Escrow Chapter 3 quiz

All of the information necessary to begin an escrow is contained in a printed form, which may be referred to as

A memo sheet

Which of the following is important when taking an escrow

All of the above (accuracy, correct name spelling, verification of figures)

Unilateral escrow instructions

Are two complete sets of escrow instructions

When taking an escrow you have to make the personal decision on your memo sheet as to which items are

Both a and b (conditions of escrow, memoranda)

As an escrow officer, the escrow instructions you receive

Both a and b (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)

Which of the following is a simple printed form that gives escrow permission to pay the broker his or her commission

Commission instructions

Of all the documents prepared in escrow, the instrument that will be recorded and seen most often in the future is the

Deed

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

Exculpatory

It is acceptable to pay the broker commission or any part of it before closing of escrow under which of the following conditions

None of the above (if the escrow officer trusts the parties, if the escrow takes longer than 30 days, if the broker shows justifiable financial hardship)

A strictly confidential method of assurance against mistake title reports is the

Statement of information