Escrow/Closing & 1031 Exchange Questions and Answers
2023
The escrow agent represents:
A. the buyer only.
B. the seller only.
C. the real estate broker.
D. both the buyer and seller.
both the buyer and seller.
An escrow agent is an agent designated by the parties to a transaction (buyer and
seller) to represent each of them.
When transactions involving the sale of real estate are placed in escrow, this means
that:
A. a designated agent, agreed to by the parties, holds the necessary documents until
the terms are met.
B. they are completed in secrecy.
C. the broker holds the papers until the registration of title is completed.
D. the broker is no longer involved.
a designated agent, agreed to by the parties, holds the necessary documents until the
terms are met.
An "escrow agent" is an agent designated by the parties to a transaction (buyer and
seller) to represent each of them. He holds all documents and funds involved in the
transaction until the terms are met and then makes disbursements to the proper parties.
The escrow agent is sometimes referred to as a "stakeholder," as he holds property of
others until a certain event has occurred.
The responsibility for selecting a title and escrow company under conventional financing
rests with:
A. the broker.
B. the buyer.
C. the seller.
D. both the buyer and the seller.
both the buyer and the seller.
Because, in a sales transaction, the escrow agent represents the buyer and seller, only
the buyer and seller can appoint the escrow agent to represent them.
If escrow instructions differ from the deposit receipt or preliminary sales contract, and
the escrow instructions have been signed by both the buyer and the seller, which of the
following is correct?
A. The broker must write a new deposit receipt.
2023
The escrow agent represents:
A. the buyer only.
B. the seller only.
C. the real estate broker.
D. both the buyer and seller.
both the buyer and seller.
An escrow agent is an agent designated by the parties to a transaction (buyer and
seller) to represent each of them.
When transactions involving the sale of real estate are placed in escrow, this means
that:
A. a designated agent, agreed to by the parties, holds the necessary documents until
the terms are met.
B. they are completed in secrecy.
C. the broker holds the papers until the registration of title is completed.
D. the broker is no longer involved.
a designated agent, agreed to by the parties, holds the necessary documents until the
terms are met.
An "escrow agent" is an agent designated by the parties to a transaction (buyer and
seller) to represent each of them. He holds all documents and funds involved in the
transaction until the terms are met and then makes disbursements to the proper parties.
The escrow agent is sometimes referred to as a "stakeholder," as he holds property of
others until a certain event has occurred.
The responsibility for selecting a title and escrow company under conventional financing
rests with:
A. the broker.
B. the buyer.
C. the seller.
D. both the buyer and the seller.
both the buyer and the seller.
Because, in a sales transaction, the escrow agent represents the buyer and seller, only
the buyer and seller can appoint the escrow agent to represent them.
If escrow instructions differ from the deposit receipt or preliminary sales contract, and
the escrow instructions have been signed by both the buyer and the seller, which of the
following is correct?
A. The broker must write a new deposit receipt.
