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Other Areas Mantle Realty Serves
Asheboro FAQ
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King NC FAQ
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About Mantle
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Contact Mantle
Review Us
Blog
Resources
Vendors
Guide to Selling Real Estate
Guide to Buying Real Estate
Home Buyer Terms
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Greensboro Utilities
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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
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
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
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
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