Question

Which statement about the broker's portion of the closing statement is true?

a. All double-entry items must appear there.
b. Total receipts minus the binder deposit equals the grand total.
c. Receipts and disbursements must equal.
d. Total expenses less the brokerage fee equals the grand total.

Answer 1

The broker's portion of the closing statement must have equal receipts and disbursements.

Step-by-step explanation:

The correct statement about the broker's portion of the closing statement is:

c. Receipts and disbursements must equal.

The broker's portion of the closing statement is a summary of all the transactions related to the sale of a property. In this section, the total receipts (i.e., the money received from the sale) must be equal to the total disbursements (i.e., the expenses and fees paid during the transaction).