1- If the closing date is June 1 and the sellers real property taxes of $3,000 for the calendar year were prepaid by the seller on February 1st, the appropriate entry on the settlement statement would be a:

• Credit of $3,320 to Buyer and Debit of $3,320 to Seller
• Debit of $1,750 to Buyer and Credit of $1,750 to Seller
• Credit of $1,250 to Buyer and Debit of $1,250 to Seller
• Debit of $1,250 to Buyer and Credit of $1,250 to Seller

2- A property sells at the assessed value. The annual real property tax is $2,304 at a tax rate of $2.40 per $100 of assessed value. The property is taxed at 80% of assessed value. What is the selling price?

• $110,000
• $120,000
• $130,000
• $140,000

3-To stimulate sales activity, Phyllis sends a social media blast promoting her upcoming open house offering buyers an incentive if they bought her listing. Which of the following would she be permitted to offer:

• Ill pay your gas bill for the first 90 days.
• Ill even give you a free appraisal if you need to sell your current home.
• Each open house visitor gets a ticket with a chance to win 2 Eagles tickets.
• Sellers will pay $5,000 towards a buyers closing costs.