HUD-1 Settlement Statement: Definition & Importance

Instructions:

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

question 1 of 3

When is a HUD-1 form required to be used?

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1. What does HUD stand for?

2. If the gross amount due to the seller (Line 420) is $100,000, and the total reduction amount due to the seller is $23,000 (Line 520) what is the amount on line 603 and is it to or from the seller?

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About This Quiz & Worksheet

HUD-1 settlement statements are important documents that you will gain a better understanding of if you take advantage of these assessments. Quiz questions focus on when an HUD-1 is necessary and what it does.

Quiz & Worksheet Goals

The quiz will assess your understanding of:

  • When HUD-1 forms are used
  • What the HUD acronym stands for
  • The calculations required for an HUD-1 form
  • What a credit is

Skills Practiced

  • Reading comprehension - make sure you understand key information on what HUD is an acronym for from the related HUD-1 form lesson
  • Information recall - access the knowledge you've gained regarding when the HUD-1 form is used
  • Knowledge application - use your knowledge to answer questions about values on the different lines of the HUD-1 form

Additional Learning

If you want to learn more about the HUD-1 settlement statement, review the corresponding lesson titled HUD-1 Settlement Statement: Definition & Importance. The lesson will review the following key topics:

  • The Real Estate Procedures Settlement Act and how it relates to the HUD-1
  • Breakdowns of the different sections in the form
  • Credits and debits and dollar amounts on the HUD-1 form
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