The course approval number for this course will be available upon request
This course will introduce the student to the closing statement (also called a settlement statement"). This is a document that provides a detailed list of each party's expenses as well as how much he or she has already contributed to the transaction thus far. This statement also provides an accounting of the final amount that the buyer must bring to the closing.
Upon completion of this course, the student will be able to:
- Outline the primary concerns that arise throughout the closing process, for both the buyer and the seller.
- Describe what both the buyer and the seller must do to prepare for the closing date.
- List the documents that the buyer and the seller must complete to close a typical real estate transaction.
- Explain a licensees responsibility with respect to IRS Form 1099-S and HUDs Notice to the Homebuyer form.
- Name and distinguish the different types of closings.
- Describe the licensees role in the closing process.
- Outline the basic requirements and regulations imposed by the Real Estate Settlement Procedures Act (RESPA).
- Identify which party is responsible for each expense in a typical closing transaction.
- Explain the concept of credit and the concept of debit.
- Prorate prepaid items and accrued expenses.
- Understand the HUD-1 Settlement Statement Form
Closings and Settlement Costs - Texas Real Estate Commission
End of Course Instructions
Upon successfully completing this course you will be able to print the certificate and you are requested to please keep a copy of the certificate with you for your records
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