Alabama Real Estate Practice Exam

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What best describes a debit in the context of closing a real estate transaction?

  1. Bonus points on a mortgage

  2. Money owed by one person to the other

  3. A rebate offered by the lender

  4. An upfront payment for future property taxes

The correct answer is: Money owed by one person to the other

A Bonus points on a mortgage would not be relevant in the context of closing a real estate transaction as it is a form of incentive for taking out a loan. C: A rebate offered by the lender also would not apply as it is related to the borrowing or lending process, not the closing of a transaction. D: An upfront payment for future property taxes may be part of the transaction, but it is not the best description of a debit, which involves owing money.

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