Exam (elaborations)
ESCROW FINAL REVIEW –QUESTIONS WITH SOLUTIONS
- Module
- Institution
ESCROW FINAL REVIEW –QUESTIONS WITH SOLUTIONS
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
ESCROW FINAL REVIEW –QUESTIONS WITH SOLUTIONS50 When a buyer assumes an existing loan, he or she signs: Correct Ans
- B. an assumption agreement with the lender.
51 If the buyer fails to perform in meeting the obligations under the loan
the lender will probably file a: Correct Ans - Notice of Default
52 A resident can be protected from judgment that become liens by the
acknowledgment recording Correct Ans - Declaration of homestead
53 Which of the following is a reference point in CA Correct Ans -
All of the above.
54 The right of a landowner to use the water on, under, and adjacent to his
or her land is known as a Correct Ans - Riparian rights
55 The rights to use water is considered of such primary importance that
Correct Ans - D. Both A & B
56 The determining factor in preparing a second deed of trust is the
Correct Ans - B. Time of Recording.
57 On any note Correct Ans - D. All of The Above
58 The effective date for the insurance must be Correct Ans - D.
Both B & C are correct.
59 On the settlement sheet, the cash deposited in escrow is Correct
Ans - A. Credited to the buyer.
60 Most commonly, the motivating reason for real property exchange is
Correct Ans - C. Tax consideration
61 Which of the following types of property are typically exchange
Correct Ans - D. All of the above
62 An even exchange can be effected Correct Ans - B. Both A & B
are correct
, 63 The money or other (not like-kind) property that is given to make up
any difference in value or equity between exchanged properties is called
Correct Ans - B. Boot.
64 The broker will formalize the exchange with a type of deposit receipt
Correct Ans - A. Exchange agreement
65 When an adjustment is listed to take effect called a (N) Correct Ans
- B. Close of escrow:
66 If no defect are found in the tax sale proceeding, most title insurance
companies will insure a property from a tax sale after Correct Ans -
C. One year
67 The main purpose of probate is to Correct Ans - D. All of the
above
68 In the event of an absolutely even exchange which party's instructions
should come first Correct Ans - C. It makes no different which
party's instructions come first.
69 It is entirely proper for a broker to be paid by both parties whether it be
an exchange or even a simple sale, provided Correct Ans - C. Both A
&B
70 A review system that reminds you to check each periodically is called
Correct Ans - A. A tickler file
71 If no defects are found in the tax sale proceedings, must title insurance
companies will insure a property from a tax sale after Correct Ans -
C. One year
72 The main purpose of probate is to Correct Ans - D. All of the
above (Gather the assets of a decedent Pay any debts which may be due on
an estate Appropriately distribute whatever is left after paying debts.)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81033 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
Recently viewed by you
