CLOSING THE REAL ESTATE TRANSACTION STUDY GUIDE WITH CORRECT ANSWERS!!

CLOSING THE REAL ESTATE TRANSACTION STUDY
GUIDE WITH CORRECT ANSWERS!!
Under TRID, if the APR increases by .125 percent, how many business days does
the lender have to reissue another LE?



A)

Two

B)

Three

C)

Five

D)

Four



answers: B)

Three

Consummation may occur how many days after the issuance of the Closing
Disclosure?



A)

Three business days before consummation

B)

Seven business days

, C)

Three business days

D)

Three business days after closing



answers: C)

Three business days

If a seller collected rent of $1,400 payable in advance, from an attic tenant on April
1, which of these is TRUE at the closing on April 15?



A)

Buyer owes seller $1,400.

B)

Seller owes buyer $700.

C)

Seller owes buyer $1,400.

D)

Buyer owes seller $700.



answers: B)

Seller owes buyer $700.

At the closing of a real estate transaction, the person performing the settlement
gave the buyer a credit for certain accrued items. These items were