Escrow

Principle meridian CORRECT ANSWERS: The north-south lines separating townships 5 ways to acquire property CORRECT ANSWERS: Occupancy Accession Transfer Will Succession Escrow agent CORRECT ANSWERS: any person engaged in the business of receiving escrows for deposit or delivery Metes and bounds CORRECT ANSWERS: A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land. Occupancy ...

Escrow CORRECT ANSWERS: (legal process) by which complex sale, exchange, or loan transaction involving real property is brought to completion. Escrows Required by law CORRECT ANSWERS: Probated Property- in court dispute Impound Accounts- Liquor Licenses- Negotiable Securities- Escrows Recommended CORRECT ANSWERS: Sales of Real Property Loans Exchanges Real Property CORRECT ANSWERS: land and those things affixed to it (Attached by roots, imbedded, permanently resting on it, atta...

An escrow officer is also known as a CORRECT ANSWERS: stakeholder Escrows are highly recommended and nearly always used in the CORRECT ANSWERS: 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 * Personal property is CORRECT ANSWERS: anything that can be owned or possessed that is not real property Which of the following is NOT required for a valid contract? CORRECT ANSWERS: attorney approval ...

An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. CORRECT ANSWERS: A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instructions require recording. CORRECT ANSWERS: B Usury...

Open Escrow CORRECT ANSWERS: To name an escrow holder, otherwise known as an escrow company, or some other eligible person, such as an attorney, to act as an impartial agent between both buyer and seller. Escrow Instructions CORRECT ANSWERS: Are written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directing the escrow agent how to proceed. Fall Out of Escrow CORRECT ANSWERS: Where one of the parties is unable to satisfy the cond...

Transaction coordinator (tc) CORRECT ANSWERS: Is a real estate professional Who assist the agent and broker in the processing of the legal compliant real estate property transaction file generally they are responsible for gathering much of the information managing most of the paperwork meeting deadlines and following up of the contractual items involved in a real estate transaction as part of the pre escrow process. CAL BRE S regulations CORRECT ANSWERS: As per regulations it is a broker's...

Usually the first step in the closing process is: a. completing the settlement sheet. b. collecting a commission. c. checking title. d. none of the above CORRECT ANSWERS: a. completing the settlement sheet. The oldest of "uniform laws" is: a. the negotiable instruments law. b. the commercial law. c. the escrow law. d. the title instruments law. CORRECT ANSWERS: a. the negotiable instruments law. A written promise or order to pay money defines a: a. non-negotiable instrument. ...

The escrow agent represents: A. the buyer only. B. the seller only. C. the real estate broker. D. both the buyer and seller. CORRECT ANSWERS: 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...

Escrows Required by law CORRECT ANSWERS: probated property, liquor licenses, mortgage impound accounts, negotiable securities (like selling 2nd deeds of trust) Escrows Recommended CORRECT ANSWERS: sales of real property, loans, and exchanges The third person: CORRECT ANSWERS: is the escrow officer called the "stakeholder" Stakeholder: CORRECT ANSWERS: is the agent of the respective parties until the escrow closes escrow instructions: CORRECT ANSWERS: advise the escrow officer ...

In California, one would look in which of the following documents to find the Escrow Law: CORRECT ANSWERS: The California Financial Code Escrow instructions can be executed by CORRECT ANSWERS: All of the above When a trust deed is sold, the parties often use an escrow in order to: CORRECT ANSWERS: Make sure that the conditions and terms are met prior to the closing of the transaction; The item that would appear on the debit side of a buyer's closing statement would be: CORRECT ANSW...