Fall 2016 Real Estate Practice Q4

Front 1

The only party who can require a specific title insurance company is the:

Back 1

buyer.

Front 2

In Northern California the buyer usually pays for escrow fees. Who usually pays for them in Southern California?

Back 2

Both buyer and seller

Front 3

Proration of expenses and income is based on a month with:

Back 3

30 days.

Front 4

RESPA requires that the buyer be notified of closing costs:

Back 4

one business day before closing (upon buyer's request).

Front 5

The standard fire insurance policy insures against which perils?

Back 5

Fire and lightning

Front 6

A title company could make a title search by searching the records of the:

Back 6

a. county clerk's office. b. county recorder's office.c. federal lands office. : all of the above.

Front 7

Which of the following would NOT be applicable to RESPA requirements?

Back 7

Purchase of a shopping center

Front 8

Which of the following is NOT a requirement of a valid escrow?

Back 8

Confirmation of citizenship

Front 9

From what document are escrow instructions usually drawn?

Back 9

The purchase agreement

Front 10

Which of the following is NOT normally prorated?

Back 10

Broker's commission

Front 11

A recorded history of a specific property is called a:

Back 11

chain of title.

Front 12

If the time of closing is not specified, escrow will close:

Back 12

by mutual consent.

Front 13

In an escrow, the process of signing, transfer of documents and distribution of funds is referred to as:

Back 13

the closing.

Front 14

Which party is usually responsible for sending notification of the sale of a single-family residence to the Internal Revenue Service (IRS)?

Back 14

Escrow officer

Front 15

According to generally accepted practices, an escrow agent is authorized to:

Back 15

call for buyer's documents and funds.

Front 16

Any escrow amendment must be signed by the:

Back 16

both parties (seller and buyer).

Front 17

Most lenders require buyers (owners) to obtain an extended title insurance policy, known as a(n):

Back 17

ALTA policy.

Front 18

With regards to the closing escrow statement, the seller's and buyer's respective totals:

Back 18

can be different.

Front 19

Items that are NOT included in the standard title insurance policy (CLTA) include:

Back 19

a. undisclosed grants or liens. b. mining claims. c. nonpublic record liens: all of the above.

Front 20

Proration of prepaid taxes is:

Back 20

a credit to the seller.