Escrow, transaction coordinators, and Title insurance

Question 1

The processing of paperwork and money involved in a sale or other real estate transaction is called:

Answer 1

escrow

Question 2

What is a requirement for a valid escrow?

Answer 2

Signed instructions
Neutral third party
Condition delivery

Question 3

What would be the last function in an escrow sequence of events

Answer 3

Recording and issuing of title policy

Question 4

In California, an Independent escrow company:

Answer 4

Must be corporation and
is governed by the department of Business Oversight

Question 5

The best way that escrow instruction can be changed, once they have been drawn and signed by each party, is by

Answer 5

Mutual consent of the parties

Question 6

Escrow information is usually taken from the:

Answer 6

California Residential Purchase Agreement and Joint Escrow Instructions.

Question 7

When calculating prorations, how many days are in the standard base period?

Answer 7

30 days

Question 8

What title policy would cover most of the exclusions of a standard policy?

Answer 8

ALTA

Question 9

Escrow companies are selected by

Answer 9

The buyer and seller

Question 10

What is an annual recurring charge?

Answer 10

Property tax fees