ME! Real Estate Express - Colorado Closings Final Exam 2026

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Real Estate Express - Colorado Closings Final Exam ME!

7. For an item a buyer pays in arrears, which of the following is true? a.The buyer receives a credit and the broker receives a debit. b.The buyer receives a credit and the seller receives a debit. c.The buyer receives a debit and the seller receives a credit. d.The seller receives a credit and the broker receives a debit.: b. The buyer receives a credit and the seller receives a debit. 8. What are the advantages of a conventional loan? a.The risk is less than for other kinds of loans. b.The interest rates are usually lower than on other loans. c. The loans are easier to obtain than other loans. d.The terms and rates are more flexible than other loans.: b. The interest rates are usually lower than on other loans. 9. What are the documentary fees in a transaction where the purchase price is $100,000 and the mortgage amount is $50,000, assuming no local transfer fees? a. None, since the fees would be less than $500 b. $10.00 c. $100.00 d. $5.00: b. $10.00 10. In the case where there is a title abstract instead of a commitment, how would the abstract update required by the lender be shown on theWorksheet? a. It will not be shown if the lender pays the abstract fee out of the loan proceeds. b. It will show as a credit to the buyer and a debit to the broker. c. It will show as a credit to the buyer but no credit to anyone since it is being paid out of loan proceeds. d. It will be shown as a credit to the buyer and a debit to the lender.: c. It will show as a credit to the buyer but no credit to anyone since it is being paid out of loan proceeds. 11. What is the cost of documentary fees on a transaction whose purchase price is $350,000 with a $200,000 mortgage? a. $35.00 b. $350.00 c. $55.00 d. $15.00: a. $35.00

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