Monthly rent of $3,000 has been collected in advance for a 30-day month. Closing occurs on the 20th day of the month, and the seller does NOT own the day of closing. What rent amount is credited to the buyer?
Correct Answer
B) $1,100
Per diem rent = $3,000 / 30 = $100. Seller owns days 1-19 = 19 days. Buyer owns days 20-30 = 11 days. Buyer credit = $100 x 11 = $1,100.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
Adverse possession is a legal doctrine that allows a person to claim ownership of land by occupying it continuously for a statutory period under specific conditions, without the true owner's permission.
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- → A buyer records a deed at the county recorder's office. What is the primary purpose of recording?
- → A buyer drives past the property and sees someone other than the seller living there and maintaining the yard. This observation should put the buyer on what type of notice?
- → In a covered purchase transaction, the borrower receives a final form showing the loan terms, cash to close, and settlement charges shortly before consummation. What form is this?
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