12. Closing Real Estate Transactions
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Questions and Answers

What is a HUD-1 form?

  • A standardized form itemizing charges in real estate transactions (correct)
  • A form detailing rental agreements
  • A form used for filing income taxes
  • A document showing property boundary lines

    • What is the role of an escrow agent in real estate transactions?

  • Holding money and documents in trust during closing (correct)
  • Collecting federal income taxes
  • Setting property boundary lines
  • Providing legal advice to buyers and sellers

    • In real estate, what does it mean to prorate an expense?

  • Double the amount of expense owed
  • Allocate expenses proportionately among parties based on time or benefit (correct)
  • Reduce the expense for all parties involved
  • Ignore the expense completely

    • What does the abbreviation IRS stand for in the context of real estate?

    <p>Internal Revenue Service</p> Signup and view all the answers

    What does the term 'rent-back' refer to in real estate?

    <p>An allowance for sellers to remain in their home post-closing</p> Signup and view all the answers

    What is the purpose of a survey in real estate?

    <p>To locate and measure property boundary lines</p> Signup and view all the answers

    What does the term 'per diem' refer to in real estate transactions?

    <p>Daily rate used for proration</p> Signup and view all the answers

    What does the abbreviation IRS stand for in the context of real estate?

    <p>Internal Revenue Service</p> Signup and view all the answers

    What is an escrow fee in real estate transactions?

    <p>A charge imposed on buyers and sellers listed in the settlement statement</p> Signup and view all the answers

    'Rent-back' in real estate refers to:

    <p>Allowing sellers to stay in their home beyond the closing date</p> Signup and view all the answers

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