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:

Secured Creditor

A lender protected by an asset or collateral, ensuring priority payment if the borrower defaults.

Seize Property

The act of taking possession of property, often by legal authority, due to the failure to comply with a court order or owing to a breach of law.

Guarantor

A person or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.

Creditor/Debtor Transaction

A financial relationship where one party (creditor) provides goods, services, or money to another party (debtor) under the agreement that the debtor will repay the creditor at a later date.