Questions 60-65 are related to content from Section 9 of the Student Manual, "Settling the Real Estate Transaction," and its related textbook readings (Chapter 18). 60. A triplex is settled on June 15th. The school taxes of $1026, due July 1st of the previous year, are unpaid; the county taxes of $435, due January 1st, are paid. How much will the buyer net after all of the prorations? A. $973.25 B. $235.63 C. $747.62 D. $642.41 61. A buyer and a seller are in the process of negotiating a purchase agreement. Which of the following statements is true? A. The seller can require the buyer to obtain title insurance from a specific company. The title insurance company will then give the sellers a discount on the title insurance when they purchase a replacement residence. The term of the mortgage loan will probably be limited because the buyer is 75 years old. If the buyer accepts a mortgage loan through a company recommended by the seller's agent, the agent cannot receive a referral fee from the lender. D. Public assistance received by the buyer cannot be used to qualify for the mortgage loan. B. C. 62. All of the following documents will be needed at settlement EXCEPT A. a payoff statement for the seller's mortgage. B. the purchase agreement. C. the buyer's mortgage check or wired funds. D. property tax receipts. 63. If a lender fails to provide a Closing Disclosure Form to the borrower three days prior to settlement, then A. the borrower may review the document at settlement and waive his or her right to the three day period if he or she is satisfied with the contents of the document. B. the borrower will gain a three day right of rescission post settlement. C. the Loan Estimate Form can be substituted. D. the settlement cannot proceed as planned; it needs to be rescheduled to a date in compliance with receipt of the form.
Questions 60-65 are related to content from Section 9 of the Student Manual, "Settling the Real Estate Transaction," and its related textbook readings (Chapter 18). 60. A triplex is settled on June 15th. The school taxes of $1026, due July 1st of the previous year, are unpaid; the county taxes of $435, due January 1st, are paid. How much will the buyer net after all of the prorations? A. $973.25 B. $235.63 C. $747.62 D. $642.41 61. A buyer and a seller are in the process of negotiating a purchase agreement. Which of the following statements is true? A. The seller can require the buyer to obtain title insurance from a specific company. The title insurance company will then give the sellers a discount on the title insurance when they purchase a replacement residence. The term of the mortgage loan will probably be limited because the buyer is 75 years old. If the buyer accepts a mortgage loan through a company recommended by the seller's agent, the agent cannot receive a referral fee from the lender. D. Public assistance received by the buyer cannot be used to qualify for the mortgage loan. B. C. 62. All of the following documents will be needed at settlement EXCEPT A. a payoff statement for the seller's mortgage. B. the purchase agreement. C. the buyer's mortgage check or wired funds. D. property tax receipts. 63. If a lender fails to provide a Closing Disclosure Form to the borrower three days prior to settlement, then A. the borrower may review the document at settlement and waive his or her right to the three day period if he or she is satisfied with the contents of the document. B. the borrower will gain a three day right of rescission post settlement. C. the Loan Estimate Form can be substituted. D. the settlement cannot proceed as planned; it needs to be rescheduled to a date in compliance with receipt of the form.
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 47P
Related questions
Question
Transcribed Image Text:Questions 60-65 are related to content from Section 9 of the Student Manual, "Settling the Real Estate Transaction," and
its related textbook readings (Chapter 18).
60. A triplex is settled on June 15th. The school taxes of $1026, due July 1st of the previous year, are unpaid; the county taxes of
$435, due January 1st, are paid. How much will the buyer net after all of the prorations?
A. $973.25
B. $235.63
C. $747.62
D. $642.41
61. A buyer and a seller are in the process of negotiating a purchase agreement. Which of the following statements is true?
A. The seller can require the buyer to obtain title insurance from a specific company. The title insurance company will
then give the sellers a discount on the title insurance when they purchase a replacement residence.
The term of the mortgage loan will probably be limited because the buyer is 75 years old.
If the buyer accepts a mortgage loan through a company recommended by the seller's agent, the agent cannot receive
a referral fee from the lender.
D. Public assistance received by the buyer cannot be used to qualify for the mortgage loan.
B.
C.
62. All of the following documents will be needed at settlement EXCEPT
A. a payoff statement for the seller's mortgage.
B. the purchase agreement.
C. the buyer's mortgage check or wired funds.
D. property tax receipts.
63. If a lender fails to provide a Closing Disclosure Form to the borrower three days prior to settlement, then
A. the borrower may review the document at settlement and waive his or her right to the three day period if he or she is
satisfied with the contents of the document.
B. the borrower will gain a three day right of rescission post settlement.
C. the Loan Estimate Form can be substituted.
D. the settlement cannot proceed as planned; it needs to be rescheduled to a date in compliance with receipt of the form.
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