Ch 13 CA RE Practice Flashcards
1
Q
Escrow is a limited agency relationship…?
AT (True)
BF (False)
A
(True)
2
Q
Which of the following may be prorated between buyers and sellers at closing…? ATaxes BInsurance CRents DAll of the above
A
All of the above
3
Q
The division of certain settlement costs between a buyer and seller is known as…? APartition BSeparation CProration DClosing
A
Proration
4
Q
Which of the following prohibits kickbacks between lenders and real estate professionals…? AECOA BRESPA CADA DFair Housing Act
A
RESPA
5
Q
A condensed history, or summary of all transactions affecting a particular tract of land is known as…? AClouded title BAbstract of title CMarketable title DChain of title
A
Abstract of title
6
Q
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss is known as…? AHomeowners insurance BProperty insurance CHome warranty DTitle insurance
A
Title insurance
7
Q
Escrow fees are typically split between the buyer and seller…?
AT (True)
BF (False)
A
True
8
Q
Which of the following is considered a standard title policy…? AALTA BPETE CPITI DCLTA
A
CLTA
9
Q
Which of the following is considered an extended title policy…? AALTA BPETE CPITI DCLTA
A
ALTA
10
Q
Pre-liens are not covered under a standard title policy…?
AT (True)
BF (False)
A
true
11
Q
Who typically pays for the documentary transfer tax…? AThe buyer BThe seller CBoth the buyer and seller equally DThe seller's attorney
A
seller
12
Q
In Northern California, escrow and title insurance are handled as…? ABilateral Escrow Instructions BUnilateral Escrow Instructions CBroker Escrow Instructions DAttorney Escrow Instructions
A
Unilateral Escrow Instructions
13
Q
In Southern California, escrow and title insurance are handled as…? ABilateral Escrow Instructions BUnilateral Escrow Instructions CBroker Escrow Instructions DAttorney Escrow Instructions
A
Bilateral Escrow Instructions
14
Q
A real estate broker is not allowed to act as escrow to a real estate transaction…?
AT (True)
BF (False)
A
(False)
15
Q
Escrow agents act as a…? ASingle agent BDual agent CUniversal agent DGeneral agent
A
Dual agent
