Debit to the buyer - Study guides, Class notes & Summaries

Real Estate License Review Questions and Answers | Verified & Updated A property sold for $60,000 and was financed bya 80% ltv mortgage. On the buyer's portion of the settlement statement the 2 % loan origination fee would be shown as - a debit to the buyer How does the buyer's earnest money deposit appear on the closing settlement statement? - as a credit to the buyer In a state where real property taxes are paid a year in arrears, how would the accrued taxes that were not due and pay...

Real Estate Final Exam (150 Questions) #1| Answered 100% Correctly| Updated 2024 A real estate licensee has a buyer agency agreement. What is the seller in this situation? A customer. An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? He must exercise his option under the terms of the option contract. When can a landlord evict a disabled blind or disabled tenant from the premi...

What is Hawaii's residential property disclosure form? A.) A statement of the condition the home will be in after repairs are completed B.) A statement that lists all home upgrades the seller made C.) A statement that outlines the home repairs made in the past five years D.) A statement the seller provides to the buyer that outlines all known property defects - AnswerD.) A statement the seller provides to the buyer that outlines all known property defects Which of these acknowledgments do ...

Arkansas Real Estate Exam Questions and Answers 100% Pass Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? A. 5 acres B. 10 acres C. 80 acres D. 2.5 acres - Correct Answer ️️ -2 x 2 x 4 x 4 x 4= 256 640/256= 2.5 D. 2.5 acres Seller Gareth is certain there are no clouds on his property's title. What type of deed should he provide buyers to show ...

PSI NJ Real Estate Exam / PSI Practice Test - Q & A The Equal Credit Opportunity Act addresses all of the following EXCEPT a. discrimination in lending b. written statements of credit denial c. acceptable factors for borrower analysis d. standardization of interest rates Under the terms of their listing contract, the owners may sell their house themselves and pay no commission. If their agent sells it, a commission will be due. What kind of listing contract do the owners have? exclusive agency...

3. In real estate, which of the following is correct about the term "title?" Taxes and insurance are often prepaid at closing to establish the escrow account. On which page of the Closing Disclosure form will the buyer see an accounting of the escrow account set up? Page two, under other costs On page two of the form, other costs are itemized for buyers and sellers. Taxes, prepaids, and initial escrow payment at closing - usually two months' worth, are paid by the buyer and shown on pa...

Water Rights - The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - an agent to the broker and a subagent to the principal. Depreciation is calculated based on the - Cost of the building only. When a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the - mortgagor A competitive market analysis is MOST o...

What is accounting? - Correct answer-the action or process of keeping financial accounts revenues - Correct answer-inflows of assets resulting from the sale of goods and services expenses - Correct answer-outflow of assets resulting from the sale of goods and services internal user - Correct answer-managerial accounting external user - Correct answer-financial accounting who is responsible for GAAP - Correct answer-FASB accounting equation - Correct answer-assets = liabilities + owners ...

NJ Real Estate Exam Questions According to New Jersey License Law, A licensee who wants to sell property that the licensee owns MUST? a) list the same property with another licensee in the same office b) disclose the ownership interest in any advertisement of the property c) disclose the ownership interest in any notice submitted on the listing to the MLS d) disclose in the contract of sale that the seller holds a New Jersey Real Estate license d. disclose in the contract of sale that th...

NATIONAL REAL ESTATE EXAM QUESTIONS AND ANSWERS| 100% CORRECT 2024 How is an earnest money deposit held in escrow reflected on the closing statement? (a) Credit to the buyer (b) Debit to the buyer (c) Credit to both the buyer and seller (d) Credit to the seller - answera. The buyer pays the binder deposit when the contract is entered into. It is entered as a credit to the buyer since this portion of the purchase price has already been paid and will not have to be paid again. Since the ...