Escrow Quiz| 99 QUESTIONS| WITH COMPLETE SOLUTIONS

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 * Personal property is CORRECT ANSWERS: anything that can be owned or possessed that is not real property Which of the following is NOT required for a valid contract? CORRECT ANSWERS: attorney approval A written contract is not necessary for enforcement in a court of law for transfers of personal property where the amount paid is: CORRECT ANSWERS: A. over $500 B. under $500 C. under $5000 D. all of the above * An escrow officer may not CORRECT ANSWERS: give legal advice (practice law) Separate escrow instructions for buyers and sellers are known as CORRECT ANSWERS: unilateral instructions The first step in the basic escrow procedure is CORRECT ANSWERS: to prepare the settlement The most common method of acquiring ownership (title) to real property is by: CORRECT ANSWERS: deed transfer Which type of deed conveys full ownership (freehold estate)? CORRECT ANSWERS: Grant Deed The only manner of vesting that depends exclusively upon marital status is CORRECT ANSWERS: community property A title insurance policy insures against CORRECT ANSWERS: imperfection on title Which of the following is NOT a way to cancel or end an escrow? CORRECT ANSWERS: Divorce When completed, all of the information necessary to being a