Escrow Final Test
1.an administrator is appointed by the court if the property owner: dies without a will
2.Any discrepancy of facts presented by the beneficiary are usually cleared up by obtaining a signature
of approval from: A. The buyer
B. The Seller
C. both a and b *
D. none of the above
3.as a general rule, its best to make your instructions: brief and to the point
4.Before being accepted by the office of the recorder, all deeds, deeds of trust, or any other
documents to be recorded must be acknowledged by: a notary public
5.the body of lay adopted throughout the US that standardizes: Uniform Commercial code
6.the broker will formalize the exchange with a type of deposit receipt called a: exchange agreement
7.By recording the request for notice as an accommodation, the title company will: have no liability for its
validity or suffi ciency
8.CC&R's refer to: covenants, conditions, and restrictions
9.completing the settlement sheet is usually the: last step in the closing process
10.The cost of a binder policy is: 10% of the basic title insurance rate
11.a counterclaim against the beneficiary based on a dispute about the amount or terms of the
obligation is called: owners offset statement
12.the determining factor in preparing a second deed of trust is the: time of recording
13.The document that authorizes an attorney in fact to act as agent for the principal is called: a power of
attorney
14.during probate, public notice is published in a newspaper of general circulation: A. to notify
creditors that the decedents estate is being distributed
B. to notify anyone owing the decedent money that all debts are
forgiven C. to ratify the original publishing an obiturary
, D. none of the above *
15.The effective date for the insurance must be: A. After the date the new loan will
fund B. On the date the new loan will fund
C. Before the date the new loan will fund
D. both b and c are correct *
16.Encumbrances include:: A. liens
B. CC&R's
C. Easements
D. All of the above *
17.An escrow officer is also known as a: stakeholder
18.An escrow officer may not: give legal advice (practice law)
19.Escrows are highly recommended and nearly always used in the: A. Sale of personal
property B. Rental of real and personal property
C. Sale or transfer of land and businesses
D. NONE OF THE ABOVE *
20.The escrow settlement sheet or estimated changes sheet is the: accounting report for escrow
21.An even exchange can be affected: if the actual market values are the same
22.the federal estate tax becomes a lien on real property: once the lien has been recorded
23.The federal estate tax lien continues for hoe many years after the death fo the property owner?:
ten years
24.The first step in the basic escrow procedure is: to prepare the settlement
25.For all monies received by escrow, such as deposits, you must:: make receipts
26.Frequently used in the escrow and title insurance industry, the term "T.O." refers to a: Title Offi cer
27.If a note is lost, an insurance bond may be used to indemnify against a claim. This bond is called a:
compliance bond
28.if no defects are found in the tax sale proceedings, most title insurance companies will insure a
property from a tax sale after: A. One week
B. One month
C. One year
1.an administrator is appointed by the court if the property owner: dies without a will
2.Any discrepancy of facts presented by the beneficiary are usually cleared up by obtaining a signature
of approval from: A. The buyer
B. The Seller
C. both a and b *
D. none of the above
3.as a general rule, its best to make your instructions: brief and to the point
4.Before being accepted by the office of the recorder, all deeds, deeds of trust, or any other
documents to be recorded must be acknowledged by: a notary public
5.the body of lay adopted throughout the US that standardizes: Uniform Commercial code
6.the broker will formalize the exchange with a type of deposit receipt called a: exchange agreement
7.By recording the request for notice as an accommodation, the title company will: have no liability for its
validity or suffi ciency
8.CC&R's refer to: covenants, conditions, and restrictions
9.completing the settlement sheet is usually the: last step in the closing process
10.The cost of a binder policy is: 10% of the basic title insurance rate
11.a counterclaim against the beneficiary based on a dispute about the amount or terms of the
obligation is called: owners offset statement
12.the determining factor in preparing a second deed of trust is the: time of recording
13.The document that authorizes an attorney in fact to act as agent for the principal is called: a power of
attorney
14.during probate, public notice is published in a newspaper of general circulation: A. to notify
creditors that the decedents estate is being distributed
B. to notify anyone owing the decedent money that all debts are
forgiven C. to ratify the original publishing an obiturary
, D. none of the above *
15.The effective date for the insurance must be: A. After the date the new loan will
fund B. On the date the new loan will fund
C. Before the date the new loan will fund
D. both b and c are correct *
16.Encumbrances include:: A. liens
B. CC&R's
C. Easements
D. All of the above *
17.An escrow officer is also known as a: stakeholder
18.An escrow officer may not: give legal advice (practice law)
19.Escrows are highly recommended and nearly always used in the: A. Sale of personal
property B. Rental of real and personal property
C. Sale or transfer of land and businesses
D. NONE OF THE ABOVE *
20.The escrow settlement sheet or estimated changes sheet is the: accounting report for escrow
21.An even exchange can be affected: if the actual market values are the same
22.the federal estate tax becomes a lien on real property: once the lien has been recorded
23.The federal estate tax lien continues for hoe many years after the death fo the property owner?:
ten years
24.The first step in the basic escrow procedure is: to prepare the settlement
25.For all monies received by escrow, such as deposits, you must:: make receipts
26.Frequently used in the escrow and title insurance industry, the term "T.O." refers to a: Title Offi cer
27.If a note is lost, an insurance bond may be used to indemnify against a claim. This bond is called a:
compliance bond
28.if no defects are found in the tax sale proceedings, most title insurance companies will insure a
property from a tax sale after: A. One week
B. One month
C. One year
