Escrow & Title (alternative)
At a Maryland settlement, the buyer typically receives a credit for:
AThe seller's unpaid mortgage balance
BPrepaid taxes and rents paid by the seller covering periods after closing✓ Correct
CThe agent's commission
DThe title insurance premium
Explanation
At closing, buyers receive credits for items the seller has prepaid that cover periods after the closing date (such as prepaid property taxes or prepaid rents), since these benefit the new owner.
Related Maryland Escrow & Title (alternative) Questions
- In Maryland, a 'subordination agreement' in real estate means:
- In Maryland, the typical closing cost that is split between buyer and seller is the:
- A Maryland deed must include an adequate property description to be valid. Which of the following is an adequate legal description?
- In Maryland, a 'standard coverage' title insurance policy is typically:
- In Maryland, a deed is considered 'delivered' when:
- Maryland title companies typically issue which two types of title insurance policies?
- Title insurance in Maryland does NOT protect against:
- A Maryland title company discovers that a prior deed in the chain of title was forged. Under the owner's title insurance policy, the buyer is protected because:
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