Certain Closing Costs Will Be Prorated to Account for the Period

question 28

Multiple Choice

Certain closing costs will be prorated to account for the period of time during which the seller occupied the house. If a transaction is scheduled to close on May 17 (136 days into a 365-day year) , calculate the amount that the buyer will be credited if the particular closing cost in question is estimated to be $1,000 for the entire year.

• A) $182.19
• B) $372.60
• C) $624.66
• D) $1000

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Residential

Relating to a place of dwelling or living, typically used to describe homes or communities intended for living rather than commercial or industrial use.

Chain of Title

The sequence of historical transfers of title to a piece of property or land; a record tracing the ownership back through time.

Sworn Document

A document that has been affirmed or declared to be true in the presence of a legally authorized official, often under oath or penalty of perjury.

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A process of pursuing a lawsuit or judicial proceedings to resolve disputes or enforce legal rights.