Exam (elaborations)
Escrow And Earnest Money – Questions & Answers
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Escrow And Earnest Money – Questions & Answers
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Escrow And Earnest Money – Questions & AnswersCommingling Correct Ans - mixing trust funds with your own.
Conversion Correct Ans - it means spending trust funds belonging
to someone else
The terms of the ______ determine who receives the earnest money.
Escrow agent
Contract
Appraisal
Inspection Correct Ans - Contract
The terms of the contract determine who receives the earnest money.
The mishandling of escrow funds can result in ______.
The seller receiving no compensation if the buyer defaults
Disciplinary action and fines for the real estate licensee
The buyer having to re-submit the earnest money deposit
Termination of the sales contract Correct Ans - Disciplinary action
and fines for the real estate licensee
Who's responsible for disbursing escrow funds at the end of a transaction?
Mortgage agent
Seller agent
Buyer agent
Escrow agent Correct Ans - Escrow agent
Susie's a little nervous about the $20,000 earnest money check she just
deposited with the title company. When should she expect to see this
money applied toward her down payment?
When conditions are met at closing
Within 10 days of the home inspection
Within six months of closing
When her mortgage is approved Correct Ans - When conditions are
met at closing
Which component of a purchase offer could be referred to as a "down
payment on the down payment"?
Proceeds money
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