Real Estate Escrow - Final Exam
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Review questions with answers |\ |\ |\
A mortgagor is - CORRECT ANSWERS ✔✔The borrower in
|\ |\ |\ |\ |\ |\ |\ |\ |\
a mortgage contract
|\ |\
Which of the following is NOT required for a valid
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
contract? - CORRECT ANSWERS ✔✔Attorney approval|\ |\ |\ |\ |\
It is entirely proper for a broker to be paid by both parties
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
whether it be an exchange or even a simple sale,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
provided: - CORRECT ANSWERS ✔✔both are correct |\ |\ |\ |\ |\ |\
A court ordered decree that names the persons that are
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entitled to the property of the estate listing what portion
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is given to each heir: - CORRECT ANSWERS ✔✔Decree of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Distribution
Escrows are highly recommended and nearly always used
|\ |\ |\ |\ |\ |\ |\
in the: - CORRECT ANSWERS ✔✔Sale or transfer of land
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and business |\
, When finishing the settlement sheet, which of the
|\ |\ |\ |\ |\ |\ |\ |\
following is NOT required in the Regulation Z Notice? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Kickback fees |\ |\ |\
Which of the following is TRUE concerning the note? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Both of these: It is a negotiable |\ |\ |\ |\ |\ |\ |\ |\ |\
instrument, It is extremely valuable to its holder |\ |\ |\ |\ |\ |\ |\
A written agreement by the title insurance company to
|\ |\ |\ |\ |\ |\ |\ |\ |\
issue a policy, but at a later date, is called a(n): -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Interim binder |\ |\ |\
Which type of deed conveys full ownership (freehold
|\ |\ |\ |\ |\ |\ |\ |\
estate)? - CORRECT ANSWERS ✔✔Grant deed |\ |\ |\ |\ |\
If a note is lost, an insurance bond may be issued to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
indemnify against a claim. This bond is called a: - |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Lost instrument bond |\ |\ |\ |\
The federal estate tax lien continues for how many years
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
after the death of the property owner? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Ten years |\ |\
In the event of an absolutely even exchange, which
|\ |\ |\ |\ |\ |\ |\ |\ |\
party's instructions should come first? - CORRECT
|\ |\ |\ |\ |\ |\ |\
|\ |\ |\ |\ |\ |\
Review questions with answers |\ |\ |\
A mortgagor is - CORRECT ANSWERS ✔✔The borrower in
|\ |\ |\ |\ |\ |\ |\ |\ |\
a mortgage contract
|\ |\
Which of the following is NOT required for a valid
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
contract? - CORRECT ANSWERS ✔✔Attorney approval|\ |\ |\ |\ |\
It is entirely proper for a broker to be paid by both parties
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
whether it be an exchange or even a simple sale,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
provided: - CORRECT ANSWERS ✔✔both are correct |\ |\ |\ |\ |\ |\
A court ordered decree that names the persons that are
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entitled to the property of the estate listing what portion
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is given to each heir: - CORRECT ANSWERS ✔✔Decree of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Distribution
Escrows are highly recommended and nearly always used
|\ |\ |\ |\ |\ |\ |\
in the: - CORRECT ANSWERS ✔✔Sale or transfer of land
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and business |\
, When finishing the settlement sheet, which of the
|\ |\ |\ |\ |\ |\ |\ |\
following is NOT required in the Regulation Z Notice? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Kickback fees |\ |\ |\
Which of the following is TRUE concerning the note? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Both of these: It is a negotiable |\ |\ |\ |\ |\ |\ |\ |\ |\
instrument, It is extremely valuable to its holder |\ |\ |\ |\ |\ |\ |\
A written agreement by the title insurance company to
|\ |\ |\ |\ |\ |\ |\ |\ |\
issue a policy, but at a later date, is called a(n): -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Interim binder |\ |\ |\
Which type of deed conveys full ownership (freehold
|\ |\ |\ |\ |\ |\ |\ |\
estate)? - CORRECT ANSWERS ✔✔Grant deed |\ |\ |\ |\ |\
If a note is lost, an insurance bond may be issued to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
indemnify against a claim. This bond is called a: - |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Lost instrument bond |\ |\ |\ |\
The federal estate tax lien continues for how many years
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
after the death of the property owner? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Ten years |\ |\
In the event of an absolutely even exchange, which
|\ |\ |\ |\ |\ |\ |\ |\ |\
party's instructions should come first? - CORRECT
|\ |\ |\ |\ |\ |\ |\
