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10 Cards in this Set
- Front
- Back
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Which of the following would not be a credit on the buyer's closing statement? -prorated taxes -down payment -appraisal fee -new loan |
appraisal fee: hint - a buyer's credits include downpayment, amount of new loan, prorated taxes, prorated rents, and security deposits |
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this person is a neutral third party who carries out the provisions of an agreement between a seller and buyer, or a lender and a borrower if the transaction is a loan closing. -escrow holder -escrow officer -either a or b -neither |
either a or b |
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what are escrow instructions? -instructions that outline all terms required to complete a transaction -instructions only the escrow holder is authorized to perform -unilateral or bilateral -all of the above |
all of the above - they are written authorization to the escrow holder or title company to carry out the directions of the parties involved in the transaction and reflects the agreement between the sellers and buyers |
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What is prepared to verify the legal ownership of the property? -chain of title -cloud of title -preliminary title report -settlement statement |
preliminary title report |
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what is not considered "good funds" bc it takes several days to process? -cashiers check -certified check -wired funds -personal check |
personal check |
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which of the following statements is incorrect regarding closing statements? -the escrow holder is not required to prepare a separate closing statement for the seller and the buyer -one of the escrow officer's main functions is to prepare personalized closing statement for each party to the transaction -the buyers and sellers are both credited and debited for their agreed-upon share of costs -the closing statement is an accounting of funds made to sellers and buyers |
the escrow holder is not required to prepare separate closing statement for the seller and the buyer |
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what is needed for a valid escrow? -a blinding purchase agreement contract made between parties -conditional delivery of transfer documents -conditional delivery of funds -all of the above |
all of the above |
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what is an escrow holder's first responsibility upon receipt of the signed purchase agreement? - to open an escrow file and create escrow instructions - to notify the buyer and seller -to verify the buyer's employment -to monitor the loan interest rates |
to open an escrow file and create escrow instructions |
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when do homeowners usually pay annual property taxes? |
december and april |
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what should be scheduled just before actual closing? |
a final walk-through of the property |
