CH 8

Question 1

ABC

Answer 1

Upon the repeal of prohibition in 1933 and the return of the legal sale of alcoholic beverages to California, taxation and regulation of the manufacture, distribution, and sale of alcoholic beverages were given to the State Board of Equalization. In 1955, an amendment to the State Constitution became effective removing the duty of regulating the manufacture and sale of alcoholic beverages from the State Board of Equalization and placing it in the new Department of Alcoholic Beverage Control. The Department’s workload is divided into three elements: administration,licensing, and compliance.

Question 2

Joint Escrow Instructions

Answer 2

k

Question 3

Probate

Answer 3

Probate is a legal process that takes place after someone dies. It includes: proving in court that a deceased person’s will is valid (usually a routine matter) identifying and inventorying the deceased person’s property.

Question 4

Prorations

Answer 4

The purpose of a proration in a sale escrow is to fairly divide property expenses such as taxes and association dues between the Seller and Buyer so that each party is paying only for those days which he actually owns the property.

Question 5

Statement of Identity

Answer 5

k

Question 6

FSBO

Answer 6

For Sale By Owner, or FSBO, is the process of selling real estate without representation by a real estate agent. There are many factors to weigh when considering selling FSBO v. hiring an agent.

Question 7

What types of questions may the escrow officer answer?

Answer 7

Only procedural ones - Fees, costs, and accounting.