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 .