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intro real estate practice chap 1 > chap 13 > Flashcards

chap 13 Flashcards

1
Q

Any transaction wherein one person delivers any written instruments, money, or evidence of title to real property, or other things of value to a third person, to be held by such third person until the happening of a specified event is known as…?
AEscrow
BTrust
CRebate
DClosing

A

Escrow

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2
Q

Evidence of the right to possess property is known as…?
APromissory note
BAcknowledgement
CTitle
DTrust

A

Title

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3
Q

The escrow is typically responsible for which of the following…?
AOrder the title report
BFacilitate the signing of all documents
CDisbursement of all funds
DAll of the above

A

all of the above

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4
Q

What typically serves as the escrow instructions…?
AThe listing contract
BThe purchase contract
CThe independent contractor agreement
DThe LOI

A

The purchase contract

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5
Q

Both parties must sign-off on any amendments to the escrow instructions…?
AT (True)
BF (False)

A

true

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6
Q

In a closing statement, an expense or money received against a credit is referred to as a…?
AAsset
BLiability
CProration
DDebit

A

debit

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7
Q

In a closing statement, money to be received, or credit given for money is referred to as a…?
ACredit
BLiability
CProration
DDebit

A

debit

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8
Q

Which of the following may be prorated between buyers and sellers at closing…?
ATaxes
BInsurance
CRents
DAll of the above

A

all of the above

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9
Q

The division of certain settlement costs between a buyer and seller is known as…?
APartition
BSeparation
CProration
DClosing

A

proration

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10
Q

Which of the following prohibits kickbacks between lenders and real estate professionals…?
AECOA
BRESPA
CADA
DFair Housing Act

A

respa

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11
Q

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept, is known as…?
AClouded title
BAbstract of title
CMarketable title
DChain of title

A

Marketable title

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12
Q

A condensed history, or summary of all transactions affecting a particular tract of land is known as…?
AClouded title
BAbstract of title
CMarketable title
DChain of title

A

abstract of title

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13
Q

Insurance to protect a real property owner or lender up to a specified amount against certain types of loss is known as…?
AHomeowners insurance
BProperty insurance
CHome warranty
DTitle insurance

A

home warranty

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14
Q

Title that is encumbered or burdened with defects is known as…?
AClean title
BClear title
CMarketable title
DClouded title

A

Clouded title

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15
Q

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation is known as a/an…?
ALien
BEasement
CEscheat
DCondemnation

A

lien

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16
Q

The buyer’s closing costs include which of the following…?
ALoan origination fees
BTitle insurance policy
CAppraisal fees
DAll of the above

A

all of the above

17
Q

What is the main closing cost for a seller…?
ABroker commissions
BEscrow services
CNotary fees
DTitle policy

A

broker commissions

18
Q

Escrow fees are typically split between the buyer and seller…?
AT (True)
BF (False)

A

true

19
Q

Which of the following is considered a standard title policy…?
AALTA
BPETE
CPITI
DCLTA

A

clta

20
Q

Which of the following is considered an extended title policy…?
AALTA
BPETE
CPITI
DCLTA

A

alta

21
Q

The neutral third party holding funds or something of value in trust for another or others is referred to as a…?
AEscrow agent
BBroker
CBeneficiary
DTrustee

A

trustee

22
Q

Pre-liens are not covered under a standard title policy…?
AT (True)
BF (False)

A

true

23
Q

Who typically pays for the documentary transfer tax…?
AThe buyer
BThe seller
CBoth the buyer and seller equally
DThe seller’s attorney

A

the seller

24
Q

In Northern California, escrow and title insurance are handled as…?
ABilateral Escrow Instructions
BUnilateral Escrow Instructions
CBroker Escrow Instructions
DAttorney Escrow Instructions

A

Unilateral Escrow Instructions

25
Q

In Southern California, escrow and title insurance are handled as…?
ABilateral Escrow Instructions
BUnilateral Escrow Instructions
CBroker Escrow Instructions
DAttorney Escrow Instructions

A

Bilateral Escrow Instructions

26
Q

A real estate broker is not allowed to act as escrow to a real estate transaction…?
AT (True)
BF (False)

A

false

27
Q

An escrow officer serves as a third neutral party in a transaction…?
AT (True)
BF (False)

A

true

28
Q

Escrow agents act as a…?
ASingle agent
BDual agent
CUniversal agent
DGeneral agent

A

dual agent

29
Q

To divide the taxes equally or proportionately to time of use, usually between seller and buyer is known as…?
AProration of taxes
BConversion of taxes
CClosing of taxes
DFiling of taxes

A

proration of taxes

30
Q

Escrow is a limited agency relationship…?
AT (True)
BF (False)

A

true

intro real estate practice chap 1 (7 decks)

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