chap 13 Flashcards
Any transaction wherein one person delivers any written instruments, money, or evidence of title to real property, or other things of value to a third person, to be held by such third person until the happening of a specified event is known as…?
AEscrow
BTrust
CRebate
DClosing
Escrow
Evidence of the right to possess property is known as…?
APromissory note
BAcknowledgement
CTitle
DTrust
Title
The escrow is typically responsible for which of the following…?
AOrder the title report
BFacilitate the signing of all documents
CDisbursement of all funds
DAll of the above
all of the above
What typically serves as the escrow instructions…?
AThe listing contract
BThe purchase contract
CThe independent contractor agreement
DThe LOI
The purchase contract
Both parties must sign-off on any amendments to the escrow instructions…?
AT (True)
BF (False)
true
In a closing statement, an expense or money received against a credit is referred to as a…?
AAsset
BLiability
CProration
DDebit
debit
In a closing statement, money to be received, or credit given for money is referred to as a…?
ACredit
BLiability
CProration
DDebit
debit
Which of the following may be prorated between buyers and sellers at closing…?
ATaxes
BInsurance
CRents
DAll of the above
all of the above
The division of certain settlement costs between a buyer and seller is known as…?
APartition
BSeparation
CProration
DClosing
proration
Which of the following prohibits kickbacks between lenders and real estate professionals…?
AECOA
BRESPA
CADA
DFair Housing Act
respa
Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept, is known as…?
AClouded title
BAbstract of title
CMarketable title
DChain of title
Marketable title
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
abstract of title
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
home warranty
Title that is encumbered or burdened with defects is known as…?
AClean title
BClear title
CMarketable title
DClouded title
Clouded title
A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation is known as a/an…?
ALien
BEasement
CEscheat
DCondemnation
lien
The buyer’s closing costs include which of the following…?
ALoan origination fees
BTitle insurance policy
CAppraisal fees
DAll of the above
all of the above
What is the main closing cost for a seller…?
ABroker commissions
BEscrow services
CNotary fees
DTitle policy
broker commissions
Escrow fees are typically split between the buyer and seller…?
AT (True)
BF (False)
true
Which of the following is considered a standard title policy…?
AALTA
BPETE
CPITI
DCLTA
clta
Which of the following is considered an extended title policy…?
AALTA
BPETE
CPITI
DCLTA
alta
The neutral third party holding funds or something of value in trust for another or others is referred to as a…?
AEscrow agent
BBroker
CBeneficiary
DTrustee
trustee
Pre-liens are not covered under a standard title policy…?
AT (True)
BF (False)
true
Who typically pays for the documentary transfer tax…?
AThe buyer
BThe seller
CBoth the buyer and seller equally
DThe seller’s attorney
the seller
In Northern California, escrow and title insurance are handled as…?
ABilateral Escrow Instructions
BUnilateral Escrow Instructions
CBroker Escrow Instructions
DAttorney Escrow Instructions
Unilateral Escrow Instructions
In Southern California, escrow and title insurance are handled as…?
ABilateral Escrow Instructions
BUnilateral Escrow Instructions
CBroker Escrow Instructions
DAttorney Escrow Instructions
Bilateral Escrow Instructions
A real estate broker is not allowed to act as escrow to a real estate transaction…?
AT (True)
BF (False)
false
An escrow officer serves as a third neutral party in a transaction…?
AT (True)
BF (False)
true
Escrow agents act as a…?
ASingle agent
BDual agent
CUniversal agent
DGeneral agent
dual agent
To divide the taxes equally or proportionately to time of use, usually between seller and buyer is known as…?
AProration of taxes
BConversion of taxes
CClosing of taxes
DFiling of taxes
proration of taxes
Escrow is a limited agency relationship…?
AT (True)
BF (False)
true
