Nevada Key Realty Practice Exam

The term "settlement statement" is indeed commonly referred to as a "Closing Statement." This document outlines all the financial details between the buyer and seller during a real estate transaction. It includes items such as the purchase price, loan amounts, adjustments, and various fees.

While "HUD-1" is a specific type of settlement statement that was required for certain types of real estate transactions prior to the implementation of the TRID regulations, the term “Closing Statement” is a broader terminology encompassing any settlement statement regardless of the form it takes. The HUD-1 form has been largely replaced by the Closing Disclosure form in most transactions, but historically, it represented the settlement statement for many transactions, particularly those involving federally related mortgage loans.

Terms such as "Transaction Record" and "Property Deed" do not refer specifically to the settlement statement. A transaction record documents the details of the transaction but does not typically encompass the financial breakdown provided in a closing statement. Similarly, a property deed is a legal document that transfers ownership of real property, but it does not provide the financial details outlined in a settlement statement. Therefore, considering the common terminology used within the real estate context, "Closing Statement" aligns more closely with the basic definition of a settlement statement