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South Carolina Exam Prep: Closing Details Practice Questions and Answers $10.49   Add to cart

Exam (elaborations)

South Carolina Exam Prep: Closing Details Practice Questions and Answers

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  • Course
  • SC Real Estate
  • Institution
  • SC Real Estate

South Carolina Exam Prep: Closing Details Practice Questions and Answers What are the two ways a closing or settlement can be conducted? - Correct Answer ️️ -Face to face or escrow closing What is a face to face closing? - Correct Answer ️️ -Parties exchange documents and sign papers i...

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  • April 29, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • SC Real Estate
  • SC Real Estate
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EmilyCharlene
South Carolina Exam Prep: Closing Details Practice Questions and Answers What are the two ways a closing or settlement can be conducted? - Correct Answer ✔️✔️-Face to face or escrow closing What is a face to face closing? - Correct Answer ✔️✔️-Parties exchange documents and sign papers in a face to face setting What is an escrow closing? - Correct Answer ✔️✔️-Prior to closing, the closing agent orders and reviews documents. Parties don't meet at all, paperwork is handled by escrow agent, sellers usually sign docs first, and buyers sign in a separate meeting. Who conducts both types of closings in South Carolina? - Correct Answer ✔️✔️-An attorney What does the South Carolina Consumer Protection act give the buyer the right to choose in closing? - Correct Answer ✔️✔️-Their Attorney Do the buyer and seller use the sa me attorney in closing? - Correct Answer ✔️✔️-The buyer can use the sellers attorney but most often, the parties have their own attorneys. What are prorations? - Correct Answer ✔️✔️-Shared expenses that either party owes at closing that are divided between the parties depending on when closing occurs What are typical prorations? - Correct Answer ✔️✔️-Property taxes, HOA dues, fuel (propane or oil tank), water, and sewer charges.

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