Escrow

It's proper for a broker to be paid by both principals to a transaction: if the escrow instructions signed by the buyer and seller reflect the payment. provided both are informed and express approval of such if the estimated statement signed by the buyer and seller reflect the payment. all of these are relevant

all of these are relevant

A seller's closing letter should include: All of these original policy for fire insurance. a check for the proceeds of the sale. Seller's Statement.

All of these

The East 15 feet of the South 140 feet of Lot "A" has to do with: An Easement All of these Parcel 2 Ingress & Egress

All of these

The loan in escrow Sample Two: All of these Payments are based 30 year amortization It is an installment loan with a balloon payment Loan is fully payable in 15 years

All of these

Which of the following creates security for the performance of an obligation? Collateral assignment Collective assignment Collateral damage None of these

Collateral assignment

A new loan is shown on the Buyer's escrow closing statement as: Debt A Credit none of these. A Charge

A Credit

The buyers closing letter should include: Both choices are correct. a Buyer's Final Closing Statement. a check for any refund or over charges Neither choice

Both choices are correct.

The buyers closing letter should include: a Buyer's Final Closing Statement. a check for any refund or over charges Neither choice Both choices are correct.

Both choices are correct.

Which of the following creates security for the performance of an obligation? Collateral assignment Collective assignment None of these Collateral damage

Collateral assignment

Funds paid to the seller directly outside of escrow as part of the total purchase price are shown on the seller's escrow closing statement as: Credit Prorated Correct! Debit Unknown

Debit

The HUD Statement refers to the: Department of Housing and Urban Development. Department of Housing and Unconditional Development. all of these Human Urban Documentation Department.

Department of Housing and Urban Development

Interest on a note carried by the seller begins to accrue on the actual close of escrow date which may differ from the originally scheduled closing date. Escrows are usually instructed to: Fill in the date as part of closing Hold funds until after closing Disregard any closing date change Pay the interest due

Fill in the date as part of closing

Which of the following is true concerning escrows? Escrows are illegal in the US All escrows are identical None of the above No two escrows are alike

No two escrows are alike

A document signed by a landlord and tenant to show the status of payments and agreements between them is: Lease Assignment Rental Account Log Offset Statement Tenants Rights Verification

Offset Statement

A document signed by a landlord and tenant to show the status of payments and agreements between them is: Lease Assignment Rental Account Log Tenants Rights Verification Offset Statement

Offset Statement

In order to be recorded, all deeds must be acknowledged by: a notary public. the county clerk a county judge. a bondsman.

a notary public.

The location of the property in relation to neighboring properties is shown on: a plat map. a street map. mobile GPS app none of these

a plat map.

If a lease has not been recorded in the county records it is: an imaginary lease. an unofficially recorded. an unrecorded lease. invalid

an unrecorded lease

The promissory note drawn up in Escrow Sample 3: is fully amortizing is adjusted based on the actual unpaid balance of the senior lien is on behalf of the existing lender is an all inclusive deed of trust

is adjusted based on the actual unpaid balance of the senior lien

A good practice for escrow regarding the Preliminary Title Reports is: give legal advice about the report to recommend their favorite title company always choose the lowest price title company obtain buyer's signature for receipt & approval

obtain buyer's signature for receipt & approval

A good practice for escrow regarding the Preliminary Title Reports is: give legal advice about the report to recommend their favorite title company obtain buyer's signature for receipt & approval always choose the lowest price title company

obtain buyer's signature for receipt & approval

In an escrow, the single status is reserved for those persons: who have never been married. who are divorced. who are widowed. who are under age.

who have never been married.

The financing contingency in the sample exchange is for: Paying off the existing loan Approval of the assumption and release Obtaining a new loan none of these.

Approval of the assumption and release

Who makes the decision as to the type and form of title insurance to obtain? The parties The broker Escrow holder The title company

The parties

In the event of litigation, the negotiability of the note would not be affected by clauses that add: both a and b. court costs. none of the these. attorney's fees.

both a and b

The most likely reason for an exchange instead of a sale: parties are relatives income tax considerations lack of financing available none of these

income tax considerations

Marketable title is established once the decree of distribution is: all of these drawn up. referenced recorded.

recorded.

When a trust deed has not been insured, the only option is to issue a policy of title insurance issued in favor of: the assignee. the assignor. none of these. both of these are correct

the assignee.

When it comes to filing and indexing, a review system is often referred to as a: none of these tickler system. taunter system. teaser system.

tickler system

The information required to complete the Assignment of Trust Deed form is taken from the: title policy. all of these. birth certificate. trust deed.

trust deed.

The cost of a Binder Policy is usually: 5% of the Basic Title rate 20 % of the Basic Title rate 10% of the Basic Title rate 1% of the Basic Title rate

10% of the Basic Title rate

n regards to power of attorney transactions, you should be familiar with: their limitations. the authority they grant. All of these basic law relating to these instruments.

All of these

Prior to issuing insurance for the transaction in escrow Sample TWO, the title company is requiring which of following? A Final Recorded Tract Map A Recorded Parcel Map Any of these Certificate of Compliance with the Subdivision Map Act

Any of these

Prior to issuing insurance for the transaction in escrow Sample TWO, the title company is requiring which of following? A Recorded Parcel Map Certificate of Compliance with the Subdivision Map Act Any of these A Final Recorded Tract Map

Any of these

IRS "1031 Tax Deferred" Exchange rules do NOT: Require close of replacement property within specific time frame Require exchange for equal or higher value property Apply for the owner's primary residence property Require "like kind" property usage

Apply for the owner's primary residence property

When is a binder policy issued? At a later date Along with the closing After the destruction of the property Immediately

At a later date

The phrase "taking title subject to" refers to: The seller must carry back financing Title insurance is not obtained The buyer assumes the existing loan The existing loan is not paid off through escrow

The existing loan is not paid off through escrow

A public utility easement is usually: an easement appurtenant. uncommon all of these an easement in gross.

an easement in gross.

CC&Rs refer to: covenants, conditions, and restrictions. contracts, conditions and references. covenants, conditions and recordings. none of these.

covenants, conditions, and restrictions

The transfer of assets is evidenced by a probate court order called a: degree of distribution. decree of distribution. decree of redemption. none of these

decree of distribution.

An extra page in the escrow instructions is a(n): inconvenience. amendment. page that should be incorporated into the escrow instructions by reference. codicil.

page that should be incorporated into the escrow instructions by

An easement in gross must be described in the deed to: all of these. be liveable. be built upon. pass with the title

pass with the title

The cost of the binder policy is usually: twenty percent of the basic title insurance rate. ten percent of the basic title insurance rate. thirty percent of the basic title insurance rate. fifty percent of the basic title insurance rate.

ten percent of the basic title insurance rate.