Module 14

Module 14 introduces computations and closings, including computing a sales commission, calculating profit or loss, the preliminary steps to a closing, prorating the buyer’s and seller’s expenses, calculating transfer taxes, allocating taxes and fees to the proper parties and computing individual costs, rules of thumb for closing statement entries, and major sections of the Uniform Settlement Statement (HUD-1).

When you finish reading this module you will be able to:

  1. Compute a sales commission.
  2. Given the original cost of the investment, calculate the percentage of profit or loss.
  3. Calculate the sales price and the dollar amount of profit or loss.
  4. List the preliminary steps to a closing.
  5. Prorate the buyer’s and seller’s expenses using either the 12-month/30-day method or the 365-day method.
  6. Calculate the dollar amount of transfer taxes on deeds, mortgages, and notes.
  7. Allocate taxes and fees to the proper parties and compute individual costs.
  8. Explain the rules of thumb for closing statement entries.
  9. Explain the major sections of the Uniform Settlement Statement (HUD-1).

 

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Become a Reseller
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