13-35The Record of Fees,charges,and Payments at the Closing Is Called

question 2

Multiple Choice

13-35.The record of fees,charges,and payments at the closing is called:

• A) commitment
• B) truth-in-lending disclosure
• C) deed
• D) settlement statement

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Definitions:

Average Daily Float

The average amount of uncollected funds in a company's checking account, representing checks written against and deposited in the account but not yet cleared.

Collection Float

The time period between when a payment is made by a customer and when the funds become available in the company’s account.

Cheques

Paper instruments that instruct a bank to pay a specific amount of money from the check writer's account to the person or entity in whose name the cheque has been issued.