ESCROW FINAL REVIEW EXAM QUESTIONS & ANSWERS 2023/2024
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Course
ESCROW
Institution
ESCROW
ESCROW FINAL REVIEW EXAM QUESTIONS & ANSWERS 2023/2024
50 When a buyer assumes an existing loan, he or she signs: - ANSWER-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: - ANSWER-Notice ...
ESCROW FINAL REVIEW EXAM
QUESTIONS & ANSWERS 2023/2024
50 When a buyer assumes an existing loan, he or she signs: - ANSWER-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: -
ANSWER-Notice of Default
52 A resident can be protected from judgment that become liens by the acknowledgment recording -
ANSWER-Declaration of homestead
53 Which of the following is a reference point in CA - ANSWER-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 -
ANSWER-Riparian rights
55 The rights to use water is considered of such primary importance that - ANSWER-D. Both A & B
56 The determining factor in preparing a second deed of trust is the - ANSWER-B. Time of Recording.
57 On any note - ANSWER-D. All of The Above
58 The effective date for the insurance must be - ANSWER-D. Both B & C are correct.
59 On the settlement sheet, the cash deposited in escrow is - ANSWER-A. Credited to the buyer.
60 Most commonly, the motivating reason for real property exchange is - ANSWER-C. Tax consideration
, 61 Which of the following types of property are typically exchange - ANSWER-D. All of the above
62 An even exchange can be effected - ANSWER-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 - ANSWER-B. Boot.
64 The broker will formalize the exchange with a type of deposit receipt - ANSWER-A. Exchange
agreement
65 When an adjustment is listed to take effect called a (N) - ANSWER-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 - ANSWER-C. One year
67 The main purpose of probate is to - ANSWER-D. All of the above
68 In the event of an absolutely even exchange which party's instructions should come first - ANSWER-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 - ANSWER-C. Both A & B
70 A review system that reminds you to check each periodically is called - ANSWER-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 - ANSWER-C. One year
72 The main purpose of probate is to - ANSWER-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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