ESCROW STUDY SHEET QUESTIONS
EXAM SCRIPT WITH CORRECT
ANSWERS
◉ agent. Answer: an individual/entity who transacts, represents, or
manages business for another individual/entity. Permission is
provided by the individual/entity being represented
◉ Assignee. Answer: individual whom a contract is transferred from
one individual to another
◉ Assignment. Answer: the manner by which a contract is
transferred from one individual to another
◉ Assignor. Answer: an individual who transfers contract to another
individual
◉ Build Out. Answer: the construction or improvements of the
interior of a space, including flooring, walls, finished plumbing,
electrical work, etc.
◉ Building Permit. Answer: written government permission to
develop, renovate, or repair a building
◉ Cancellation Clause. Answer: a provision in a contract (i.e. a lease)
that confers the ability of one in the lease to terminate the party's
, obligations. The grounds and ability to cancel are usually specific in
the lease
◉ Capital Improvement. Answer: any major physical development or
redevelopment to a property that extends the life of the property.
Examples include upgrading the elevators, replacement of the roof,
and renovations of the lobby
◉ Certificate of Occupancy (CO). Answer: the government issues
this official form, which states that the building is legally ready to be
occupied
◉ Chattel. Answer: Household goods, including personal property
such as lamps, desks, and chairs
◉ Common Area Maintenance (CAM). Answer: this is the amount of
additional rent charged to the tenant, in addition to the base rent, to
maintain the common areas of the property shared by the tenants and
from which all tenants benefit. Examples include: snow removal,
outdoor lighting, parking lot sweeping, insurance, property taxes, etc.
Most often, this does not include nay capital improvements that are
made to the property
◉ Contiguous. Answer: touching at some point or along a boundary
◉ Contingency. Answer: a requirement in a contract that must occur
before the contact can be finalized
EXAM SCRIPT WITH CORRECT
ANSWERS
◉ agent. Answer: an individual/entity who transacts, represents, or
manages business for another individual/entity. Permission is
provided by the individual/entity being represented
◉ Assignee. Answer: individual whom a contract is transferred from
one individual to another
◉ Assignment. Answer: the manner by which a contract is
transferred from one individual to another
◉ Assignor. Answer: an individual who transfers contract to another
individual
◉ Build Out. Answer: the construction or improvements of the
interior of a space, including flooring, walls, finished plumbing,
electrical work, etc.
◉ Building Permit. Answer: written government permission to
develop, renovate, or repair a building
◉ Cancellation Clause. Answer: a provision in a contract (i.e. a lease)
that confers the ability of one in the lease to terminate the party's
, obligations. The grounds and ability to cancel are usually specific in
the lease
◉ Capital Improvement. Answer: any major physical development or
redevelopment to a property that extends the life of the property.
Examples include upgrading the elevators, replacement of the roof,
and renovations of the lobby
◉ Certificate of Occupancy (CO). Answer: the government issues
this official form, which states that the building is legally ready to be
occupied
◉ Chattel. Answer: Household goods, including personal property
such as lamps, desks, and chairs
◉ Common Area Maintenance (CAM). Answer: this is the amount of
additional rent charged to the tenant, in addition to the base rent, to
maintain the common areas of the property shared by the tenants and
from which all tenants benefit. Examples include: snow removal,
outdoor lighting, parking lot sweeping, insurance, property taxes, etc.
Most often, this does not include nay capital improvements that are
made to the property
◉ Contiguous. Answer: touching at some point or along a boundary
◉ Contingency. Answer: a requirement in a contract that must occur
before the contact can be finalized
