Lesson 21 – Closings
Lesson 21
Closings
In this lesson, you’ll learn what happens at closing, how money is settled (debits/credits), how prorations are computed, what RESPA/TRID requires, and why certain transactions must be reported to the IRS.
Learning Objectives
By the end of this lesson, you will be able to:
- Describe pre-closing procedures and settlement statements.
- Apply proration calculations and identify debits and credits.
Recommended approach
For best results, complete this lesson in the sequence below. The course is designed to build knowledge step-by-step and reinforce key concepts through practice. Please review ALL of the lesson materials available for this lesson.
- Watch the lesson video (Materials tab): focus on definitions and real-life examples
- Review the slides: use them to organize notes and key terms.
- Complete the chapter reading: pay special attention to formulas, examples, and the practice problems.
- Take the chapter quiz: confirm mastery and identify any areas that need review.
Passing standard: A score of 80% is required on chapter assessments.
If you score below 80%, review the missed topics and retake the quiz. This process is intended to strengthen retention and improve exam readiness.
Chapter resources
PowerPoint Video
Recommended: watch once before reading, then rewatch any sections you missed before the quiz.
Chapter PDF
Focus areas: pre-closing procedures, settlement statements, prorations, and RESPA/TRID requirements.
Next step
Complete the Chapter Quiz. A minimum score of 80% is required to pass.
Support is available if you have questions as you work through the material.
