Chapter 4

Which of the following is important when taking an escrow? Verification of figures Accuracy Correct name spelling All of these

All of these

All of the information necessary to begin an escrow is contained in a printed form, which may be referred to as an escrow order sheet an escrow work sheet all of these a memo sheet

all of these

Unilateral Escrow Instructions none of the these are used legally acceptable in every English-speaking country in the world is one set of instructions for all parties are two complete sets of escrow instructions

are two complete sets of escrow instructions

Of all the documents prepared in escrow, the instrument that will be recorded and seen most often in the future is the pest control report title insurance report none of these deed

deed

A strictly confidential method of assurance against mistaken title reports is the sales escrow memo sheet grant deed none of these statement of information

statement of information

As an escrow officer, the Escrow Instructions you receive none of these both choices spell out exactly what you are to do and ONLY what you are to do in order to conclude the escrow transaction take the form of a formal business letter from the principals to you

both choices

When taking an escrow you have to make the personal decision on your memo sheet as to which items are neither of these choices conditions of escrow memoranda both of these choices

both of these choices

The primary escrow instructions for a residential purchase transaction are generated by the buyer's lender are created by the escrow company all of these Are part of the purchase agreement

Are part of the purchase agreement

Which of the following is a simple printed form that gives escrow permission to pay the broker his or her commission? Commission Instructions Statement of Information Wrap-Up Instructions Broker Demand form

Commission Instructions

Most residential sale/purchase transactions in Southern California are written using the C.A.R agreement form titled Residential Purchase Agreement - California Escrow Instructions - California Southern California Residential Offer Residential Purchase Agreement & Joint Escrow Instructions

Residential Purchase Agreement & Joint Escrow Instructions

As it pertains to escrow, the clause stating, "We don't intend to assume any blame or guilt if the matters set out here are not resolved as written" defines the word liability exculpatory inclusive exceptional

exculpatory

Escrow Instructions are like a formal business letter from the escrow to the title company from the parties to the escrow company from the escrow company to the parties from the brokers to the parties

from the parties to the escrow company

It is acceptable to pay the broker commission or any part of it before the closing of escrow under which of the following conditions? If the escrow exceeds the scheduled closing date none of these If the broker shows a listing agreement If the escrow officer trusts the parties

none of these