CO 24-Hour Closings Course
The documentary fee required in Colorado is a fee equivalent to ______ for every $100 of the real estate sales price. A. $0.01 B. $0.03 C. $0.05 D. $0.10
A. $0.01
If the buyer owed taxes for 95 days, the seller owed for 270 days, and annual taxes were $4,000, what would the buyer's prorated tax expense be? A. $1,041.20 B. $1,140.20 C. $2,959.20 D. $3,240.20
A. $1,041.20
What will you find in the Financing Conditions and Obligations section? A. An agreement that the buyer will apply for a loan by the loan application deadline. B. A statement verifying that the buyer will pay all loan costs C. The type of financing selected by the buyer. D. The types of acceptable financing
A. An agreement that the buyer will apply for a loan by the loan application deadline.
When a seller pays the buyer for an expense, how is this recorded in the buyer's column of the Colorado Worksheet for Closing Statement? A. As a credit B. As a debit C. As an expense for the buyer D. As an increase in funds the buyer must bring to closing
A. As a credit
When are the mortgage loan commitment and title insurance contract signed? A. At the closing B. The day after closing on the property to ensure proper transfer of title C. The day prior to closing D. Weeks prior to closing
A. At the closing
What information does Schedule A of a title commitment provide? A. Basic facts related to the transaction and property, including a legal description B. Exceptions that the title policy will not cover C. Information on how to dispute a title commitment D. Requirements that must met before a title policy will be issued
A. Basic facts related to the transaction and property, including a legal description
If a broker can't make it to a closing and delegates another licensee to attend, who's responsible for the accuracy of the closing statement? A. Both the broker and the delegate B. The broker C. The broker's delegate D. The employing broker
A. Both the broker and the delegate
To whom is the earnest money deposit debited on the Colorado closing worksheet? A. Broker B. Buyer C. Lender D. Seller
A. Broker
In which section of the Contract to Buy and Sell Real Estate (Residential) will you indicate who pays any applicable sales tax? A. Closing Costs, Closing Fee, Association Fees and Taxes B. Payment of Encumbrances C. Prorations D. Transfer of Title
A. Closing Costs, Closing Fee, Association Fees and Taxes
What must a title company have in order to legally perform closings? A. Closing Instructions B. Earnest money C. Loan documents D. The Closings Authorization form
A. Closing Instructions
Who generally prepares closing statements? A. Closing agent B. Loan officer C. Real estate brokers D. Sellers
A. Closing agent
When the buyer and seller both have costs to pay, which form shows who pays what? A. Closing disclosure B. Home inspection report C. Loan Estimate D. Purchase contract
A. Closing disclosure
How do you calculate the monthly rate for annual taxes using a statutory year? A. Divide by 12 B. Divide by 360 C. Divide by 365 D. Multiply by 12
A. Divide by 12
What's true about the Appraisal Provisions section of the Colorado sales contract? A. It documents who will pay for the appraisal. B. It lists lenders who require appraisals for new mortgage loans. C. It provides space for the broker to list available appraisers. D. It states the maximum allowable cost of an appraisal.
A. It documents who will pay for the appraisal.
Collin is a Colorado broker, who is preparing the Colorado Worksheet for Closing Statement. To whom will he provide the completed worksheet? A. No one B. The buyer C. The closing agent D. The seller
A. No one
Where can a party reviewing a title commitment find basic details about the transaction? A. Schedule A B. Schedule B-1 C. Schedule B-2 D. This is not contained in the title commitment
A. Schedule A
Who closes on the cooperative brokerage agreement? A. The agents for the buyer and seller B. The buyer and the title insurance representative C. The lender's attorney and the seller's agent brokerage D. The seller and the seller's agent
A. The agents for the buyer and seller
What information is NOT included on Colorado's Closing Instructions form? A. The amount of the earnest money deposit B. The closing services fee C. The form the seller's proceeds will take D. The name of the closing company
A. The amount of the earnest money deposit
Broker Zane wants to prepare a closing statement estimate for his seller client. Where can he find the information he needs to complete the statement? A. The balanced closing worksheet B. The estimated net loan proceeds C. The executed contract D. The lender's loan statement
A. The balanced closing worksheet
If a broker wants to prepare a closing statement estimate for a buyer client, what form or report is used to create the estimate? A. The balanced closing worksheet B. The estimated net loan proceeds C. The finalized contract D. The lender's loan statement
A. The balanced closing worksheet
According to the CREC-approved Closing Instructions form, who bears responsibility for the accuracy of any legal documents prepared on behalf of the broker? A. The broker who engages the closing company to prepare the documents B. The buyer C. The closing company used to prepare the documents D. The seller
A. The broker who engages the closing company to prepare the documents
Who closes on the mortgage loan commitment at closing? A. The buyer and the lender's attorney B. The buyer and the seller C. The buyer and the title insurance rep D. The lender's attorney and the broker for the buyer
A. The buyer and the lender's attorney
According to Section 16 of the Colorado Contract to Buy and Sell Real Estate (Residential), to what date shall all current association assessments and dues be prorated? A. The closing date B. The day after the closing date C. The day the seller delivers possession D. The first full day of buyer's possession
A. The closing date
Mortgage interest on a new conventional loan is charged from ________ until the date the first mortgage payment is due. A. The date of the new loan B. The date the deed is recorded C. The date the loan application is approved D. The day before closing
A. The date of the new loan
Jennings has received a Closing Disclosure from his lender. What's the purpose of this form? A. To detail all costs Jennings will owe at closing B. To disclose the distribution of commissions that will occur at closing C. To estimate closing costs D. To estimate the seller's net proceeds
A. To detail all costs Jennings will owe at closing
One of the closing costs documented on the Colorado closing worksheet is a water and sewer escrow. What is this used for? A. To pay any unpaid water and sewer bills B. To pay the tap-in fees for new water or sewer lines C. To prepay water and sewer bills for the buyer D. To reimburse the seller for prepaid water and sewer fees
A. To pay any unpaid water and sewer bills
Muriel, a broker, has verified the Closing Statement for her client, Boris. Based on Colorado statutes, which of the following statements is true? A. Muriel, as an employed broker, can't verify the Closing Statement unless her employing broker has already done so. B. Muriel's employing broker remains responsible for the Closing Statement even when Muriel has verified it. C. Muriel's verification relieves her employing broker of responsibility for the accuracy of the Closing Statement. D. The closing agent is ultimately responsible for the accuracy of the Closing Statement; Muriel's verification is a service performed according to her firm's office policy.
B. Muriel's employing broker remains responsible for the Closing Statement even when Muriel has verified it.
In which section of the Contract to Buy and Sell Real Estate, Residential, will you indicate whether a survey will be requested and, if, so who will pay for it? A. Loan Provisions B. New ILC, New Survey C. Payment of Encumbrances D. Title Insurance, Record title and Off-Record Title
B. New ILC, New Survey
RESPA stands for ______. A. Real Estate Seller Prohibition Act B. Real Estate Settlement Procedures Act C. Real Estate Society Protection Act D. Real Estate Standard Protection Act
B. Real Estate Settlement Procedures Act
What does RESPA stand for? A. Real Estate Seller Prohibition Act B. Real Estate Settlement Procedures Act C. Real Estate Society Protection Act D. Real Estate Standard Protection Act
B. Real Estate Settlement Procedures Act
Which of the following costs would a seller likely pay? A. Recording fees for the new loan B. Recording fees related to release of the lien C. The appraisal fee D. The survey fee
B. Recording fees related to release of the lien
Sally, Larry's appraiser, has provided her with a title commitment and indicated there's a problem with the title. Where can Larry find the requirements that must be met before a title insurance policy will be issued? A. Schedule A B. Schedule B-1 C. Schedule B-2 D. Schedule B-3
B. Schedule B-1
What section of the Colorado Contract to Buy and Sell Real Estate (Residential) lists the deadline for owners association documents to be delivered to a buyer? A. Section 16-Prorations B. Section 3-Dates and Deadlines C. Section 4-Purchase Price and Forms D. Section 7-Owners' Association
B. Section 3-Dates and Deadlines
Why are lenders required to provide the Loan Estimate and Closing Disclosure forms to loan applicants and borrowers? A. Because interest rates may rise if the buyer doesn't close on time B. So borrowers can compare loans and make decisions regarding the affordability of loans offered C. So government entities can track the numbers of borrowers who decline certain types of loans D. So they can collect information about loan applicants and borrowers
B. So borrowers can compare loans and make decisions regarding the affordability of loans offered
Who must sign the Agreement to Amend/Extend Contract form? A. The broker and lender B. The buyer and seller C. The seller D. The seller and broker
B. The buyer and seller
Which of the following actions occurs prior to closing? A. A number of contracts are signed by the parties in attendance at the closing, such as the sale agreement, the mortgage loan commitment, and the title insurance contract. B. The buyer obtains a binder for insurance coverage on the new home. C. The buyer's check is given to the seller. D. The seller is paid the balance of the purchase price.
B. The buyer obtains a binder for insurance coverage on the new home.
Which of the following parties will most likely be found at the closing table in Colorado? A. The buyer's attorney B. The closing agent C. The closing attorney D. The lender's representative
B. The closing agent
What differentiates mortgage interest on a new loan as shown on a closing worksheet from mortgage interest on an assumed loan? A. Only the broker and buyer are shown with mortgage interest debits and credits on the worksheet. B. There's no proration of the interest on a new loan because the buyer's responsible for it all. C. The seller is credited less for a new loan. D. The seller is credited more for a new loan.
B. There's no proration of the interest on a new loan because the buyer's responsible for it all.
Why do the seller's and buyer's agents attend the closing? A. To ensure all of the closing documents are complete and accurate B. To provide support to their clients C. To represent their clients' legal interests D. To verify that the closing actually took place as scheduled
B. To provide support to their clients
Why isn't the appraisal fee debited or credited on a Colorado closing worksheet for a new conventional loan? A. The broker pays the fee out of pocket. B. The cost is assumed by the lender. C. The fee was already paid prior to closing. D. There are no fees for bank-ordered appraisals.
C. The fee was already paid prior to closing.
The net loan proceeds number that's documented on the Colorado closing worksheet is given to the broker by whom? A. The broker's attorney B. The buyer C. The lender D. The seller
C. The lender
For a new conventional loan, why isn't there a debit shown on the Colorado closing worksheet for the loan amount? A. Debits and credits don't apply to new mortgages. B. The broker has to wait until after closing to determine who to debit. C. The loan is a lender debit, which isn't reflected on the worksheet. D. There is no corresponding debit.
C. The loan is a lender debit, which isn't reflected on the worksheet.
What does it mean when we say that a closing worksheet is balanced? A. The buyer and seller columns together equal the broker columns. B. The subtotal of each of the six columns is the same. C. The total of each column in a pair (seller, buyer, and broker) is the same. D. The total of each of the six columns is the same.
C. The total of each column in a pair (seller, buyer, and broker) is the same.
You're calculating the prorated property taxes for your client's estimated closing statement. The day of closing is March 10. Which of these is the appropriate method for calculating this proration in Colorado? A. Using a 360-day year, you calculate the daily rate, then apply that rate to 69 days the property was owned by the seller. B. Using a 360-day year, you calculate the daily rate, then apply that rate to 70 days the property was owned by the seller. C. Using a 365-day year, you calculate the daily rate, then apply that rate to 68 days the property was owned by the seller. D. Using a 365-day year, you calculate the daily rate, then apply that rate to 69 days the property was owned by the seller.
C. Using a 365-day year, you calculate the daily rate, then apply that rate to 68 days the property was owned by the seller.
Zachary, the seller's broker, is unable to attend the closing. His employing broker, Tina, designates another broker, Chelsea, to attend. Who's now responsible for verifying closing statement accuracy? A. Chelsea B. Chelsea and Tina C. Chelsea and Zachary D. Chelsea, Zachary, and Tina
D. Chelsea, Zachary, and Tina
How is the Colorado documentary fee recorded on the closing worksheet for a new conventional loan? A. Credit to buyer and debit to broker B. Debit to buyer and credit to broker C. Debit to buyer and credit to seller D. Debit to buyer and no credit noted
D. Debit to buyer and no credit noted
How are the current year's taxes recorded on the Colorado closing worksheet for a new conventional loan? A. Debit to broker and credit to seller B. Debit to buyer and credit to seller C. Debit to seller and credit to broker D. Debit to seller and credit to buyer
D. Debit to seller and credit to buyer
Ernie is representing Carla, his buyer client, at closing. What's Ernie's responsibility regarding the closing statements? A. He must deliver a copy of the signed buyer's closing statement to the seller. B. He must deliver a copy of the signed seller's closing statement to his client. C. He must verify the accuracy of both closing statements. D. He must verify the accuracy of his client's closing statement.
D. He must verify the accuracy of his client's closing statement.
If the buyer pays both the buyer's and seller's share of a fee at closing, how is this accounted for on the Colorado Worksheet for Closing Statement? A. It goes as a debit and credit to the buyer. B. It goes in both parties' credit columns, with no corresponding debit. C. It goes in both parties' debit columns, with no corresponding credit. D. It goes in the buyer's debit column.
D. It goes in the buyer's debit column.
Josiah is a Colorado broker. He executed the closing instructions at the same time the purchase contract was executed. Who's likely holding the earnest money and who's probably conducting the closing? A. A closing company is holding the earnest money, and Josiah is performing the closing. B. A closing company is holding the earnest money and performing the closing. C. Josiah is holding the earnest money, and a closing company is performing the closing. D. Josiah is holding the earnest money and performing the closing.
D. Josiah is holding the earnest money and performing the closing.
For a condominium transaction with a new conventional loan, which of the following isn't shown as a debit anywhere on the Colorado closing worksheet? A. Closing fee B. Current year taxes C. Earnest money deposit D. Loan amount
D. Loan amount
Given the daily property tax rate, how can you calculate the prorated property tax amount to debit a seller and credit a buyer at closing? A. Multiply the daily rate times the number of days in the current month, including the closing day. B. Multiply the daily rate times the number of days left in the month, not including the closing day. C. Multiply the daily rate times the number of days the buyer will own the property during that tax year, not including the closing day. D. Multiply the daily rate times the number of days the seller owned the property, not including the closing day.
D. Multiply the daily rate times the number of days the seller owned the property, not including the closing day.
What information does Schedule B-1 of a title commitment provide? A. Basic facts related to the transaction and property, including a legal description B. Exceptions that the title policy will not cover C. Information on how to dispute a title commitment D. Requirements that must met before a title policy will be issued
D. Requirements that must met before a title policy will be issued
In a Colorado condominium transaction, the ________ pays the special assessments that the association assessed prior to the closing date. A. Broker B. Buyer C. Lender D. Seller
D. Seller
Mortgage interest on a new conventional loan is charged from the date of the new loan until ________. A. One week after closing B. The 15th of that month C. The date the deed is recorded D. The date the first mortgage payment is due
D. The date the first mortgage payment is due
What's a seller assist? A. When a seller requests legal assistance from the buyer's attorney B. When a seller requests legal assistance from the lender's attorney C. When the buyer assists the seller with legal document preparation D. When the seller agrees to assist the buyer by paying part of the closing costs
D. When the seller agrees to assist the buyer by paying part of the closing costs
Which of the following is NOT a question you need to ask yourself when prorating items? A. Is the item an accrued or prepaid item? B. Is the proration based on the statutory year or the calendar year? C. What is being prorated? D. Who is the most capable of paying the prorated item?
D. Who is the most capable of paying the prorated item?
Which component of a purchase offer could be referred to as a "down payment on the down payment"? A. Double down payment B. Earnest money C. Partial down payment D. Proceeds money
B. Earnest money
In Colorado, a single closing statement outlines the closing costs for whom? A. All parties B. Either the buyer or the seller C. The broker D. The lender
B. Either the buyer or the seller
What information does Schedule B-2 of a title commitment provide? A. Basic facts related to the transaction and property, including a legal description B. Exceptions and flaws that the title insurance policy will not cover C. Information on how to dispute a title commitment D. Requirements that lenders must meet before a title policy will be issued
B. Exceptions and flaws that the title insurance policy will not cover
What information does the Loan Estimate NOT provide to buyers under required disclosures law? A. Estimated closing costs B. Final closing costs C. Loan fees D. Loan payment schedule
B. Final closing costs
The Real Estate Settlement Procedures Act focuses on two primary areas. Besides certain disclosure requirements, what does RESPA regulate? A. Appraisal fees B. Kickbacks/referral fees C. Redlining D. Steering
B. Kickbacks/referral fees
How would you use the Agreement to Amend/Extend Contract form to delete a date-related provision from the original executed sales contract? A. Add an attachment to the amendment indicating which provisions should be deleted. B. Mark that item in the "Deleted" column of the amendment. C. On the amendment, strike through each provision you want to delete from the original sales contract. D. On the amendment, write "DEL" in the margin beside each provision you want to delete from the original sales contract.
B. Mark that item in the "Deleted" column of the amendment.
Lenders have stricter standards for condominium loans. Before a buyer can close on a loan, the buyer and the ________ must qualify. A. Agent B. Lender C. Property D. Seller
C. Property
How is the final purchase price of a property recorded on the seller closing statement? A. Balance due to seller B. Not on the seller closing statement C. Seller credit D. Seller debit
C. Seller credit
Who traditionally pays the closing fees for a Colorado real estate transaction? A. The broker B. The buyer C. The buyer and seller split them D. The seller
C. The buyer and seller split them
What happens if the broker representing either the buyer or the seller is unable to attend the closing? A. The client should attend the closing alone. B. The closing must be postponed. C. The employing broker can designate another broker to attend. D. The employing broker must attend the closing.
C. The employing broker can designate another broker to attend.
What action does RESPA prevent brokers from performing? A. Making more than five sales per quarter in a given neighborhood B. Preparing a market analysis C. Providing kickbacks to settlement providers D. Releasing confidential client information to the public
C. Providing kickbacks to settlement providers
Who, or which entity, is responsible for obtaining association documents for the buyer of a condominium? A. Broker B. Homeowners association C. Seller D. Title company
C. Seller
On the Colorado Worksheet for Closing Statement, when a debit is added to the buyer's column, what is the result? A. Decreases the amount the buyer must bring to closing B. Increases the amount both the buyer and seller must bring to closing C. Increases the amount the buyer must bring to closing D. Increases the amount the seller must bring to closing
C. Increases the amount the buyer must bring to closing
Which entity's debits and credits appear in aggregate form on the loan net proceeds statement? A. Broker B. Buyer C. Lender D. Seller
C. Lender
For which of the following entities will you not record debits and credits on the closing worksheet? A. Brokers B. Buyers C. Lenders D. Sellers
C. Lenders
When a seller agrees to pay a specified portion of the buyer's closing costs, this is called ________. A. Buyer concession B. Buyer help-out C. Seller assist D. Seller kickback
C. Seller assist
Information about documentation of the property's water source is described in which section of the Colorado sales contract? A. Appraisal Provisions B. Disclosure, Inspection, and Due Diligence C. Owners Association D. Title Insurance, Record Title and Off-Record Title
B. Disclosure, Inspection, and Due Diligence
Adam and Vi are purchasing a condominium for $369,500. One of the closing costs that their broker documents on their estimated closing worksheet is a documentary fee. What documentary fee will they pay for their real estate transaction? A. $3.69 B. $36.95 C. $369.50 D. $3,695.00
B. $36.95
The loan origination fee appears as a single entry on the Colorado closing worksheet. The "missing" double entry is what? A. A credit to the broker B. A credit to the lender C. A credit to the seller D. A debit to the lender
B. A credit to the lender
Darla is a broker conducting an in-house closing and she's preparing the Colorado Worksheet for Closing Statement. She's just entered the amount of current year property taxes owed by the seller, which would be ___________________. Remember Colorado taxes are paid at the end of the current year. A. A credit in the seller column B. A debit in the seller column C. An amount that decreases the funds the seller must bring to closing D. Income for the seller
B. A debit in the seller column
The negotiated sales price of a property appears on the seller closing statement. How is it recorded? A. As a balance due to the seller B. As a seller credit C. As a seller debit D. It's entered in both debit and credit columns
B. As a seller credit
When is the seller paid the full amount of the purchase price for the property? A. After acceptance of the down payment or earnest money offer B. At the closing C. The day after transferring title to the buyer D. The day prior to the closing
B. At the closing
How is the amount of a new conventional loan recorded on the buyer closing statement? A. Balance due to buyer B. Buyer credit C. Buyer debit D. Not on the closing statement
B. Buyer credit
Which of the following statements regarding financing terms for condominium buyers is true? A. Buyers can expect a lower interest rate. B. Buyers can expect to pay a higher down payment. C. Buyers can expect to pay a higher inspection rate. D. Buyers can expect to pay higher legal fees.
B. Buyers can expect to pay a higher down payment.
What are the steps in a proration? A. Calculate the annual rate and divide by 12 to get the monthly rate. Buyer pays six months; seller pays six months. B. Calculate the daily rate, then multiply rate by the number of days in the proration period. C. Divide an annual bill by two, and charge each party half. D. Multiply the daily rate by the number of days in the month, and divide by 30.
B. Calculate the daily rate, then multiply rate by the number of days in the proration period.
Charles is representing Claudia in the purchase of a home. Claudia engages an attorney to prepare documents related to the closing. Who's responsible for the related attorney's fees? A. Charles B. Claudia C. The brokerage firm D. The closing company
B. Claudia
The terms of the _______ determine who receives the earnest money. A. Appraisal B. Contract C. Escrow agent D. Inspection
B. Contract
What's the term for an amount that shows up on the closing statement in a particular party's favor? A. Balance B. Credit C. Debit D. Mortgage
B. Credit
Sometimes the seller will offer concessions to the buyer to help with closing costs. How would this be entered on the closing worksheet for the buyer? A. Credit to buyer in line 29, Endorsements B. Credit to buyer in line 51, Seller Concessions C. Debit to buyer in line 29, Endorsements D. Debit to buyer in line 51, Seller Concessions
B. Credit to buyer in line 51, Seller Concessions
How is the broker's commission typically documented on the Colorado closing worksheet? A. Credit to the broker, debit to the buyer B. Credit to the broker, debit to the seller C. Debit to the broker, credit to the buyer D. Debit to the broker, credit to the seller
B. Credit to the broker, debit to the seller
A real estate transaction has a closing date of August 5. The seller, who's responsible for closing costs up to and including the day of settlement, has not yet paid annual property taxes of $1,290. If proration is based on a statutory calendar, the buyer will be_______ on the closing statement. A. Credited $519 B. Credited $771 C. Debited $519 D. Debited $771
B. Credited $771
If the closing fee is split equally between a buyer and seller, how is this recorded on the Colorado closing worksheet for a new conventional loan? A. Credits to buyer and seller and debit to broker B. Debits to buyer and seller and credit to broker C. Debit to buyer and credit to seller D. Debit to seller and credit to buyer
B. Debits to buyer and seller and credit to broker
Which of the following activities would be permitted under the Real Estate Settlement Procedures Act? A. A broker's receipt of a gift card from a closing agent following a closed transaction B. A broker's silent (non-disclosed) ownership interest in a settlement services company C. A closing company providing customary promotional and educational activities D. Educational activities that defray otherwise required expenses
C. A closing company providing customary promotional and educational activities
Property tax in Colorado is paid in arrears. Given the amount of property tax a seller paid for the preceding year, how can the daily rate be calculated? A. Amount paid for preceding year taxes ÷ 12 months B. Amount paid for preceding year taxes ÷ 31 C. Amount paid for preceding year taxes ÷ 365 D. Amount paid for preceding year taxes ÷ tax rate
C. Amount paid for preceding year taxes ÷ 365
What's another term for the six-column worksheet? A. Closing Instructions B. Closing Statement C. Colorado Worksheet for Closing Statement D. Parties' Reconciliation Affidavit
C. Colorado Worksheet for Closing Statement
What's the term for a charge that a transactional party must pay at closing? A. Balance B. Credit C. Debit D. Mortgage
C. Debit
What's the term for a charge that either party has to pay at closing? A. Balance B. Credit C. Debit D. Mortgage
C. Debit
Jim is selling his condominium in Keystone to Abigail. Who will be debited and who will be credited for the current year's property taxes? A. Debit Abigail, credit Jim B. Debit broker, credit Abigail C. Debit Jim, credit Abigail D. Debit Jim, credit broker
C. Debit Jim, credit Abigail
Your client is buying a condominium financed with a new conventional mortgage. The lender requires the buyer to purchase hazard insurance. How will the premium for the hazard insurance be entered into the Colorado closing worksheet? A. Credit broker B. Credit broker C. Debit buyer D. Debit seller
C. Debit buyer
Your client is purchasing a condominium in Denver. The seller paid the HOA-CIC document procurement fee. How will this fee be entered in the Colorado closing worksheet? A. Debit buyer, credit broker B. Debit buyer, credit seller C. Debit seller, credit broker D. Debit seller, credit buyer
C. Debit seller, credit broker
Reserves for tax and insurance payments are deposited with the lender for a conventional new loan closing. How are these recorded on the Colorado closing worksheet? A. Credit to buyer and debit to broker B. Debit to buyer and credit to broker, which isn't shown C. Debit to buyer and credit to lender, which isn't shown D. Debit to buyer and credit to seller
C. Debit to buyer and credit to lender, which isn't shown
How is the purchase price of a property recorded on a Colorado closing worksheet? A. Credit to buyer, debit to seller B. Debit to broker, credit to seller C. Debit to buyer, credit to seller D. Debit to lender, credit to seller
C. Debit to buyer, credit to seller
Closing costs which are recorded as a single entry on the line of a closing worksheet are generally associated with what type of loan? A. Assumed loan B. Federally-backed loan C. New conventional loan D. Seller financing
C. New conventional loan
