Real Estate Final Escrow questions
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with answers |\
1 month/1 year - CORRECT ANSWERS ✔✔30 days=1
|\ |\ |\ |\ |\ |\ |\ |\
month / for escrow and proration purposes 1 year = 12
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
months, 52 weeks. |\ |\
100-year flood zone - CORRECT ANSWERS ✔✔The area
|\ |\ |\ |\ |\ |\ |\ |\
has a 1 percent or greater chance of a major flood
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
occurring in any given year. |\ |\ |\ |\
17-day period after acceptance - CORRECT ANSWERS
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✔✔The number of days that buyers have within which to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
do their due diligence, order inspections, conduct
|\ |\ |\ |\ |\ |\ |\
investigations, and review any disclosures delivered by |\ |\ |\ |\ |\ |\ |\
the seller about the condition of the property.
|\ |\ |\ |\ |\ |\ |\
acceptance - CORRECT ANSWERS ✔✔Unqualified |\ |\ |\ |\ |\
agreement to the terms of an offer. |\ |\ |\ |\ |\ |\
acknowledgment - CORRECT ANSWERS ✔✔A signed |\ |\ |\ |\ |\ |\
statement, made before a notary public, by a named |\ |\ |\ |\ |\ |\ |\ |\ |\
person confirming the signature on a document and that
|\ |\ |\ |\ |\ |\ |\ |\ |\
it was made of free will.
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,actual cash value - CORRECT ANSWERS ✔✔Insurance
|\ |\ |\ |\ |\ |\ |\
policy that covers a structure at the depreciated value of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the loss. |\
actual notice - CORRECT ANSWERS ✔✔Express
|\ |\ |\ |\ |\ |\
information of a fact such as seeing the grant deed, or |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
knowing a person inherited a property |\ |\ |\ |\ |\
affirmation - CORRECT ANSWERS ✔✔A solemn declaration |\ |\ |\ |\ |\ |\
of the truth of a statement.
|\ |\ |\ |\ |\ |\
affirmative duty - CORRECT ANSWERS ✔✔A duty to take a|\ |\ |\ |\ |\ |\ |\ |\ |\
positive step to do something. This means that buyers
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
have a duty to inspect real property before they purchase
|\ |\ |\ |\ |\ |\ |\ |\ |\
it
|\
agreement - CORRECT ANSWERS ✔✔A mutual exchange |\ |\ |\ |\ |\ |\ |\
of promises (either written or oral).
|\ |\ |\ |\ |\
alienation clause - CORRECT ANSWERS ✔✔A clause in a
|\ |\ |\ |\ |\ |\ |\ |\ |\
loan document allowing lender to call the balance of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
loan due upon the sale of the property. Also called the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
due-on-sale clause |\
, allocation - CORRECT ANSWERS ✔✔The process of
|\ |\ |\ |\ |\ |\ |\
assigning closing costs between the seller and the buyer.
|\ |\ |\ |\ |\ |\ |\ |\
ALTA Extended Coverage Policy - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔The most common title insurance policy issued to
|\ |\ |\ |\ |\ |\ |\ |\
lenders.
appraisal - CORRECT ANSWERS ✔✔An act or process of
|\ |\ |\ |\ |\ |\ |\ |\ |\
developing an opinion of value. |\ |\ |\ |\
appraisal contingency clause - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔Clause in the Purchase Agreement that states that the
|\ |\ |\ |\ |\ |\ |\ |\ |\
home must appraise at the contract price (or higher).
|\ |\ |\ |\ |\ |\ |\ |\
appraisal management company - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔An entity through which mortgage lenders order
|\ |\ |\ |\ |\ |\ |\
residential real estate appraisals for properties on which
|\ |\ |\ |\ |\ |\ |\ |\
they are considering extending loans to homebuyers.
|\ |\ |\ |\ |\ |\
appraisal report - CORRECT ANSWERS ✔✔The conclusion
|\ |\ |\ |\ |\ |\ |\
of the appraiser's research and analysis of all relevant
|\ |\ |\ |\ |\ |\ |\ |\ |\
data regarding the property
|\ |\ |\
arm's length transaction - CORRECT ANSWERS ✔✔A
|\ |\ |\ |\ |\ |\ |\
transaction in which neither the buyer nor the seller is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
|\ |\ |\ |\ |\
with answers |\
1 month/1 year - CORRECT ANSWERS ✔✔30 days=1
|\ |\ |\ |\ |\ |\ |\ |\
month / for escrow and proration purposes 1 year = 12
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
months, 52 weeks. |\ |\
100-year flood zone - CORRECT ANSWERS ✔✔The area
|\ |\ |\ |\ |\ |\ |\ |\
has a 1 percent or greater chance of a major flood
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
occurring in any given year. |\ |\ |\ |\
17-day period after acceptance - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔The number of days that buyers have within which to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
do their due diligence, order inspections, conduct
|\ |\ |\ |\ |\ |\ |\
investigations, and review any disclosures delivered by |\ |\ |\ |\ |\ |\ |\
the seller about the condition of the property.
|\ |\ |\ |\ |\ |\ |\
acceptance - CORRECT ANSWERS ✔✔Unqualified |\ |\ |\ |\ |\
agreement to the terms of an offer. |\ |\ |\ |\ |\ |\
acknowledgment - CORRECT ANSWERS ✔✔A signed |\ |\ |\ |\ |\ |\
statement, made before a notary public, by a named |\ |\ |\ |\ |\ |\ |\ |\ |\
person confirming the signature on a document and that
|\ |\ |\ |\ |\ |\ |\ |\ |\
it was made of free will.
|\ |\ |\ |\ |\
,actual cash value - CORRECT ANSWERS ✔✔Insurance
|\ |\ |\ |\ |\ |\ |\
policy that covers a structure at the depreciated value of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the loss. |\
actual notice - CORRECT ANSWERS ✔✔Express
|\ |\ |\ |\ |\ |\
information of a fact such as seeing the grant deed, or |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
knowing a person inherited a property |\ |\ |\ |\ |\
affirmation - CORRECT ANSWERS ✔✔A solemn declaration |\ |\ |\ |\ |\ |\
of the truth of a statement.
|\ |\ |\ |\ |\ |\
affirmative duty - CORRECT ANSWERS ✔✔A duty to take a|\ |\ |\ |\ |\ |\ |\ |\ |\
positive step to do something. This means that buyers
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
have a duty to inspect real property before they purchase
|\ |\ |\ |\ |\ |\ |\ |\ |\
it
|\
agreement - CORRECT ANSWERS ✔✔A mutual exchange |\ |\ |\ |\ |\ |\ |\
of promises (either written or oral).
|\ |\ |\ |\ |\
alienation clause - CORRECT ANSWERS ✔✔A clause in a
|\ |\ |\ |\ |\ |\ |\ |\ |\
loan document allowing lender to call the balance of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
loan due upon the sale of the property. Also called the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
due-on-sale clause |\
, allocation - CORRECT ANSWERS ✔✔The process of
|\ |\ |\ |\ |\ |\ |\
assigning closing costs between the seller and the buyer.
|\ |\ |\ |\ |\ |\ |\ |\
ALTA Extended Coverage Policy - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔The most common title insurance policy issued to
|\ |\ |\ |\ |\ |\ |\ |\
lenders.
appraisal - CORRECT ANSWERS ✔✔An act or process of
|\ |\ |\ |\ |\ |\ |\ |\ |\
developing an opinion of value. |\ |\ |\ |\
appraisal contingency clause - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔Clause in the Purchase Agreement that states that the
|\ |\ |\ |\ |\ |\ |\ |\ |\
home must appraise at the contract price (or higher).
|\ |\ |\ |\ |\ |\ |\ |\
appraisal management company - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔An entity through which mortgage lenders order
|\ |\ |\ |\ |\ |\ |\
residential real estate appraisals for properties on which
|\ |\ |\ |\ |\ |\ |\ |\
they are considering extending loans to homebuyers.
|\ |\ |\ |\ |\ |\
appraisal report - CORRECT ANSWERS ✔✔The conclusion
|\ |\ |\ |\ |\ |\ |\
of the appraiser's research and analysis of all relevant
|\ |\ |\ |\ |\ |\ |\ |\ |\
data regarding the property
|\ |\ |\
arm's length transaction - CORRECT ANSWERS ✔✔A
|\ |\ |\ |\ |\ |\ |\
transaction in which neither the buyer nor the seller is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
