4. Legal title passes from the seller to the buyer A. on the date of execution of the deed. B. when the deed is delivered. C. when the closing statement has been signed. D. when the deed is placed in escrow.
4. Legal title passes from the seller to the buyer A. on the date of execution of the deed. B. when the deed is delivered. C. when the closing statement has been signed. D. when the deed is placed in escrow.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:C. residential tran
federally related mortgage loans.
D. all transactions in which mortgage financing
is involved.
(00
4. Legal title passes from the seller to the buyer
A. on the date of execution of the deed.
B. when the deed is delivered.
C. when the closing statement has been signed. d
D. when the deed is placed in escrow.
5. The earnest money given to the broker by the
buyer is
A. a credit to the buyer only.
B. a debit to the seller only.
C. a credit to the seller and a debit to the buyer.
D. a credit to the buyer and a debit to the seller.
6. One item that is NOT itemized on the Closing
Disclosure is
w A. the APR on the mortgage loan.
B. the amount of money the seller will receive.
C. the amount of cash the buyer must bring to
the closing.
D. the dollar amount of the down payment and
closing costs.
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