Section 5 - From Contract to Closing in Alabama Questions and Answers 100% Correct

Section 5 - From Contract to Closing in
Alabama Questions and Answers 100%
Correct
A - ANSWER - When is the mortgage loan commitment or title insurance contract signed?


A. At the closing


B. The day after closing on the property to ensure proper transfer of title


C. The day prior to closing


D. Weeks prior to closing


A - ANSWER - At the closing table, who examines all documents for buyers and represents
their best interests?


A. Buyer's attorney


B. Escrow agent


C. Lender's attorney


D. Title insurance representative


A - ANSWER - The ______ is usually responsible for ordering and reviewing the survey of the
property.

, A. Buyer


B. Lender


C. Seller


D. Title insurance representative


A - ANSWER - Which document(s) will the closing agent deliver to the buyer and seller after
the closing?


A. Closing documents for the appropriate side of the transaction


B. Purchase contract marked "closed"


C. The deed of trust


D. Title policies


C - ANSWER - When does the seller's broker receive commission?


A. After signing the representation agreement


B. After the buyer puts an offer down on a property


C. At or just after the closing


D. At the final walk-through of a property


A - ANSWER - Who at the closing table examines all documents for buyers or sellers and