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10 Cards in this Set
- Front
- Back
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A broker can act as an escrow when the broker |
A. Represent the buyer in the transaction B. Represent the seller in the transaction C. Is the principal in the transaction D. The answer is any of these |
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An escrow company is prohibited from |
Paying referral fees to anyone other than an employee of the escrow company |
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To determine the balance due on the loan escrow requests |
A beneficiary statement |
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Which is a debit to the seller on a sellers closing statement |
First trust deed to be assumed by buyer |
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Which is a credit to the buyer on the buyers closing statement |
First trust deed assumed |
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An escrow company has a duty to Need to check this |
A. One part is if the escrow knows a possible fraud B. Suggest changes when one party is not being adequately protected D. The answer is neither of these |
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A standard policy of title insurance is used to show |
That the seller has a marketable title |
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Which of the following is covered by the CLTA a standard policy of title insurance California land title association |
Unknown spousal interests |
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Which is not covered by an ALTA extended coverage policy of title insurance American Land Title Association
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Liens placed by the insured Is covered - Unrecorded liens Off record easements Mining claims Water rights Lack of access |
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Title insurance companies may |
a. Give rebates to brokers for referrals B. Give brokers preferential rates on their own purchases C. Charge brokers the same as others but make no effort to collect D. The answer is none of these The Alta extended policy is general purchased for the benefit of the lender the buyer pays for this lender protection it ensures that the lender has a valid and enforceable lien subject to only the exclusions from the coverage noted in the exceptions schedule of the policy |
