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Question 1 of 1
To review Chapter 14, “Closing Real Estate Transactions,” match each of the following terms to one of the descriptions below:
- Form 1099-S
- Federally related
- Good faith estimate
A closing agent must complete this document to report gross sale proceeds, and submit it to the Internal Revenue Service.
This law requires withholding 10% of the amount realized from the sale if the seller is not a U.S. citizen or a resident alien.
The Real Estate Settlement Procedures Act applies to this type of loan transaction.
A lender must give an applicant this document, which provides approximate closing costs.
RESPA prohibits giving these payments in exchange for referrals.