What type of real estate term refers to a list of required adjustments at closing?

Study for the North Carolina 75-Hour Broker Course Test. Ace your exam with comprehensive flashcards and detailed multiple-choice questions, each with hints and explanations. Prepare confidently for your real estate career!

The correct answer is the term that refers to a list of required adjustments at closing. This involves calculating the precise amount of money that will change hands at the closing table, accounting for various factors such as prorated taxes, insurance, and other fees. The process of determining this amount requires careful consideration of all adjustments that must be made to arrive at the final cash amount due from the buyer or credited to the seller.

This term is particularly essential in the real estate transaction process, as it ensures that both parties understand the financial implications of the sale. It provides clarity on what is owed and helps in preparing accurate documentation for the closing.

The other terms provided do not specifically relate to the list of adjustments at closing. Summaries of Transactions might give an overview of the deal but do not represent the specific financial adjustments needed. Amendments typically refer to changes made to a contract or agreement, while Final Settlement generally refers to the conclusion of the transaction rather than the specific adjustments at closing.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy