Escrow & Title
At closing, proration of real estate taxes means:
AThe seller pays all taxes for the year
BTaxes are divided between buyer and seller based on ownership period✓ Correct
CThe buyer assumes all unpaid taxes
DTaxes are paid by the lender through escrow
Explanation
Tax proration divides annual property taxes between the buyer and seller based on their respective periods of ownership during the tax year.
Related Kentucky Escrow & Title Questions
- In Kentucky, the closing attorney typically:
- A Kentucky attorney issues a title opinion after finding a gap in the chain of title 30 years ago. The attorney's recommendation would likely be to:
- In a Kentucky closing, property taxes are typically prorated based on:
- Kentucky's real property transfer tax is paid by:
- In Kentucky, deeds are recorded in the:
- A general warranty deed contains which of the following covenants?
- A chain of title in Kentucky refers to:
- A title opinion in Kentucky is issued by:
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →