Escrow & Title
A 'prorated' item on an Ohio closing statement means:
AThe item is split 50/50 between buyer and seller regardless of when it was incurred
BThe item is divided proportionally between buyer and seller based on the closing date✓ Correct
CThe item is paid entirely by the party who owes it
DThe item is deferred until after closing
Explanation
Proration divides ongoing expenses (like property taxes, HOA dues, or prepaid rent) proportionally between buyer and seller based on the exact closing date, so each party pays only for their period of ownership.
Related Ohio Escrow & Title Questions
- Which of the following BEST describes 'constructive notice' in Ohio real estate?
- What is a lis pendens notice in Ohio?
- In Ohio, an 'abstract of title' is a:
- What is the difference between actual notice and constructive notice in Ohio?
- What is a subordination agreement in real estate?
- In Ohio, the county conveyance fee is calculated based on:
- In Ohio, the recording priority rule (race-notice statute) protects:
- Which of the following is a 'voluntary lien' on Ohio real property?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →