Escrow chapter 4
C. both a and b.
As an escrow officer, the Escrow Instructions you receive: A. take the form of a formal business letter from the principals to you. B. spell out exactly what you are to do and ONLY what you are to do in order to conclude the escrow transaction. C. both a and b. D. none of the above.
D. None of the above
It is acceptable to pay the broker commission or any part of it before the closing of escrow under which of the following conditions? A. If the escrow officer trusts the parties B. If the broker shows justifiable financial hardship C. If the escrow takes longer than 30 days D. None of the above
A. are two complete sets of escrow instructions.
Unilateral Escrow Instructions: A. are two complete sets of escrow instructions. B. is one set of instructions for all parties. C. are used legally acceptable in every English-speaking country in the world. D. none of the above.
C. both a and b.
When taking an escrow you have to make the personal decision on your memo sheet as to which items are: A. conditions of escrow. B. memoranda. C. both a and b. D. neither a nor b.
statement of information.
A strictly confidential method of assurance against mistaken title reports is the: A. statement of information. B. grant deed. C. sales escrow memo sheet. D. none of the above.
D. all of the above.
All of the information necessary to begin an escrow is contained in a printed form, which may be referred to as: A. a memo sheet. B. an escrow work sheet. C. an escrow order sheet. D. all of the above.
Commission Instructions
Which of the following is a simple printed form that gives escrow permission to pay the broker his or her commission? A. Statement of Information B. Commission Instructions C. Wrap-Up Instructions D. None of the above
D. All of the above
Which of the following is important when taking an escrow? A. Accuracy B. Correct name spelling C. Verification of figures D. All of the above
A. exculpatory.
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: A. exculpatory. B. extraneous. C. extraordinary. D. exceptional.
B. deed.
Of all the documents prepared in escrow, the instrument that will be recorded and seen most often in the future is the
