Which of the Following Documents Outlining All of the Costs

question 86

Multiple Choice

Which of the following documents outlining all of the costs associated with closing on the sale of a home must the purchaser receive at least 1 business day prior to the closing?

• A)deed
• B)good-faith estimate
• C)uniform settlement statement
• D)abstract

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Definitions:

Market Supply

The total amount of a specific good or service that is available to consumers in a market at a given time and price.

Equilibrium Price

Equilibrium price is the price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market stability.

Consumer Surplus

The difference in the total expected payment consumers are ready to make for a good or service and their actual expenditures.

Producer Surplus

The difference between the actual amount received by sellers for a product and the least amount they would be willing to accept, representing the net benefit to producers.