Section 16 Unit 1 Exam Practice
Closing Disclosure
According to RESPA, what must the lender give to the borrower in the days immediately prior to settlement?
credit
On the closing statement, what's the term for an amount that shows up in the party's favor?
An estimate
The seller net sheet is _______ of closing costs.
$1.10 per $1,000 of value
The state of California charges ______ as a deed transfer tax on all real estate transactions, in addition to local charges.
Real Estate Settlement Procedures Act
What does RESPA stand for?
Debit
What's the term for a charge that either party has to pay at closing?
Closing statement
When the buyer and seller both have costs to pay, which form shows who pays what?
RESPA
Which act ensures a buyer in a residential transaction that's financed by a federally related mortgage loan has knowledge of all settlement costs?
The RESPA
Which act prohibits the payment of kickbacks between settlement service providers?
Credits and debits
Which two items will appear on a closing disclosure?
The Seller
Who usually pays the broker commission?
The buyer
Who's responsible for any tax reserves required to pay property taxes?
