Escrow TESTS COMPILATION BUNDLE

In California, one would look in which of the following documents to find the Escrow Law: CORRECT ANSWERS: The California Financial Code Escrow instructions can be executed by CORRECT ANSWERS: All of the above When a trust deed is sold, the parties often use an escrow in order to: CORRECT A...

Escrows Required by law CORRECT ANSWERS: probated property, liquor licenses, mortgage impound accounts, negotiable securities (like selling 2nd deeds of trust) Escrows Recommended CORRECT ANSWERS: sales of real property, loans, and exchanges The third person: CORRECT ANSWERS: is the escrow ...

The escrow agent represents: A. the buyer only. B. the seller only. C. the real estate broker. D. both the buyer and seller. CORRECT ANSWERS: both the buyer and seller. An escrow agent is an agent designated by the parties to a transaction (buyer and seller) to represent each of them. ...

An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. CORRECT ANSWERS: A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow f...

When the executed escrow instructions differ from the purchase agreement, which of the following is correct? CORRECT ANSWERS: The escrow instructions take precedence. The escrow instructions take precedence over all other documents. Escrow agents must: CORRECT ANSWERS: - remain neutral by acti...

An escrow officer is also known as a CORRECT ANSWERS: stakeholder Escrows are highly recommended and nearly always used in the CORRECT ANSWERS: A. Sale of personal property B. Rental of real and personal property C. Sale or transfer of land and businesses D. NONE OF THE ABOVE * Persona...

Escrow CORRECT ANSWERS: (legal process) by which complex sale, exchange, or loan transaction involving real property is brought to completion. Escrows Required by law CORRECT ANSWERS: Probated Property- in court dispute Impound Accounts- Liquor Licenses- Negotiable Securities- Escrows Rec...

Transaction coordinator (tc) CORRECT ANSWERS: Is a real estate professional Who assist the agent and broker in the processing of the legal compliant real estate property transaction file generally they are responsible for gathering much of the information managing most of the paperwork meeting dead...

1 month/1 year CORRECT ANSWERS: 30 days=1 month / for escrow and proration purposes 1 year = 12 months, 52 weeks. 100-year flood zone CORRECT ANSWERS: The area has a 1 percent or greater chance of a major flood occurring in any given year. 17-day period after acceptance CORRECT ANSWERS: The...

The best way to discover defects on a title is by: CORRECT ANSWERS: a search of title A title search will reveal the chain of title and any defects that may exist against the title. The CLTA standard form title insurance policy insures against CORRECT ANSWERS: forgery of a deed. It insures ma...

Principle meridian CORRECT ANSWERS: The north-south lines separating townships 5 ways to acquire property CORRECT ANSWERS: Occupancy Accession Transfer Will Succession Escrow agent CORRECT ANSWERS: any person engaged in the business of receiving escrows for deposit or delivery Metes...