Real Estate Exam 2024 Verified 100% Solutions

If the taxes for the preceding year are unpaid at the time of closing, the amount will ALWAYS be A) A credit on the buyer's closing statement. B) A debit on the seller's closing statement. C) Paid outside closing. D) Prorated between the buyer and the seller. {Ans: B) A debit on the seller's closing statement.}A special tax or assessment of $834 is shown on the Certificate of Taxes Due for a curb and gutter project. The tax is payable over 10 years with an annual interest of 5%. If the buyer agreed to assume this property obligation, how will it show on the settlement worksheet? A) $834 debit seller, $834 credit buyer B) It will not show up because it has no financial effect on the closing C) $834 debit seller, $834 credit broker D) $834 plus prorated interest debit to the seller and credit to the buyer {Ans: B) It will not show up because it has no financial effect on the closing}A seller received a flyer and a phone call from a broker at XYZ Realty, suggesting that the seller list with the firm and that broker. The seller's home is actively listed with ABC