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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+||Latest
Exam!!!
You are the buyer's broker attending closing. You discover
that your buyer was charged $225 for an appraisal for
which the seller had agreed to pay. How should you
handle this?
A)
Ignore it because all the paperwork has these numbers on
it
B)
Stop the closing and demand all new settlement
statements and good funds figures
C)
Suggest that, if your buyer agrees, the seller could give
the buyer a personal check for this amount to settle this
unfortunate oversight
D)
Demand that the listing broker pay this amount since the
broker should have caught the error - Answer-The answer
is suggest that, if the buyer agrees, the seller could give
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the buyer a personal check for this amount to settle this
unfortunate oversight. Small corrections in money are
allowed at closing. If the deed or other documents were
not correct, they would have to be corrected before
proceeding. In the case of the overlooked appraisal fee,
having the seller give the buyer a check is fine as long as
all the parties agree to the solution.
The tax reserve will show as a settlement entry for all of
the following loans EXCEPT
A)
Veterans Affairs (VA) loans.
B)
new conventional loans.
C)
seller-carry second loans.
D)
Federal Housing Administration (FHA) loans. - Answer-A
seller-carry second loan will not collect for tax reserves, as
this is being collected in the first loan. All conventional,
FHA, and VA loans will call for lender reserves to be
collected.
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The broker's fee is normally shown on the settlement
worksheet as
A)
debit seller, credit buyer.
B)
debit seller, credit broker.
C)
debit seller and buyer equally, credit the broker the full
amount.
D)
debit seller, single entry because the broker will keep it. -
Answer-The answer is debit seller, credit broker. The
broker's fee is usually paid by the seller, thus debit seller,
credit broker. This would be true even in a new loan
closing because the broker's fee is not part of the new
loan.
At closing, taxes for special assessments will be
A)
always prorated to the date of closing.
B)
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charged to the seller if they are paid off at closing.
C)
charged to the seller if assumed by the buyer.
D)
charged to the seller. - Answer-The answer is charged to
the seller if they are paid off at closing. Special
assessment taxes have a special rule: if it is paid at
closing, debit seller, unless the buyer agrees to pay. If
buyer assumes the payment, this means the buyer has
taken over the payment agreement. The
charge/assessment amount will not show up at closing, so
it is not mentioned.
Funds deposited in the broker's escrow account are
represented by
A)
a broker credit.
B)
a lender debit.
C)
a broker debit.
Real Estate Express Colorado Closings Final Version
1&2 Newest 2025/2026 Complete All 300 Questions
And Correct Answers |Already Graded A+||Latest
Exam!!!
You are the buyer's broker attending closing. You discover
that your buyer was charged $225 for an appraisal for
which the seller had agreed to pay. How should you
handle this?
A)
Ignore it because all the paperwork has these numbers on
it
B)
Stop the closing and demand all new settlement
statements and good funds figures
C)
Suggest that, if your buyer agrees, the seller could give
the buyer a personal check for this amount to settle this
unfortunate oversight
D)
Demand that the listing broker pay this amount since the
broker should have caught the error - Answer-The answer
is suggest that, if the buyer agrees, the seller could give
,2|Page
the buyer a personal check for this amount to settle this
unfortunate oversight. Small corrections in money are
allowed at closing. If the deed or other documents were
not correct, they would have to be corrected before
proceeding. In the case of the overlooked appraisal fee,
having the seller give the buyer a check is fine as long as
all the parties agree to the solution.
The tax reserve will show as a settlement entry for all of
the following loans EXCEPT
A)
Veterans Affairs (VA) loans.
B)
new conventional loans.
C)
seller-carry second loans.
D)
Federal Housing Administration (FHA) loans. - Answer-A
seller-carry second loan will not collect for tax reserves, as
this is being collected in the first loan. All conventional,
FHA, and VA loans will call for lender reserves to be
collected.
,3|Page
The broker's fee is normally shown on the settlement
worksheet as
A)
debit seller, credit buyer.
B)
debit seller, credit broker.
C)
debit seller and buyer equally, credit the broker the full
amount.
D)
debit seller, single entry because the broker will keep it. -
Answer-The answer is debit seller, credit broker. The
broker's fee is usually paid by the seller, thus debit seller,
credit broker. This would be true even in a new loan
closing because the broker's fee is not part of the new
loan.
At closing, taxes for special assessments will be
A)
always prorated to the date of closing.
B)
, 4|Page
charged to the seller if they are paid off at closing.
C)
charged to the seller if assumed by the buyer.
D)
charged to the seller. - Answer-The answer is charged to
the seller if they are paid off at closing. Special
assessment taxes have a special rule: if it is paid at
closing, debit seller, unless the buyer agrees to pay. If
buyer assumes the payment, this means the buyer has
taken over the payment agreement. The
charge/assessment amount will not show up at closing, so
it is not mentioned.
Funds deposited in the broker's escrow account are
represented by
A)
a broker credit.
B)
a lender debit.
C)
a broker debit.
