

Prep: Contract to Closing Working With

Sellers Study Guide Solutions


Closing - ANSWER✔✔-The settlement of a real estate transaction


Closing Disclosure - ANSWER✔✔-A statement of final loan terms and closing costs, provided to the

borrower three days prior to closing


Loan Estimate - ANSWER✔✔-Disclosure lender gives to borrower within three days of the borrower

applying for a loan; discloses loan terms, interest rate, and estimated payment (Replaced the Good Faith

Estimate)


Closing agent - ANSWER✔✔-Manages the closing process, presents and explains all of the closing

documents to the parties, and obtains signatures; this may be an attorney, broker, or a title company

representative


Face-to-face closing - ANSWER✔✔-All parties to the transaction gather together to settle


Escrow closing - ANSWER✔✔-A neutral third party, or escrow agent, handles the exchange on the

buyer's and seller's behalf


Proration - ANSWER✔✔-A division of expenses and income between buyer and seller according to who

owes what to whom




Copyright ©Stuvia International BV 2010-2024 Page 1/8

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Title insurance - ANSWER✔✔-An insurance contract insuring the policy owner against financial loss if

title to real estate is defective


Closing statement - ANSWER✔✔-Aka settlement statement; a statement showing the monies involved in

the real estate transaction, and who owes what to whom


Chain of title - ANSWER✔✔-Establishes the title history or the path and proof of property ownership

through a public records search for successive conveyances of title and encumbrances; each owner is

considered to be a "link" in the chain.


Abstract of title - ANSWER✔✔-A condensed history of a title; a summary of all links in the chain and

including other public record matters affecting the title, a legal description of the property, and a

summary of every related document in chronological order


Survey - ANSWER✔✔-A blueprint or map showing measurements, boundaries, and area of a property.

This is sometimes required by lenders to ensure that no encroachments exist.


Deed - ANSWER✔✔-A legal document conveying title to or interest in real estate; establishes legal

ownership


Earnest money deposit - ANSWER✔✔-An amount of money the buyer places in escrow or trust to show

good faith in the buyer's intention to purchase the seller's property


Seller net sheet - ANSWER✔✔-An estimate prepared by the seller's agent of what the seller's net

proceeds will look like if the seller accepts the buyer's offer


Staging - ANSWER✔✔-Preparing a property for show or sale by removing clutter, moving furniture,

adding accessories, etc.




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