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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!
A flat-rate water bill that is paid in advance in the amount
of $37.50 for the month has not been paid. For a closing
on June 16, which is a correct entry for the settlement
statements?
A)
Credit seller $18.75
B)
Debit seller $18.75, credit buyer $18.75
C)
Debit buyer $18.75, credit seller $18.75
D)
Debit seller and buyer $18.75 - . . ANSWER ✔ ✔D)
The water is a lien at closing, but the seller only owes for
the seller portion of the month, and the buyer will be
required to pay the buyer portion. The combined amount
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is the total amount due, which will be a credit to the
broker, who will write a check to clear the lien.
There is a $13 cost for the recording of the release for the
current deed of trust in the new loan statement. The
settlement sheet entry is
A)
$13 debit seller only.
B)
$13 debit buyer, credit broker.
C)
$13 debit seller, credit broker.
D)
$13 debit buyer only. - . . ANSWER ✔ ✔A)
Since this is a new loan, this is a single-entry debit to the
seller who wants this payoff recorded. Remember, the
broker does not write this check.
A special tax or special assessment is shown on the
certificate of taxes due in the amount of $834 for a curb
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and gutter project, which the buyer has agreed to assume.
How will it show on the settlement worksheet?
A)
$834 debit seller, $834 credit broker.
B)
It will not show up.
C)
$834 plus prorated interest debit seller and credit buyer.
D)
$834 debit seller, $834 credit buyer. - . . ANSWER ✔
✔B)
Remember that when the buyer agrees to pay the special
taxes or special assessments, these are not collected at
closing. The buyer is agreeing to make the payments as per
the assumption agreement.
The seller's subtotal of debits is $132,456.28 and subtotal
of credits is $142,333.26. This means the seller
A)
is bringing $9,876.98 to closing.
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B)
will receive $9,876.98 at closing.
C)
needs $142,333.26 in cash to close.
D)
needs $132,456.28 in cash to close. - . . ANSWER ✔
✔B)
Because the seller has more credits than debits, the seller
receives the difference at closing; simply subtract.
Who traditionally pays loan costs like discount points on a
new loan?
A)
Buyer
B)
Seller
C)
Lender
D)
Broker - . . ANSWER ✔ ✔A)
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!
A flat-rate water bill that is paid in advance in the amount
of $37.50 for the month has not been paid. For a closing
on June 16, which is a correct entry for the settlement
statements?
A)
Credit seller $18.75
B)
Debit seller $18.75, credit buyer $18.75
C)
Debit buyer $18.75, credit seller $18.75
D)
Debit seller and buyer $18.75 - . . ANSWER ✔ ✔D)
The water is a lien at closing, but the seller only owes for
the seller portion of the month, and the buyer will be
required to pay the buyer portion. The combined amount
,2|Page
is the total amount due, which will be a credit to the
broker, who will write a check to clear the lien.
There is a $13 cost for the recording of the release for the
current deed of trust in the new loan statement. The
settlement sheet entry is
A)
$13 debit seller only.
B)
$13 debit buyer, credit broker.
C)
$13 debit seller, credit broker.
D)
$13 debit buyer only. - . . ANSWER ✔ ✔A)
Since this is a new loan, this is a single-entry debit to the
seller who wants this payoff recorded. Remember, the
broker does not write this check.
A special tax or special assessment is shown on the
certificate of taxes due in the amount of $834 for a curb
,3|Page
and gutter project, which the buyer has agreed to assume.
How will it show on the settlement worksheet?
A)
$834 debit seller, $834 credit broker.
B)
It will not show up.
C)
$834 plus prorated interest debit seller and credit buyer.
D)
$834 debit seller, $834 credit buyer. - . . ANSWER ✔
✔B)
Remember that when the buyer agrees to pay the special
taxes or special assessments, these are not collected at
closing. The buyer is agreeing to make the payments as per
the assumption agreement.
The seller's subtotal of debits is $132,456.28 and subtotal
of credits is $142,333.26. This means the seller
A)
is bringing $9,876.98 to closing.
, 4|Page
B)
will receive $9,876.98 at closing.
C)
needs $142,333.26 in cash to close.
D)
needs $132,456.28 in cash to close. - . . ANSWER ✔
✔B)
Because the seller has more credits than debits, the seller
receives the difference at closing; simply subtract.
Who traditionally pays loan costs like discount points on a
new loan?
A)
Buyer
B)
Seller
C)
Lender
D)
Broker - . . ANSWER ✔ ✔A)
