Florida real estate exam chapter 14 Flashcards

Florida real estate exam chapter 14 Flashcards The amount of a mortgage loan being assumed at closing by the buyer would be entered as a double entry The balance due from the buyer on the closing statement is paid to the closing agent Which statement about the broker's portion of the closing statement is true Receipts and disbursements must equal On a closing statement, the day of closing is determined by agreement The balance due to the seller is paid by the closing agent An earnest money deposit held in escrow is reflected on the closing statement as a credit to the buyer In a residential transaction, the brokerage fee is usually reflected on the closing statement as a debit to the seller Single entry itemsmust be accounted for in the broker's statement Double entry itemsdo not appear in the broker's statement The purpose of the closing statement is to summarize the financial aspects of a real estate transation The document that stipulates which party pays which expense in a closing is the purchase and sale contract Which entry would appear as a credit on the seller's closing statement purchase price Which entry would normally appear as a debit on the buyer's statement intangible tax on a new mortagage In the absence of any agreement between the parties, the state documentary stamp tax on the deed is paid by the seller The amount of a new mortagage being obtained by the buyer would be entered on the closing statement as a credit to the buyer