Bundle – Closing Statement & MO Law

The sale price of the home is a:

Earnest money appears as a:

The buyer’s new loan principle is entered as a:

Interest on a buyer’s new loan appears as:

An assumed loan is:

Interest on an assumed loan appears as:

Property taxes are:

An assumed insurance premium is a:

Loan origination fees are:

Buyer’s title expenses appear as:

Buyer’s recording fees are shown as:

Discount points appear as:

A Purchase Money Mortgage is:

Rent appears as:

The seller’s mortgage is shown as:

Interest on a seller’s mortgage is a:

Commission is shown as:

The seller’s recording fees appear as:

Closing date is August 30^th.  Taxes for the last year where $4,800 and have been paid.  Prorated taxes on the day of close would appears as:

Closing date is April 15^th.  Homeowners association fee of $720 was paid on January 1^st.  This fee appears as a:

A buyer obtained a loan for $85,000.  Interest rate was 6%.  What was the buyer’s daily interest rate?

The seller’s loan balance is $121,000 with an interest rate of 5%. Closing date is July 10^th.  The accrued interest appears on the closing statement as a:

Closing date is February 10^th.  What is the seller’s loan payoff amount if his loan balance was $230,000 on February 1^st, with an interest rate of 8%?

The buyer assumed a $103,000 loan at closing on January 18^th.  Interest rate was 4.5%.  Interest would appear as a:

Seller sold her home for $458,000 and carried a loan balance of $321,000 that was assumed by the buyer.  Closing date was October 11^th.  The lender required a $1,000 pre-payment penalty.  How does the penalty appear on the closing statement?

The seller sold his home on February 6^th.  The loan balance as of February 1^st was $197,465, with an interest rate of 7%.  The lender required interest to be paid to the end of the month.  Which of the following statements is true in reference to the closing statement interest entry?

The tenant paid rent of $645 on September 1^st.  Closing date is September 10^th.  The rent would appear on the closing statement as a:

The seller pays her $60.00 trash bill quarterly.  Closing date is June 18^th.  On the closing day, this will be a:

The buyer is under contract on a $290,000 property.  He delivers $3,000 in earnest money and obtains an 80% loan.  The lender charges 1 point as a loan origination fee.  Title and survey expenses are $1,600. What amount of money will the buyer need to bring to closing?

The seller’s home is listed for $445,000.  Price was reduced to $439,000.  The home sold for $435,000.  She agreed to pay 6% commission to her broker.  The loan balance was $209,000.  Interest rate was 4%.  Closing date was June 30^th.  The seller had $2,400 in additional closing expenses.  How much did the seller receive at closing?

A buyer purchased a home for $200,000 with 15% down and a new loan for the balance.  The lender charge 3 discount points.  How much cash will the buyer need to complete the purchase?

A property sold for 409,000.  Commission paid by the seller was $24,530.  The seller agreed to pay $2,100 for title insurance and had additional expenses of $700.  The buyer agreed to assume the seller’s existing loan of $327,000.  Earnest money was $8,000.  The buyer had closing costs of $11,220.  The seller’s prorated taxes were $3,100.  How much money did the buyer bring the day of close?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-to Sell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO.  They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed. Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

If Broker Sam sells the home, what commission is he owed?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

If Anna sold her home on her own for, what commission would be due to Broker Sam?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

If another broker brought the buyer, what portion of the commission would the buyer’s broker receive?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

The building inspection and title insurance would appear as?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

The prorated taxes for 2018 would appear as?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

The loan balance would appear on the closing statement as?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

Accrued interest for the seller is?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

What is the legal description of the property?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

How would Broker Sam verify the taxes?

USE THE NARRATIVE TO ANSWER THE QUESTION BELOW:

Seller Anna and Broker Sam signed a six month, exclusive-right-toSell listing agreement on April 1, 2018.  The legal description of the property is Lot 209, Block 28, St. James Subdivision, St. Charles County, Missouri.  The address is 413 Syberg Dr., Defiance, MO They agreed to a commission of 6.5% and a list price of $438,000.  Broker Sam agrees to a 50% split of the commission if another Broker finds the buyer.

Anna paid her 2017 taxes of $3,434 on December 31, 2017. Taxes for 2018 will be paid in arrears and are due on December 31, 2018.  The principle loan balance as of June 1^st is $364,000.  Interest rate is 4.5% and will increase to 5.5% when the loan is assumed.  Two days later, an offer of $430,000, with a closing date of June 14, 2018 is presented.  Anna accepts the offer and agrees to pay for $700 for the buyer’s title insurance and $400 building inspection.  In addition, Anna agrees to include the refrigerator and patio furniture in the sale of the home.

Anna accepts the offer. The Buyer will assume the loan.

If the listing had expired, and Anna signs with another broker, could Broker Bob receive a commission if a buyer who had seen the property during the first listing buys?