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Search Homes
Map Search
Advanced Search
Sell Your Home
3D Virtual Real Estate Tours
Aerial Real Estate Photography & Videography
Professional Real Estate Photography & Processing
In-House Real Estate Marketing & Design
Communities We Serve
Greensboro NC
High Point NC
Kernersville NC
Lexington NC
Winston-Salem
Lewisville and Clemmons
King NC
Mocksville NC
Other Areas
Salisbury NC
Lake Norman
High Rock Lake
About Mantle
Mantle Real Estate Agents
Blog
Contact Mantle
Review Us
Resources
Guide to Buying a Home
Guide to Selling Your Home
Home Buyer Terms
Utilities Contact Info
Featured Vendors
Swag
Home
General Real Estate Topics Exam Prep
General Real Estate Topics Exam Prep
A buyer purchases a rental property which is a duplex. Both units are occupied and the rents are $1,000/monthly/unit. The rents are due on the 1st of the month. The closing is January 17 and both rents have been paid. What is the closing statement entry if the year is based on a 360 day year?
$866.67 credit to buyer and debit to seller
$866.67 debit to buyer and credit to seller
$433.34 debit to buyer and credit to seller
$433.34 credit to buyer and debit to seller
A trust account is required if:
A real estate firm is open for business
An active practicing broker collects and handles the funds of others
You write commission checks to agents
Is for attorney's only
The body of law which governs the relationship between someone selling real estate and the broker who lists his property is called:
Statute of frauds
Agency law
Offer to purchase
Buyer agency
If a broker receives cash as a due diligence fee, the broker must:
Deposit immediately into a trust account
Must return it to the buyer
Take it to the seller
Take to the bank and get a cashier's check
When a provisional broker receives trust money, he or she must:
Mail cash to the broker-in-charge
Deliver money to the provisional broker's broker-in-charge within 5 business days
Not accept it
Deliver money immediately to the provisional broker's broker-in-charge
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