Closing and Settlement Cost California
skills to help ensure that their transactions end well.
This course covers a broad range of issues related to closing and settlement to help the student learn ways to help clients through this sometimes complicated process. It includes the following lessons:
• Real Estate Closings
• The HUD-1 Settlement Statement
In addition, this course includes a final practice lesson. This concluding lesson presents real-world dilemmas and concrete applications of the information presented in the rest of the course. As the student completes this course, he or she should try to develop a broad picture of closing and settlement and how they fit into the larger practice of real estate. The last lesson will help with this project by presenting comprehensive content questions, practice problems and case studies.
- Course Delivery Online Interactive
- Credit Hours 4 hours
- Credit Type Consumer Service
- Skill level All levels
- Language English
- Maximum students 1000
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 licensee’s responsibility with respect to IRS Form 1099-S and HUD’s “Notice to the Homebuyer” form.
• Name and distinguish the different types of closings.
• Describe the licensee’s 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.