Chapter 10 - Escrow, Transaction Coordinators, and Title Insurance Flashcards
the escrow Act is found in the
Financial code
when escrow closes
dual agency changes to separate agency
an escrow holder can be
a corporation, an attorney, or a real estate broker acting as a real estate agent in the transaction
a statement by A lender, under a deed of trust, that provides information such as the unpaid balance, monthly payment, and interest rate is referred to as a
beneficiarys statement
the closing date is the date the documents
are recorded
the process of proportionately dividing expenses or income to the date escrow closes is called
proration
property tax prorations are based on the amount
the seller is paying
the structural pest control certification report
is a written report given by a licensed pest control company, identifies any wood destroying pests, and identifies conditions likely to cause pest infestation
escrow reports real estate transactions to the
IRS
condominium insurance is chosen by
the homeowners association
a written summary of the properties documents that evidence is title is called the
abstract of title
In compiling a chain of title, a title insurance company searches the
Federal lands Office, county clerk’s office, and County Recorder’s Office
ordering a preliminary title report is the
first step in the title search
the standard and most common title insurance policy in California is the
CLTA policy
which of the following title insurance policies requires a survey
ALTA
