MANUFACTURED HOUSING LATEST EXAMS
SCRIPT QUESTIONS AND ANSWERS SURE A+
✔✔From the information provided by the dealer, the escrow agent shall prepare escrow
instructions which:
A. must be signed by both the buy of a new or used unit and the dealer
B. must close on the date specified by the dealer and buyer unless amended otherwise
C. provides that the escrow agent retains the original with copies going to the buyer and
dealer
D. all the above are correct - ✔✔D. all the above are correct
✔✔When an escrow agent receives notice of a dispute between the parties to an
escrow, the agent must hold all funds designated as a deposit until:
A. the buyer notifies the agent of the cancellation of the sale and demands the return of
his money
B. all other funds held in escrow are returned to the respective persons except the
dealer
C. the agent receives a release assignment from the disputing party or an assignment
by Court of Law
,D. the dealer notifies escrow of the cancellation of the sale submits a written demand on
escrow for the deposit - ✔✔C. the agent receives a release assignment from the
disputing party or an assignment by Court of Law
✔✔The escrow instructions must identify the fixed amounts of deposit, down payment,
and balance due consistent with:
A. the purchase documents and receipt for deposit
B. the receipt for deposit only
C. the oral agreements between the parties to escrow
D. an order from the lending institution - ✔✔A. the purchase documents and receipt for
deposit
✔✔When a manufactured/ mobile home is to be installed, funds may be disbursed from
the escrow account when:
A. the dealer completes installation of the unit
B. the installation has complied with the escrow instructions
C. the unit has been delivered to the proper site by the manufacturer
D. installation is completed and after the unit has received an installation acceptance
inspection by the enforcement agency with written notice to escrow - ✔✔D. installation
is completed and after the unit has received an installation acceptance inspection by the
enforcement agency with written notice to escrow
✔✔The length of escrow shall be for:
A. a period of time mutually agreed upon by dealer and buyer, or as may extended for
30 day increments
B. a period of 120 days or as extended in writing
C. the time necessary for the unit to be delivered to the buyer and the buyer to notify the
escrow agent
D. a period of time mutually agreed upon in writing by the buyer and dealer or as may
be extended by mutual written consent with notice to the escrow agent - ✔✔D. a period
of time mutually agreed upon in writing by the buyer and dealer or as may be extended
by mutual written consent with notice to the escrow agent
✔✔A manufactured/mobile home may be delivered to a buyer at the dealer's location
providing the buyer agrees to accept full responsibility for installation and providing:
A. escrow instructions state such an agreement and the dealer and buyer submit to
escrow signed documentation indicating that delivery has been accomplished, in order
to initiate disbursement of funds
B. escrow is required because no installation inspection is required
C. escrow may close upon the mutual endorsement of the documents by the dealer and
buyer
, D. escrow may close upon the mutual endorsement of the documents by the dealer and
buyer - ✔✔A. escrow instructions state such an agreement and the dealer and buyer
submit to escrow signed documentation indicating that delivery has been accomplished,
in order to initiate disbursement of funds
✔✔No dealer shall establish an escrow account:
A. with an escrow company in which the dealer has more than a 10% ownership interest
B. with an escrow company in which the dealer has more than a 5% ownership interest
C. with an escrow company in which the dealer has any ownership interest
D. with an escrow company which will become the legal owner - ✔✔B. with an escrow
company in which the dealer has more than a 5% ownership interest
✔✔The escrow instructions may provide for:
A. pro-ration of any local property taxes due
B. payment of any delinquent license fees
C. payment of any delinquent registration fees
D. all the above - ✔✔D. all the above
✔✔An agreement whereby the buyer of a manufactured/ mobile home waives escrow
provisions is:
A. permissible in the case of a cash purchase
B. void and unenforceable
C. permissible if the agreement is in writing signed by both dealer and buyer
D. permissible for purchasers of used units only - ✔✔B. void and unenforceable
✔✔Funds designated for an accessory may be released from escrow under which of
the following:
A. when the accessory is actually installed
B. when the installation acceptance for the unit is issued by the enforcement agency
C. when escrow closes, providing construction work has begun
D. during the term of escrow providing construction has been completed - ✔✔A. when
the accessory is actually installed
✔✔When the sale of a new manufactured/ mobile home includes an amount for an
accessory to be installed as part of the sale, which of the following is correct:
A. funds for the accessory may be disbursed for the accessory when escrow receives a
statement of installation acceptance issued by the enforcement agency
B. if a portion of the amount in escrow is designated for the accessory, it may be
disbursed only after the accessory is actually installed and the dealer has submitted a
written statement to that effect
SCRIPT QUESTIONS AND ANSWERS SURE A+
✔✔From the information provided by the dealer, the escrow agent shall prepare escrow
instructions which:
A. must be signed by both the buy of a new or used unit and the dealer
B. must close on the date specified by the dealer and buyer unless amended otherwise
C. provides that the escrow agent retains the original with copies going to the buyer and
dealer
D. all the above are correct - ✔✔D. all the above are correct
✔✔When an escrow agent receives notice of a dispute between the parties to an
escrow, the agent must hold all funds designated as a deposit until:
A. the buyer notifies the agent of the cancellation of the sale and demands the return of
his money
B. all other funds held in escrow are returned to the respective persons except the
dealer
C. the agent receives a release assignment from the disputing party or an assignment
by Court of Law
,D. the dealer notifies escrow of the cancellation of the sale submits a written demand on
escrow for the deposit - ✔✔C. the agent receives a release assignment from the
disputing party or an assignment by Court of Law
✔✔The escrow instructions must identify the fixed amounts of deposit, down payment,
and balance due consistent with:
A. the purchase documents and receipt for deposit
B. the receipt for deposit only
C. the oral agreements between the parties to escrow
D. an order from the lending institution - ✔✔A. the purchase documents and receipt for
deposit
✔✔When a manufactured/ mobile home is to be installed, funds may be disbursed from
the escrow account when:
A. the dealer completes installation of the unit
B. the installation has complied with the escrow instructions
C. the unit has been delivered to the proper site by the manufacturer
D. installation is completed and after the unit has received an installation acceptance
inspection by the enforcement agency with written notice to escrow - ✔✔D. installation
is completed and after the unit has received an installation acceptance inspection by the
enforcement agency with written notice to escrow
✔✔The length of escrow shall be for:
A. a period of time mutually agreed upon by dealer and buyer, or as may extended for
30 day increments
B. a period of 120 days or as extended in writing
C. the time necessary for the unit to be delivered to the buyer and the buyer to notify the
escrow agent
D. a period of time mutually agreed upon in writing by the buyer and dealer or as may
be extended by mutual written consent with notice to the escrow agent - ✔✔D. a period
of time mutually agreed upon in writing by the buyer and dealer or as may be extended
by mutual written consent with notice to the escrow agent
✔✔A manufactured/mobile home may be delivered to a buyer at the dealer's location
providing the buyer agrees to accept full responsibility for installation and providing:
A. escrow instructions state such an agreement and the dealer and buyer submit to
escrow signed documentation indicating that delivery has been accomplished, in order
to initiate disbursement of funds
B. escrow is required because no installation inspection is required
C. escrow may close upon the mutual endorsement of the documents by the dealer and
buyer
, D. escrow may close upon the mutual endorsement of the documents by the dealer and
buyer - ✔✔A. escrow instructions state such an agreement and the dealer and buyer
submit to escrow signed documentation indicating that delivery has been accomplished,
in order to initiate disbursement of funds
✔✔No dealer shall establish an escrow account:
A. with an escrow company in which the dealer has more than a 10% ownership interest
B. with an escrow company in which the dealer has more than a 5% ownership interest
C. with an escrow company in which the dealer has any ownership interest
D. with an escrow company which will become the legal owner - ✔✔B. with an escrow
company in which the dealer has more than a 5% ownership interest
✔✔The escrow instructions may provide for:
A. pro-ration of any local property taxes due
B. payment of any delinquent license fees
C. payment of any delinquent registration fees
D. all the above - ✔✔D. all the above
✔✔An agreement whereby the buyer of a manufactured/ mobile home waives escrow
provisions is:
A. permissible in the case of a cash purchase
B. void and unenforceable
C. permissible if the agreement is in writing signed by both dealer and buyer
D. permissible for purchasers of used units only - ✔✔B. void and unenforceable
✔✔Funds designated for an accessory may be released from escrow under which of
the following:
A. when the accessory is actually installed
B. when the installation acceptance for the unit is issued by the enforcement agency
C. when escrow closes, providing construction work has begun
D. during the term of escrow providing construction has been completed - ✔✔A. when
the accessory is actually installed
✔✔When the sale of a new manufactured/ mobile home includes an amount for an
accessory to be installed as part of the sale, which of the following is correct:
A. funds for the accessory may be disbursed for the accessory when escrow receives a
statement of installation acceptance issued by the enforcement agency
B. if a portion of the amount in escrow is designated for the accessory, it may be
disbursed only after the accessory is actually installed and the dealer has submitted a
written statement to that effect
