Closing Costs for the Seller & Buyer

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the general definition of closing costs?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Which of the following fees are almost always paid by the seller?

2. Which of the following items are prorated and divided between the buyer and seller?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

Explore what you know about real estate closing costs with these resources for studying. Quiz questions address specific topics including a definition of closing costs and the fees paid by a seller.

Quiz & Worksheet Goals

Use these assessments to:

  • Identify items that are prorated and divvied up between a buyer and a seller
  • Determine where a buyer can observe a list of closing costs
  • Recognize how homeowner's insurance is paid at closing

Skills Practiced

Practice the following study skills with the worksheet and quiz:

  • Interpreting information - verify that you can read information regarding how homeowner's insurance is paid at closing and interpret it correctly
  • Information recall - access the knowledge you've gained regarding where a homeowner can see a list of closing costs
  • Knowledge application - use your knowledge to answer questions about real estate closing costs

Additional Learning

Explore further this area of study via the lesson entitled Closing Costs for the Seller & Buyer. The lesson covers the following objectives:

  • Define good faith estimate
  • Differentiate between closing costs paid by the buyer and seller
  • Explain prorated expenses
Support