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Completing a purchase of real property

Assignment Help Business Management
Reference no: EM133089529

1. Proration calculations are a part of

A. escrow closings.

B. title policies.

C. loan application.

D. sales contracts.

2. The typical order of events in completing a purchase of real property is

A. Appraisal, loan application, recording, escrow

B. land survey, listing, escrow, prorating

C. listing, earnest money agreement, closing meeting, recording of documents

D. title search, listing, loan application, meeting with the bank

3. The seller agrees to pay the listing real estate agent a commission of 5%. The property is listed at $400,000, the buyer offers and seller agrees on price of $380,000 and it closes at that price. The buyer obtains a loan of $300,000. The property is tax assessed at $350,000. The commission most likely paid to the real estate agent is

A. No commission is owed because it did not sell at the list price

B. $17,500

C. $20,000

D. $19,000

Reference no: EM133089529

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