Escrow Quiz

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

Which of the following is NOT a way to cancel or end an escrow?

Divorce

Which of the following is FALSE concerning transactions involving an attorney in fact?

Documents using a power of attorney must show that the principal is conveying or receiving title, not the attorney in fact

Which of the following is a confidential method of assurance against mistaken title reports?

Escrow instructions

Which type of deed conveys full ownership (freehold estate)?

Grant Deed

a supplement to escrow instructions is

A. 10 extra pages B. Five extra pages C. one extra page D. none of the above *

subdivision and subsequent sale of real property are governed by the

A. A subdivision map act B. subdivided lands act C. both a and b are correct * D. none of the above

The effective date for the insurance must be

A. After the date the new loan will fund B. On the date the new loan will fund C. Before the date the new loan will fund D. both b and c are correct *

which form is designed use with standard coverage policies when the beneficial interest in the insured deed or trust as been assigned?

A. CLTA form 104A B. CLTA form 10044 C. CLTA form 4000 D. all of the above *

on any note or other instrument, what should you do if a printed statement conflicts with the instructions to parties of escrow

A. Cross out any conflicting printed statements B. Ignore any conflicting printed statements C. White out any conflicting statements D. none of the above *

upon the death of a joint tenant, the tenancy can be terminated by a

A. Decree of Death issued by the court B. Affidavit - Death of joint tenant C. Both a and b D. none of the above *

Which of the following is TRUE concerning the note

A. It is a negotiable instrument B. It is extremely valuable to its holder C. both a and b are correct * D. None of the above are correct

the right to use water is considered of such primary importance that

A. It is considered real property in itself B. it is able to be transferred deed separately from the land through which it flows C. Always mentioned in the deed of real property D. both a and b are correct *

if no defects are found in the tax sale proceedings, most title insurance companies will insure a property from a tax sale after

A. One week B. One month C. One year D. none of the above *

Escrows are highly recommended and nearly always used in the

A. Sale of personal property B. Rental of real and personal property C. Sale or transfer of land and businesses D. NONE OF THE ABOVE *

Which of the following is a reference point in California

A. San Bernardino B. Mt Diablo C. Humbolt D. all of the above *

Any discrepancy of facts presented by the beneficiary are usually cleared up by obtaining a signature of approval from

A. The buyer B. The Seller C. both a and b * D. none of the above

which of the following is a general kind of note with its own preprinted form

A. The installment note-interest included B. The straight note C. The installment note-interest extra D. all of the above *

Which of the following is TRUE concerning full re conveyance?

A. The trustee relinquishes his/her interest in the property B. it must be kept as proof that money is no longer owed to the beneficiary C. It must be recorded in the county records D. All of the above *

Which of the following is TRUE concerning mutual water companies?

A. They are organized by or for water users in a given district. B. Their purpose is to secure an ample water supply at a reasonable rate. C. They issue stock to users D. All of the above are true *

When a buyer assumes an existing loan, he or she signs

A. an assumption agreement with the seller B. an assumption agreement with the lender C. an assumption agreement with the broker D. all of the above *

it is entirely proper for a broker to be paid by both parties whether it be an exchange or even a simple sale provided

A. both parties are informed B. both parties express approval of the arrangement C. both a and b are correct * D. none of the above

a syndicate may be a

A. corporation B. partnership C. trust D. all of the above *

The main purpose of probate is

A. gather the assets of a decedent B. pay any debts which may be due on an estate C. appropriately distribute whatever is left paying debts. D. all of the above *

a policy of life insurance issued in favor of the assignee is the only option when the trust deed

A. has been insured B. has not been insured C. both a and b are correct D. none of the above

which of the following types of property a re typically exchanged

A. income B. Commercial C. Residential D. all of the above *

Encumbrances include:

A. liens B. CC&R's C. Easements D. All of the above *

A written contract is not necessary for enforcement in a court of law for transfers of personal property where the amount paid is:

A. over $500 B. under $500 C. under $5000 D. all of the above *

which of the following would be considered an encumbrancer?

A. someone who has placed a lien on a property B. someone who has acquired an easement against the property C. Someone who has imposed restrictions against the property D. all of the above *

during probate, public notice is published in a newspaper of general circulation

A. to notify creditors that the decedents estate is being distributed B. to notify anyone owing the decedent money that all debts are forgiven C. to ratify the original publishing an obiturary D. none of the above *

A residence can be protected from judgments that become liens by the acknowledgement and recording of

a declaration of home base

The means by which a note is payable to bearable is transferred is called

a delivery

Before being accepted by the office of the recorder, all deeds, deeds of trust, or any other documents to be recorded must be acknowledged by

a notary public

The document that authorizes an attorney in fact to act as agent for the principal is called

a power of attorney

A review system that reminds you to check each file periodically is called

a tickler file

which of the following allows people to pass on property after death

a will

what type of note transfer guarantees that a seller will make payments on the note should the payor fail to do so

a with recourse transfer

an order from a judge to place a lien on a property is called an

abstract of judgement

on the settlement sheet, the case deposited in escrow is

credited to the seller

The most common method of acquiring ownership (title) to real property is by:

deed transfer

an administrator is appointed by the court if the property owner

dies without a will

With an easement appurtenant, the land and its owner that gains the benefit is called the

dominant tenement

The most common kind of easement is the public utility easement, which is an

easement in gross

when endorsing an assignment form, the signatures should be

exactly as their names appear on the trust deed

the broker will formalize the exchange with a type of deposit receipt called a

exchange agreement

a representative named in a will is the:

executor

A standard form fir insurance policy covers damage from

fire and lightening

An escrow officer may not

give legal advice (practice law)

By recording the request for notice as an accommodation, the title company will

have no liability for its validity or sufficiency

When completed, all of the information necessary to being an escrow transaction is contained in the

preliminary sheet

The right of a landowner to use the water on, under, and adjacent to his or her land is known as a

riparian right

A note that is specifically endorsed in a buyers favor is called a

special endorsement

the short form deed of trust and assignment of rents is

the most commonly used deed of trust

who determines what type of title insurance will be ordered

the parties to the escrow

An escrow officer is also known as a

stakeholder

whenever a merchant engages in a retail sales businesses he must get a sellers permit from the

state board of equalization

most commonly, the motivating reason for real property exchange is

tax considerations

The federal estate tax lien continues for hoe many years after the death fo the property owner?

ten years

Which of the following is NOT considered one of the three most important documents in any sale of property

the MLS agreement

A preprinted sheet used for keeping track of escrows progress is called

the escrow checklist and the escrow requirements sheet

In the event of an absolutely even exchange, which party's instructions should come first

the first party's

Once the title insurance is issued, the responsibility for insuring the marketability of the title assumed by:

the title company

the determining factor in preparing a second deed of trust is the

time of recording

The first step in the basic escrow procedure is

to prepare the settlement

Separate escrow instructions for buyers and sellers are known as

unilateral instructions

The cost of a binder policy is

10% of the basic title insurance rate

Property taxes are adjusted on the basis of the

30-day month, 360-day year

When finishing the settlement sheet, which of the following is NOT required by the Regulation Z?

Kickback fees

Which of the following is TRUE concerning escrow instructions?

They are in the form of a business letter They may be be bilateral They may be unilateral All of the above are TRUE*

Frequently used in the escrow and title insurance industry, the term "T.O." refers to a

Title Officer

the body of lay adopted throughout the US that standardizes

Uniform Commercial code

The escrow settlement sheet or estimated changes sheet is the

accounting report for escrow

the original typing of instructions is modified by a(n)

amendment

Personal property is

anything that can be owned or possessed that is not real property

Which of the following is NOT required for a valid contract?

attorney approval

A written agreement by the title insurance company to issue a policy, but at a later date is called a(n):

binder, or interim binder

the money or other property that is given to make up any difference in value or equity between exchanged properties is called

boot

as a general rule, its best to make your instructions

brief and to the point

the time limit for the close of escrow is decided

by agreement of both parties

when an adjustment is listed to take effect, COE that refers to

close of escrow

which of the following creates security for the performance of an obligation

collateral assignment

The printed form that fives escrow permission to pay the broker a commission is called

commission instructions

The only manner of vesting that depends exclusively upon marital status is

community property

If a note is lost, an insurance bond may be used to indemnify against a claim. This bond is called a

compliance bond

CC&R's refer to

covenants, conditions, and restrictions

An even exchange can be affected

if the actual market values are the same

A title insurance policy insures against

imperfection on title

satisfactions of judgments and partial releases of judgments should be recorded

in the county where the property is located

A property owner that ides without a will is said to be

intestate

completing the settlement sheet is usually the

last step in the closing process

the market value of a second trust deed is usually

less than its face value

For all monies received by escrow, such as deposits, you must:

make receipts

the information required to complete the assignment of trust deed form is take from the

memo sheet

With a a mortgage, the lender is the

mortgagee

a written promise or order to pay money is called a

negotiable instrument

promissory notes secured by deeds of trust are customarily in the form of

negotiable instruments

If the buyer fails to perform in meeting the obligations under the loan the lender will probably file a

notice of default

the federal estate tax becomes a lien on real property

once the lien has been recorded

a counterclaim against the beneficiary based on a dispute about the amount or terms of the obligation is called

owners offset statement

In the escrow instructions, the single status applies to:

persons who have been divorced or widowed


Ensembles d'études connexes

U-prep questions Fluid, Electrolyte, and Acid Balance

View Set

(Renal) NCLEX-style review questions from Honan

View Set