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27 Cards in this Set
- Front
- Back
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A person who dies without a will in place is said to have died
A. Quitclaim B. Intestate C. Probate D. Succession |
B. Intestate
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All of the following are correct statements regarding a valid escrow except
A. Escrow is mandatory in California B. Escrow agents primarily serve as a communication vessel between parties C. Escrow agents act as a neutral party D. Escrow instructions are outlined in the purchase contract |
A. Escrow is mandatory in California
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Which of the following statements is correct?
A. An escrow agent may not make any changes to the escrow instructions B. Escrow opens upon the signing of the purchase contract or escrow instruc tions and delivery of the purchase contract to the escrow agent C. Escrow agents may council or mediate any disputes between principals D. Escrow agents may not give legal advice to the principals |
C. Escrow agents may council or mediate any disputes between
principals |
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In what ways may an escrow be terminated?
A. By full performance B. By a written agreement between both principals C. By request of the escrow agent D. Both A and B |
D. Both A and B
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When may a real estate agent receive his or her commission?
A. Upon finding a ready, willing and able buyer B. When the purchase agreement is signed C. At the close of escrow D. At the open of escrow |
C. At the close of escrow
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Who is entitled to receive a copy of the escrow instructions?
A. Any interested party, as escrow information is considered public domain B. The buyer only C. The seller only D. Only the principals who sign the document |
D. Only the principals who sign the document
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Who determines which escrow company to use in a transaction?
A. The seller’s broker B. The buyer’s broker C. The seller D. Both the buyer and seller |
D. Both the buyer and seller
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1. A person who dies without a will is said to have died
A. Quitclaim B. Intestate C. Probate D. Succession |
B. Intestate
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2. Which of the following is not a way to acquire property through occupancy?
A. Adverse possession B. Abandonment C. Accession D. Prescriptio |
C. Accession
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3. Which of the following in necessary to make a valid grant deed?
A. Property description B. Legal description of the property C. Recordation D. Signature of the grantee |
A. Property description
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4. All of the following are correct regarding a valid escrow except
A. Escrow is mandatory in California B. Escrow agents are primarily a communication vessel between all parties C. The buyer and seller may select the escrow officer to be used. D. Escrow instructions are outlined in the purchase contract |
A. Escrow is mandatory in California
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5. An example of a binding contract capable of opening escrow is
A. Purchase contract B. Option C. Exchange agreement D. All of the above |
D. All of the above
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Which of the following statements is NOTcorrect?
A. An escrow agent may not make changes to the escrow instructions B. Escrow is opened when the purchase contract or escrow instructions are signed and delivered to the escrow agent C. Escrow agents may council or mediate any disputes between principals D. Escrow agents may not give legal advice to the principal |
C. Escrow agents may council or mediate any disputes between principals
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When may an escrow agent disburse funds?
A. As soon as thee agent receives the check B. Only after all checks clear C. This is not a function of the escrow agent D. None of the above |
B. Only after all checks clear
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In what ways may an escrow be terminated?
A. Full performance B. A written agreement between both principals C. By request from the escrow agent D. Both A and B |
D. Both A and B
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When may a real estate agent receive his or her commission?
A. Upon finding a ready, willing and able buyer B. When the purchase agreement is signed C. At the close of escrow D. At the open of escrow |
C. At the close of escrow
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Who is entitled to receive copies of the signed escrow documents?
A. Any interested party; as this information is considered public domain B. The buyer only C. The seller only D. Only the principles signing the document |
D. Only the principles signing the document
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Who determines what escrow company to use?
A. The seller’s broker B. The buyer’s broker C. The seller D. Both the buyer and seller |
D. Both the buyer and seller
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Which of the following are considered parties in an escrow?
A. Buyer B. Escrow Agent C. Real Estate Agent D. Both A and B |
D. Both A and B
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Which of the following is exempt from the Real Estate Settlement Procedures Act?
A. Federal backed loans B. Private loans C. Secondary mortgage market D. VA loans. |
B. Private loans
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What items might be prorated in escrow?
A. Property taxes B. Fire insurance premiums C. Rental income D. All of the above |
D. All of the above
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Which of the following is not considered one of the responsibilities of the buyer?
A. Signing escrow instructions B. Making repairs based on inspections made to the property C. Acquiring hazard insurance D. Reviewing and signing all loan documents |
B. Making repairs based on inspections made to the property
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A seller would most likely pay for which of the following?
A. Credit reports, loan origination fees and lenders title insurance B. Credit reports, brokers commissions and appraisal fees C. Brokers commissions, beneficiary statement, and fees in a VA transaction D. Fees in a VA transaction, beneficiary and hazard insurance |
C. Brokers commissions, beneficiary statement, and fees in a VA transaction
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Which of the following items will NOT be contained in the escrow instructions?
A. Credit report B. Purchase price C. Vesting D. Prorations |
A. Credit report
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Who holds the reports from the home inspections?
A. Real estate broker B. Seller C. Escrow agent D. Inspection agency preparing the report |
C. Escrow agent
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When does the buyer receive the grant deed to the property?
A. At closing B. When the loan is signed C. When the purchase agreement is signed D. 30-days after closing |
A. At closing
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How many title reports are prepared during escrow?
A. 1 B. 2 C. 3 D. 4 |
B. 2
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