Who at the closing table examines all documents for buyers or sellers and represents their best interests?
Buyer’s or seller’s attorney
Escrow agent
Lender’s attorney
Title insurance representative
At a closing, who orders, prepares and reviews closing-related documents?
The broker
The buyer
The closing agent
The seller
Prior to signing the closing documents, what should the parties have already done?
Assured themselves that the conditions and contingencies of the purchase agreement have been met.
Ensured that the buyers received operational keys to the property and a copy of the title.
Paid the balance of the purchase price to the seller.
Paid the title representative for the closing.
When does the buyer’s agent, attorney, or lender contact the buyer to tell them the exact amount to bring to closing?
After receiving title
At the closing
The day of signing, or just prior to it
The week prior to closing
Who closes on the mortgage loan commitment at closing?
The buyer and the lender’s attorney
The buyer and the seller
The buyer and the title insurance rep
The lender’s attorney and the broker for the buyer
How are closings typically conducted?
In person or through escrow
Over Skype
Over the phone
Via email correspondence
When is the seller paid the full amount of the purchase price for the property?
After acceptance of the down payment or earnest money offer
At the closing
The day after transferring title to the buyer
The day prior to the closing
Which type of closing is conducted with a neutral third party holding the funds, and the buyer and seller may never meet?
Escrow closing
Face-to-face closing
Internet closing
No-show closing
When are the mortgage loan commitment and title insurance contract signed?
At the closing
The day after closing
The day prior to closing
Weeks prior to closing
At the closing table, who examines all documents for buyers and represents their best interests?
Buyer’s attorney
Escrow agent
Lender’s attorney
Title insurance representative
Who usually represents the lender at a closing?
Broker for the buyer
Broker for the seller
Lender’s attorney
Title insurance representative
Which type of contract allows a buyer to legally possess the property after all of the terms and conditions have been met?
Compensation agreement
Listing agreement
Mortgage loan commitment
Sale agreement
Corinne, an escrow agent, is preparing for the Thomas/Trenton closing in four days. Which of these documents will Corinne prepare?
She’ll prepare a seller net sheet to disclose the seller’s net profit on the sale.
Working with the lender, she’ll prepare the Loan Estimate, which details the costs the buyer and seller will pay at closing.
Working with the lender, she’ll prepare the settlement statement, which details the costs the buyer and seller will have at closing.
Working with the title company attorney, she’ll prepare the preliminary title commitment.
Which statement is true regarding how a face-to-face closing is conducted?
All parties are present and physically meet to sign and exchange documents.
It’s conducted by an escrow agent, and only one party is present at a time.
It’s conducted by a neutral third party who holds the funds, and the buyer and seller don’t meet.
The seller signs her documents separately from the buyer, and the closing is conducted by an escrow agent.
What’s true about an escrow closing?
All settlement services are handled by a closing agent.
All settlement services are handled by the listing agent.
The buyer and seller must be present.
The buyer’s and the seller’s attorneys must be present.
Who grants title to the property being sold and receives payment?
Attorney
Broker
Buyer
Seller
Who delivers the evidence of a clear title at the closing?
Buyer
Lender’s attorney
Licensee representing the buyer
Title insurance representative
Why does the closing agent review the purchase contract?
To check for contract errors
To ensure that all contract signatures are in place
To ensure that both parties are protected by clauses in the contract
To gather closing-related information agreed to in the contract
In a face-to-face closing, who meets with whom?
Buyer and seller meet with one another
Buyer meets with buyer’s agent and lender only
Buyer meets with buyer’s agent only
Closing agent meets with one party or the other
Who closes on the cooperative brokerage agreement?
The agents for the buyer and seller
The buyer and the title insurance representative
The lender’s attorney and the seller’s agent brokerage
The seller and the seller’s agent
When does the seller’s broker receive compensation?
After signing the representation agreement
After the buyer puts an offer down on a property
At or just after the closing
At the final walk-through of a property
At closing, who pays for and receives clear title for the property being purchased?
Attorney
Broker
Buyer
Seller
Which of the following actions occurs prior to closing?
A number of contracts are signed by the parties in attendance at the closing, such as the sale agreement, the mortgage loan commitment, and the title insurance contract.
The buyer obtains a binder for insurance coverage on the new home.
The buyer’s check is given to the seller.
The seller is paid the balance of the purchase price.
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How is the documentary stamp tax rate usually calculated?
It’s a flat fee of $50 for all sales prices under $100,000 and doubles every $50,000 after that, up to a maximum of $250.
It’s a flat fee of $50, regardless of sales price.
Multiply $100 for every $10,000 in the sales price.
Multiply the tax rate by the number of $100s in the sales price.
Who usually pays Florida’s documentary stamp tax on deeds?
The buyer
The lender
The listing agent
The seller
How would you calculate a transfer tax of 4% on a $350,000 property?
Divide .04 by 350,000
Divide 350,000 by .004
Multiply 350,000 by .04
Multiply 350,000 by 4
A ______ is a ratio that compares two quantities.
Part
Percentage
Rate
Total
What is 800 divided by 30%?
240
2,400
2,666.66
770
How is the documentary stamp tax on deeds calculated?
70 cents per $100 of the purchase price
70% of the total original sales price paid by the seller
Fixed percentage rate based on the price of the property at the time of the sale in 1970
Flat fee of $70 per $100,000 of the sales price
The ______ is the whole number or amount of something.
Part
Percentage
Rate
Total
What’s a percentage?
A fixed charge
Part of 100
Something that is divided into a number of equal parts
The loan amount
What is the name for the bottom number of a fraction?
Denominator
Improper
Numerator
Proper
Which term is defined as a tax that’s applied when property changes ownership?
Income tax
Property tax
Sales tax
Transfer tax
What’s a fraction?
A fixed charge
Part of 100
Something that’s divided into a number of equal parts
The loan amount
When does a transfer tax become payable in Florida?
30 days after the deed is recorded
At closing
Upon recording of the document
When an offer to buy is made
The ______ is some, but not all, of something.
Calculation
Part
Rate
Total
Who usually pays the documentary stamp tax on notes and the intangible tax on new mortgages in Florida?
The buyer
The lender
The listing agent
The seller
What is 40% of 200?
240
5
80
8,000
Convert 78% to a decimal.
0.078
0.78
7.08
7.8
A _____ is the top number of a fraction.
Unset starred question
Denominator
Improper
Numerator
Proper