Choose the one most appropriate answer for each.
-an accounting of funds to the buyer and seller at the completion of a real estate transaction
A)30-day month
B)beneficiary statement
C)CC&Rs
D)closing date
E)closing meeting
F)deed delivery
G)dry closing
H)escrow agent
I)escrow closing
J)good faith estimate
K)HUD settlement statement (HUD-1)
L)loan escrow
M)offset statement
N)outside of the closing
O)prorate
P)RESPA
Q)settlement meeting
R)settlement statement
S)title closing
T)walk-through

Question

Quizplus · Accepted Answer

A settlement statement, also known as a HUD-1 form, provides an accounting of funds to the buyer and seller at the completion of a real estate transaction.

Answer: D
 The closing date is the date on which the real estate transaction is completed, and the transfer of ownership and funds takes place.

Answer: H
 An escrow agent is a neutral third party who holds the funds and documentation related to the sale until all conditions of the sale have been met.

Answer: I
 An escrow closing is when the transfer of ownership and funds takes place using the services of an escrow agent.

Answer: K
 The HUD settlement statement is a document that provides an itemized list of all the costs associated with the sale, including closing costs and fees.

Answer: P
 The Real Estate Settlement Procedures Act (RESPA) is a federal law that outlines the procedures and disclosures required in real estate transactions, including the use of escrow accounts and the provision of certain documents to buyers and sellers.

Choose the One Most Appropriate Answer for Each