Unit 8 Escrow & Closing
landmarks and unique identifier system.
A lot, block, and tract system can be called all of the following, except a:
capital improvements.
A new roof, swimming pool, or other cosmetic addition to property is known as:
Neighborhood street lights
A special assessment would be imposed to pay for which of the following?
neither the buyer nor the seller.
A unilateral change in escrow instructions may be made by:
only as a part of their normal business operations if they represent the principals.
An escrow may be directed by real estate brokers:
unpaid credit card payments
An extended coverage title insurance policy covers all of the following, except:
$1.10
Documentary transfer tax is usually based on _____ per $1,000 of the purchase price.
Property taxes
For income tax purposes, which expense is deductible to a homeowner for a primary residence?
$7,000
For property tax purposes, how much is the California homeowner's exemption?
monuments
Landmarks, such as trees and fences are known as:
fire insurance.
Lenders require escrow holders to verify the presence of:
Geodetic Survey System.
Of the following, which is not used as a legal description when conveying real property?
Lot, block, and tract system
Of the following, which is not used as a legal description when conveying real property?
Buyer and seller
The escrow holder is the agent of which of the following?
Public Land Survey System
The terms "range lines" and "township lines" are associated with which legal description?
Proposition 13
Which of the following became the measure for assessing property in California?
Preliminary report
Which of the following is not a title insurance policy?
Escrow officer
Which of the following is the escrow holder?
Commissioner of Business Oversight
Which of the following may license an escrow company?
Commissioner of Business Oversight
Who licenses an escrow company?
ad valorem
a latin phrase meaning according to value
assessment roll
a list of all taxable property showing the assessed value of each parcel; establishes the tax base
Which of the following best describes completed escrow?
a perfect escrow is on for which all documents, funds, and instructions required to close escrow are completed and are in the hands of the escrow agent. a completed escrow is on in which all of the insertions have been satisfied. When an escrow is both perfect and complete, it is ready to close Escrow is considered closed when the agent presents settlement statements to the buyer and seller, disburses escrow funds, and delivers all necessary documents
escrow
a small and short lived trust arrangement
beneficiary statement
a statement of the unpaid condition of a loan and describes the condition of the debt
impound account
a trust account set up for funds set aside for future cost relating to a property
escrow holder
acts as a neutral agent of both buyer and seller
may continue to reside on the property unhindered
after a property is declared tax defaulted for failure to pay property taxes, the occupant of the property:
completed escrow
all terms of the escrow instructions have been met
section
an area of land, one square mile, or 640 acres; 1/36 of a township
property tax
an example of an ad valorem tax would be :
title insurance policy
an insurance policy that protects the insured against loss or damage due to defects in the property's title
preliminary report
an offer to issue a policy of title insurance in the future for a specific fee
calendar year
begins on January 1 and continues through December 31 of the same year
property taxes special assessments trader taxes -all of the above
county governments levy taxes through:
executed
escrow instructions must be
The reason for using an escrow when a deed of trust is conveyed is to:
escrow is not required. However, escrow, acting as a neutral third party helps to guarantee that all therms and conditions of the agreement are met.
marketable title
good or clear sealable title reasonably free from risk of litigation over possible defects
escrow instructions
he buyer's and seller's agreement is indicated in the:
special assessments provide for local improvements
ho do special property tax assessments differ from annual property tax assessments?
metes and bounds
land description that delineates boundaries and measures distances between landmarks to identify property
plat map
map of a subdivision indicating the location and boundaries of individual lots
executed
one of the meanings of the term execute is to sign. An escrow is officially open when both buyer and seller have signed the instructions and delivered them to escrow
fiscal year
starts on July1 and runs through June 30 of the following year; used for real property tax purposes
special assessments
taxes used for specific local purposes
property taxes
taxes used to operate the government in general
proration
the division and distribution of expenses and or income between the buyer and seller of property as of the date of closing or settlement
ensure that the conditions and instructions of the agreement are satisfied
the reason for using an escrow when a deed of trust is conveyed is to :
vesting
the way title will be taken
all escrow instructions have been carried out
which of the following best describes completed escrow ?
a zoning ordinance, regulation or plan
which of the following is not covered by title insurance?
public land survey system
which system of land description employs meridians and baselines?
abstract of title
written summary of all useful documents discovered in the title search
