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Real Estate Express Colorado Closings Final Version 1&2 Newest 2025/2026 Complete All 300 Questions And Correct Answers |Already Graded A+||Brand New Version!
Version 1 In a new loan, the buyer is responsible for paying for the mortgagee's policy. The bill will be paid from the gross loan, so the entry is a debit only for the buyer.
The appraisal is
A) calculated as a percentage of the purchase price and paid by the broker.B) paid by the buyer like any other loan cost.C) paid by the seller because of lender rules.D) paid by the buyer or the seller, or a combination of the two. - ANSWER- D)
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The contract makes the parties decide who will pay; thus, it's negotiated.If the question asked who usually or traditionally pays, buyer would be the answer.
The entry for purchase price on a seller carry purchase is
A) credit seller, debit buyer.B) debit seller, credit broker.C) credit seller, debit broker.D) debit seller, credit buyer. - ANSWER-A)
The purchase price is the same in all sales: the buyer pays (debit buyer)
and the seller gets paid (credit seller).
At closing, who is responsible to confirm the figures on the seller's Closing Statement?
A) The designated listing broker 2 / 4
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B) Both the designated listing broker and the buyer's broker C) The title company D) The designated buyer's broker - ANSWER-A)
The designated listing broker is responsible for the overall closing and for verifying the accuracy of the seller's closing statement.
A broker, designated to represent the buyer, asks another broker to attend the closing. Who will be responsible for the buyer's closing documents?
A) All brokers in attendance B) The employing broker, original designated broker, and broker who agreed to attend C) Only the broker who attends the closing D) The listing brokerage and the new broker - ANSWER-B)
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A broker who agrees to attend closing for another broker shares joint responsibility with the original designated broker. Employing brokers are always responsible for broker associates in the firm, so all three brokers will be responsible for the closing documents.
If the taxes for the preceding year are unpaid at the time of the closing, the amount will always be
A) a debit on the seller's Closing Statement.B) prorated between the buyer and seller.C) a credit on the buyer's Closing Statement.D) paid outside closing. - ANSWER-A)
The taxes from the previous year have created a lien that the seller must clear; therefore, the seller will have to pay them in full at the closing.
In a new loan closing, the Certificate of Taxes due indicates a special tax for a curb and gutter project, which the buyer has agreed to assume.How will this property obligation be shown on the settlement worksheet?
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