Course 2 Quiz 13

What is the main closing costs for the seller ? A. Brokers commission B. Escrow services C. Notary fees D. All The Above

Answer : A, Brokers commission .

Escrow agents act as a ? A. Single agent B. Dual Agent C. Universal agent D. General agent

Answer : B, Dual Agent .

An escrow officer serves as a third neutral party in a transaction ? A. True B. False

Answer: A, True .

Evidence of the right to possess property is know as ? A. Promissory note B. Acknowledgement C. Title D. Trust

Answer: C, Title .

The escrow is typically responsible for which of the following ? A. Order the title report B. Facilitate the signing of all documents C. Disbursement of all funds D. All The Above .

Answer: D, All The Above .

Which of the following may be prorated between buyers and sellers at closing ? A. Taxes B. Insurance C. Rents D. All Of The Above

Answer: D, All The Above.

Which of the following is considered a standard title policy ? A. ALTA B. PETE C. PITI D. CLTA

Answer: D, CLTA .

Title that is encumbered or burdened with defects is known as ? A. Clean title B. Clear title C. Marketable title D. Clouded title

Answer: D, Clouded title.

Insurance to protect a real property owner or lender up to a specified amount against certain type of loss is known as ? A. Homeowners insurance B. Property insurance C. Home warranty D. Title insurance

Answer: D, Title insurance .

The buyer's closing costs include which of the following ? A. Loan origination fees B. Title insurance policy C. Appraisal fees D. All The Above

Answer : D All The Above .

What typically serves as the escrow instructions ? A. The listing contract B. The purchase contract C. Disbursement of all funds D. All The Above

Answer. B, The purchase contract .

In Northern California, escrow and title insurance are handled as ? A. Bilateral escrow instructions . B. Unilateral escrow instructions . C. Broker escrow instructions . D. Attorney escrow instructions .

Answer: A, Bilateral escrow instructions .

Any transaction wherein one person delivers any written instruments , money, or evidence of title to real property, or other things of value to a third person, to be held by such third person until the happening of a specified event is known as ? A. Escrow B. Trust C. Rebate D. Closing

Answer: A, Escrow .

The neutral third party holding funds or something of value in trust for another or others is referred to as a ? A. Escrow agent B. Broker C. Beneficiary D. Trustee

Answer: A, Escrow agent .

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation is known as a/an ? A. Lien B. Easement C. Appraisal fees D. All The Above

Answer: A, Lien .

To divide the taxes equally or proportionately to time of use, usually between seller and buyer is known as ? A. Proration of taxes . B. Conversion of taxes . C. Closing of taxes . D. Filing of taxes .

Answer: A, Proration of taxes ?

Both parties must sign off on any amendments to the escrow instructions ? A. True B. False

Answer: A, True .

Escrow fees are typically split between the buyer and seller ? A. True B. False

Answer: A, True .

Escrow is a limited agency ? A. True B. False

Answer: A, True .

Pre-liens are not covered under a standard title policy ? A. True B. False

Answer: A, True.

In a closing statement, money to be received, or credit given for money is referred to as a ? A. Credit B. Liability C. Proration D. Debit

Answer: A, credit .

A condensed history, or summary of all transactions affecting a particular tract of land is known as ? A clouded title. B. Abstract title C. Marketable title D. Chain of title.

Answer: B, Abstract title .

A real estate broker is not allowed to act as escrow to a real estate transaction ? A. True B. False

Answer: B, False .

Which of the following prohibits kickbacks between lenders and real estate professionals ? A. ECOA B. RESPA C. ADA D. Fair housing Act .

Answer: B, RESPA .

Who typically pays for the documentary transfer tax ? A. The buyer B. The seller C. Both the buyer and seller equally D. The seller's attorney

Answer: B, The seller .

In Southern California, escrow and title insurance are handled as ? A. Bilateral escrow instructions . B. Unilateral escrow instructions . C. Broker escrow instructions . D. Attorney escrow instructions .

Answer: B, Unilateral escrow instructions .

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept, is known as ? A. Clouded title B. Abstract of title C. Marketable title D. Chain of title .

Answer: C, Marketable title.

The division of certain settlement costs between a buyer and a seller is known as ? A. Partition B. Separation C. Proration D. Closing

Answer: C, Proration .