What is Proration? | REAL-ESTATE-SALESPERSON Exam Prep

Proration is the division of ongoing property expenses such as taxes, insurance, and HOA fees between buyer and seller at closing, based on the portion of the billing period each party owns the property. 📚 Learn more about Proration and other key terms for your REAL-ESTATE-SALESPERSON exam at Open Exam Prep. 🎯 This term appears on: REAL-ESTATE-SALESPERSON 🔗 Full glossary: https://www.open-exam-prep.com/glossary 🔗 Proration definition: https://www.open-exam-prep.com/glossary/proration 💡 Exam Tip: Proration = dividing expenses by days of ownership. Taxes in ARREARS = credit to buyer. Taxes in ADVANCE = credit to seller. Know 365-day and 360-day calculations. --- #real-estate #examprep #financeexam #real-estate-salesperson