Exam (elaborations)
ESCROW FINAL REVIEW –QUESTIONS WITH SOLUTIONS
ESCROW FINAL REVIEW –QUESTIONS WITH SOLUTIONS
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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.)
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