REAL ESTATE ESCROW - FINAL EXAM REVIEW
QUESTIONS AND ANSWERS
A mortgagor is - Correct Answers -The borrower in a mortgage contract
Which of the following is NOT required for a valid contract? - Correct Answers -Attorney
approval
It is entirely proper for a broker to be paid by both parties whether it be an exchange or
even a simple sale, provided: - Correct Answers -both are correct
A court ordered decree that names the persons that are entitled to the property of the
estate listing what portion is given to each heir: - Correct Answers -Decree of
Distribution
Escrows are highly recommended and nearly always used in the: - Correct Answers -
Sale or transfer of land and business
When finishing the settlement sheet, which of the following is NOT required in the
Regulation Z Notice? - Correct Answers -Kickback fees
Which of the following is TRUE concerning the note? - Correct Answers -Both of these:
It is a negotiable instrument, It is extremely valuable to its holder
A written agreement by the title insurance company to issue a policy, but at a later date,
is called a(n): - Correct Answers -Interim binder
Which type of deed conveys full ownership (freehold estate)? - Correct Answers -Grant
deed
If a note is lost, an insurance bond may be issued to indemnify against a claim. This
bond is called a: - Correct Answers -Lost instrument bond
Marketable title is established for the distributees once the decree of distribution is: -
Correct Answers -Recorded
Once title insurance is issued, the responsibility for insuring the marketability of the title
is assumed by: - Correct Answers -The title company
The effective date for fire insurance must be: - Correct Answers -On or before the new
loan will fund
The federal estate tax lien continues for how many years after the death of the property
owner? - Correct Answers -Ten years
QUESTIONS AND ANSWERS
A mortgagor is - Correct Answers -The borrower in a mortgage contract
Which of the following is NOT required for a valid contract? - Correct Answers -Attorney
approval
It is entirely proper for a broker to be paid by both parties whether it be an exchange or
even a simple sale, provided: - Correct Answers -both are correct
A court ordered decree that names the persons that are entitled to the property of the
estate listing what portion is given to each heir: - Correct Answers -Decree of
Distribution
Escrows are highly recommended and nearly always used in the: - Correct Answers -
Sale or transfer of land and business
When finishing the settlement sheet, which of the following is NOT required in the
Regulation Z Notice? - Correct Answers -Kickback fees
Which of the following is TRUE concerning the note? - Correct Answers -Both of these:
It is a negotiable instrument, It is extremely valuable to its holder
A written agreement by the title insurance company to issue a policy, but at a later date,
is called a(n): - Correct Answers -Interim binder
Which type of deed conveys full ownership (freehold estate)? - Correct Answers -Grant
deed
If a note is lost, an insurance bond may be issued to indemnify against a claim. This
bond is called a: - Correct Answers -Lost instrument bond
Marketable title is established for the distributees once the decree of distribution is: -
Correct Answers -Recorded
Once title insurance is issued, the responsibility for insuring the marketability of the title
is assumed by: - Correct Answers -The title company
The effective date for fire insurance must be: - Correct Answers -On or before the new
loan will fund
The federal estate tax lien continues for how many years after the death of the property
owner? - Correct Answers -Ten years
