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Questions and Answers
What is a HUD-1 form?
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?
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?
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?
What does the abbreviation IRS stand for in the context of real estate?
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What does the term 'rent-back' refer to in real estate?
What does the term 'rent-back' refer to in real estate?
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What is the purpose of a survey in real estate?
What is the purpose of a survey in real estate?
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What does the term 'per diem' refer to in real estate transactions?
What does the term 'per diem' refer to in real estate transactions?
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What does the abbreviation IRS stand for in the context of real estate?
What does the abbreviation IRS stand for in the context of real estate?
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What is an escrow fee in real estate transactions?
What is an escrow fee in real estate transactions?
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'Rent-back' in real estate refers to:
'Rent-back' in real estate refers to:
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