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Multiple Choice Quiz
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1
The real estate closing represents the ending of a real estate purchase.
A)True
B)False
2
Closing costs are not part of the purchase price of real property.
A)True
B)False
3
In some areas, attorneys may complete the real estate closing.
A)True
B)False
4
In some states, only escrow and real estate agents may conduct real estate closings.
A)True
B)False
5
A Truth-In-Lending disclosure need not include the amount of the finance charges.
A)True
B)False
6
The Truth-In-Lending Act was passed in 1939.
A)True
B)False
7
The most common type of affidavit found in real estate transactions is the _____________.
A)regulatory affidavit
B)statutory affidavit
C)title affidavit
D)judicial affidavit
8
The consideration for the privilege of deferring payments of a purchase price is known as a ___________ charge.
A)fee
B)statutory
C)finance
D)escrow
9
The _________ requires real estate agents involved in real estate closing to report the sales transaction.
A)FBI
B)IRS
C)FHA
D)RESPA
10
A payment of money for something of value to a person for the purpose of obtaining business from that person is known as ____________.
A)fees
B)assessments
C)assurances
D)kickbacks





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