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20 Cards in this Set
- Front
- Back
The only party who can require a specific title insurance company is the:
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buyer.
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In Northern California the buyer usually pays for escrow fees. Who usually pays for them in Southern California?
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Both buyer and seller
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Proration of expenses and income is based on a month with:
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30 days.
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RESPA requires that the buyer be notified of closing costs:
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one business day before closing (upon buyer's request).
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The standard fire insurance policy insures against which perils?
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Fire and lightning
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A title company could make a title search by searching the records of the:
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a. county clerk's office. b. county recorder's office.c. federal lands office. : all of the above.
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Which of the following would NOT be applicable to RESPA requirements?
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Purchase of a shopping center
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Which of the following is NOT a requirement of a valid escrow?
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Confirmation of citizenship
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From what document are escrow instructions usually drawn?
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The purchase agreement
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Which of the following is NOT normally prorated?
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Broker's commission
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A recorded history of a specific property is called a:
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chain of title.
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If the time of closing is not specified, escrow will close:
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by mutual consent.
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In an escrow, the process of signing, transfer of documents and distribution of funds is referred to as:
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the closing.
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Which party is usually responsible for sending notification of the sale of a single-family residence to the Internal Revenue Service (IRS)?
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Escrow officer
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According to generally accepted practices, an escrow agent is authorized to:
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call for buyer's documents and funds.
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Any escrow amendment must be signed by the:
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both parties (seller and buyer).
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Most lenders require buyers (owners) to obtain an extended title insurance policy, known as a(n):
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ALTA policy.
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With regards to the closing escrow statement, the seller's and buyer's respective totals:
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can be different.
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Items that are NOT included in the standard title insurance policy (CLTA) include:
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a. undisclosed grants or liens. b. mining claims. c. nonpublic record liens: all of the above.
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Proration of prepaid taxes is:
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a credit to the seller.
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