Alabama Real Estate Practice Exam

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What does a credit represent in transactions related to closing costs?

  1. Money that is to be paid at a future date

  2. Money paid by one party to the other

  3. Interest accrued on the loan

  4. A discount on the services provided

The correct answer is: Money paid by one party to the other

A This option is incorrect because a credit represents money that is already paid, not to be paid at a future date. C: This option is incorrect because a credit does not represent interest accrued. It represents a specific amount of money. D: This option is incorrect because a credit does not represent a discount. It represents the actual amount paid by one party to the other.

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