16. 16. The buyers and the sellers are closing in escrow.What must the buyer deposit with the escrowagent?A. Deed to the propertyB. Affidavit of titleC. Lead-based paint information booklet, if hous«was built before 1978D. Cash to complete the purchase17. For MOST residential loans, what does the currerpayoff statement include?A. Remaining principal balanceB. Interest owed until the day of closingC. Principal balance and interest owedD. Prepayment penalty18. A couple sold the home they had lived in for 2years. They paid $45,000 and sold it for $345What must be filed with the IRS?A. Estimated tax on the gain of $300,000B) 1099-S formC W-4 form

Answered: 16. The buyers and the sellers are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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16.

16. The buyers and the sellers are closing in escrow.
What must the buyer deposit with the escrow
agent?
A. Deed to the property
B. Affidavit of title
C. Lead-based paint information booklet, if hous«
was built before 1978
D. Cash to complete the purchase
17. For MOST residential loans, what does the currer
payoff statement include?
A. Remaining principal balance
B. Interest owed until the day of closing
C. Principal balance and interest owed
D. Prepayment penalty
18. A couple sold the home they had lived in for 2
years. They paid $45,000 and sold it for $345
What must be filed with the IRS?
A. Estimated tax on the gain of $300,000
B) 1099-S form
C W-4 form

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16.

The term "Escrow agent" is used in the real estate property business. An escrow agent is a person or entity who takes care of negotiation. administration and completion of real estate property-related transactions. These agents are the third party between buyer and seller.

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