Escrow & Title
At a North Dakota closing, the buyer's loan amount appears as a:
ADebit to the buyer
BCredit to the buyer✓ Correct
CDebit to the seller
DNeither; it is not shown on the closing statement
Explanation
On the closing statement, the buyer's loan proceeds appear as a credit to the buyer because the money is coming in to help pay for the property. The buyer's total debits (purchase price, closing costs) are offset by credits (loan proceeds, earnest money).
Related North Dakota Escrow & Title Questions
- Which of the following is TRUE about recording a deed?
- A North Dakota special warranty deed differs from a general warranty deed in that the grantor:
- In North Dakota, which of the following is considered an 'involuntary lien' on real property?
- In a North Dakota real estate closing, the party who typically pays for the owner's title insurance policy is:
- What is the purpose of a 'survey' conducted prior to a North Dakota real estate closing?
- What is the purpose of a 'title search' in a North Dakota real estate transaction?
- What is a 'subordination clause' in a North Dakota mortgage?
- In North Dakota, a 'buyer's market' affects closings because:
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →