Escrow & Title
What is a 'HUD-1 Settlement Statement' and has it been replaced in Delaware?
AIt is still required for all Delaware closings
BIt has been replaced by the TRID Closing Disclosure for most residential purchase transactions✓ Correct
CIt is used only for commercial transactions now
DIt was replaced by the Loan Estimate form
Explanation
The HUD-1 Settlement Statement was replaced by the Closing Disclosure (CD) for most residential transactions on October 3, 2015, under the TRID rule. The HUD-1 is still used in some cash transactions not involving a federally regulated mortgage.
Related Delaware Escrow & Title Questions
- Delaware is known as a(n) _____ state because an attorney must conduct the real estate closing.
- Which type of deed provides the greatest protection to the grantee in Delaware?
- What is 'ALTA' and what is an 'ALTA survey' in Delaware?
- A Delaware property has an outstanding mechanic's lien filed by a contractor. How does this affect the sale?
- What is 'equitable title' versus 'legal title' in a Delaware real estate transaction?
- In Delaware, which of the following is TRUE about the escrow process in a residential closing?
- In Delaware, what triggers the mandatory purchase of flood insurance for a residential mortgage?
- What is 'title search' and how long does it typically take in a Delaware residential transaction?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →