Escrow & Title
What is 'disbursement at closing' in an Idaho real estate transaction?
AThe buyer's final loan payment
BThe process of the escrow/closing agent distributing funds to the appropriate parties (seller, payoff lenders, agents, other vendors) upon completion of all closing conditions✓ Correct
CThe recording of the deed at the county recorder
DThe title company's method of distributing insurance proceeds
Explanation
At closing, after all documents are signed and loan funds are received, the closing agent disburses funds: paying off existing loans and liens, distributing seller proceeds, paying real estate commissions, and covering closing costs. In Idaho, disbursement typically occurs simultaneously with or shortly after recording of the deed and deed of trust.
People Also Study
Related Idaho Questions
- In a standard Idaho residential closing, the deed of trust is typically recorded:Escrow & Title
- An Idaho home has a list price of $359,000. It sells for 97% of list price. The seller pays 6% commission and $3,100 in other closing costs. What are the seller's net proceeds?Real Estate Math
- Under Idaho law, a broker who holds client funds must deposit them into a trust account within:Idaho License Law
- A property sells for $260,000. Closing costs are 2% of the sale price. The seller has a mortgage payoff of $185,000. What are the seller's net proceeds?Real Estate Math
- Which of the following documents would contain the legal description required for a valid deed in Idaho?Contracts
- Recording a deed in Idaho provides:Escrow & Title
- Under a deed of trust in Idaho, who are the three parties involved?Finance
- Idaho's deed of trust foreclosure process is known as:Finance
Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
Study This Topic
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →