CANVAS QUIZ: Chapter 10 Flashcards
The Escrow Act is found in the:
a. financial code.
An escrow holder can be:
- a corporation.
- an attorney.
- a real estate broker acting as a real estate agent in the transaction.
A statement by a lender, under a Deed of Trust, that provides information, such as the unpaid balance, monthly payment, and interest rate is referred to as:
c. a beneficiary’s statement.
The closing date is the date the documents:
c. are recorded.
The process of proportionately dividing expenses or income to the date escrow closes is called:
b. proration.
Property tax prorations are based on the amount:
a. the seller is paying.
The structural Pest Control Certification Report:
- is a written report given by a licensed pest control company.
- identifies any wood-destroying pests.
- identifies conditions likely to cause pest infestation.
Escrow reports real estate transactions to:
c. the IRS
Condominium insurance is chosen by:
b. the homeowner’s association.
Which of the following prepares a checklist of all the files and documents that an agent/broker need to facilitate a smooth transition into escrow?
b. transaction coordinator
A written summary of the property’s documents that evidences title is called the:
a. abstract of title.
In compiling a “chain of title,” a title insurance company searches the:
- federal lands office.
- county clerk’s office.
- county recorder’s office.
Ordering a “Preliminary Title Report” is the:
a. first step in the title search.
The “standard” and most common title insurance policy in California is the:
a. CLTA policy
Which of the following title insurance policies requires a survey?
b. ALTA
No title insurance protects against:
c. zoning changes.
The “R” in the ALTA-R policy R indicates the policy is:
b. residential.
The “Real Estate Settlement Procedures Act” (RESPA) requires that the “Settlement Statement” must be delivered:
d. on or before the date of settlement, at no charge.
RESPA disclosure requirements are for:
b. federally related lenders.
The “Real Estate Settlement Procedures Act”:
- covers first loans on 1-4 unit residential dwellings.
- allows sellers to request, but not require, a specific title insurer.
- is abbreviated as RESPA.
