Webarrear: [noun] the state of being behind in the discharge of obligations. WebMar 26, 2016 · Real Estate License Exam writers expect you to know the basics of proration math. Proration is the allocation or dividing of certain money items at the closing. An attorney, a real estate salesperson, or a broker does the proration calculations at the closing. The key to remember about prorations is that the person who uses it needs to …
Debits vs Credits Real Estate Exam - PrepAgent.com
WebThe answer: it depends on whether you are the buyer or the seller, and whether the purchase price is higher or lower than the taxable value of the property at transfer. Background: By way of background, proration and re-proration are concepts necessary in the transfer of real estate in Ohio, because real estate taxes are paid “in arrears.” In … WebProperty Tax Definitions. Real Property. All land and the buildings, structures or improvement on the land. Personal Property. All things other than real estate which … flq resistant tb
ARREARS Real Estate Glossary
WebStudy with Quizlet and memorize flashcards containing terms like Accrued items (aka pain in arrears), Prepaid items (aka paid in advance), A sale transaction closes on April 1, the ninety-first day of the tax year. The day of closing belongs to the seller. Real estate taxes for the year, not yet billed, are expected to be $3,150. According to the 365-day method, … WebMar 20, 2024 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price … WebDefinition of "Arrears" Connie Gibson, Real Estate Agent Realty Professionals of Florida. Insurance policy under which premiums are past due but the grace period has not … flr1060t6ex-w