CHAPTER13 QUIZ MODULE 2
Which of the following is considered an extended title policy...?
A/ ALTA
In Southern California, escrow and title insurance are handled as...?
A/ Bilateral Escrow Instructions
What is the main closing cost for a seller...?
A/ Broker commissions
In a closing statement, money to be received, or credit given for money is referred to as a...?
A/ Credit
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
The neutral third party holding funds or something of value in trust for another or others is referred to as a...?
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
To divide the taxes equally or proportionately to time of use, usually between seller and buyer is known as...?
A/ Proration of taxes
An escrow officer serves as a third neutral party in a transaction...?
A/ T (True)
Both parties must sign-off on any amendments to the escrow instructions...?
A/ T (True)
Escrow fees are typically split between the buyer and seller...?
A/ T (True)
Escrow is a limited agency relationship...?
A/ T (True)
Pre-liens are not covered under a standard title policy...?
A/ T (True)
The buyer's closing costs include which of the following...?
ALoan origination fees BTitle insurance policy CAppraisal fees D/ All of the above
The escrow is typically responsible for which of the following...?
AOrder the title report BFacilitate the signing of all documents CDisbursement of all funds D/ All of the above
Which of the following may be prorated between buyers and sellers at closing...?
ATaxes BInsurance CRents D/ All of the above
A condensed history, or summary of all transactions affecting a particular tract of land is known as...?
B/ Abstract of title
Escrow agents act as a...?
B/ Dual agent
A real estate broker is not allowed to act as escrow to a real estate transaction...?
B/ F (False)
Which of the following prohibits kickbacks between lenders and real estate professionals...?
B/ RESPA
What typically serves as the escrow instructions...?
B/ The purchase contract
Who typically pays for the documentary transfer tax...?
B/ The seller
In Northern California, escrow and title insurance are handled as...?
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...?
C./ Marketable title
The division of certain settlement costs between a buyer and seller is known as...?
C/ Proration
Evidence of the right to possess property is known as...?
C/ Title
Which of the following is considered a standard title policy...?
D/ CLTA
Title that is encumbered or burdened with defects is known as...?
D/ Clouded title
In a closing statement, an expense or money received against a credit is referred to as a...?
D/ Debit
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss is known as...?
D/ Title insurance
