Escrow & Title
Proration at closing means:
ASplitting all closing costs equally between buyer and seller
BAllocating ongoing expenses (taxes, HOA dues, rent) proportionally between buyer and seller based on the closing date✓ Correct
CReducing the sale price proportionally for disclosed defects
DAdjusting the commission based on the final sale price
Explanation
Proration divides ongoing expenses such as property taxes, HOA dues, prepaid rents, and utility bills between buyer and seller based on the closing date. Each party pays only for the portion of the year they own the property.
Related Oklahoma Escrow & Title Questions
- An Oklahoma attorney who reviews an abstract of title and renders a title opinion is providing:
- When an Oklahoma buyer receives the deed at closing but does not record it for 6 months, what is the risk?
- A lis pendens recorded against a property means:
- A buyer in Oklahoma who purchases property without title insurance and later discovers an undisclosed easement affecting the property may:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- In Oklahoma, a lender's title insurance policy (loan policy) protects:
- An Oklahoma home seller wants to do a 'closing by mail' rather than appearing in person. This is typically:
- The purpose of title insurance in Oklahoma is to:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →