Transfer Of PropertyClosing_and_settlementHARD
Monthly rent of $2,500 has been collected in advance for a 30-day month. Closing occurs on the 14th day of the month, and the seller owns the day of closing. What rent amount is credited to the seller?
Correct Answer
D) $1,166.67
Per diem rent = $2,500 ÷ 30 = $83.33. Seller owns 14 days including the day of closing, so the seller's share is $83.33 × 14 = $1,166.67.
Answer Options
A
$1,083.33B
$2,500C
$1,833.34D
$1,166.67Why This Is the Correct Answer
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Deep Analysis of This Transfer Of Property Question
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Background Knowledge for Transfer Of Property
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Key Terms:
closing_and_settlementprorationrentclosing_math
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