QUESTIONS - ESCROW COURSE WITH
CORRECT ANSWERS
What government agency administers and enforces the Escrow Law? - Correct
Answers -California Department of Business Oversight (DBO)
Anyone who performs the services of an escrow agent, internet escrow agent, or joint
control agent must obtain a license from the DBO, unless the person is: - Correct
Answers -Exempt.
All individuals who work for a licensed escrow company must obtain a ______________
from the Escrow Agents' Fidelity Corporation. - Correct Answers -Certificate Card
An approved manager who has at least ____________________ of qualifying
experience must be at the licensed location at all times. - Correct Answers -5 years
When comparing licensed and controlled escrow companies, which one is specifically
licensed to conduct escrows? - Correct Answers -Independent escrow company
A temporary, short-lived trust arrangement between parties wishing to transact business
and exchange money or property is known as a(n): - Correct Answers -escrow.
The purpose of escrow is to: - Correct Answers -reduce the potential risk of fraud in real
estate transactions.
If an escrow agent does not comply with the laws and rules, the Commissioner of the
DBO can bring an administrative action that can result in: - Correct Answers -1. Fines
and penalties.
2. A person being barred from any position of employment or other association
with a licensed escrow agent.
3. An order to cease and desist.
There are four exemptions to the Escrow Law. List all of the four exemptions? - Correct
Answers -- California licensed attorney
- Title company licensed by the California Insurance Commissioner
- California licensed real estate broker
- Lender
A real estate broker used the fictitious name, Sensible Escrow, for his broker- controlled
escrows. What additional words must follow the name in any advertising? - Correct
Answers -"a non-independent broker escrow"
CORRECT ANSWERS
What government agency administers and enforces the Escrow Law? - Correct
Answers -California Department of Business Oversight (DBO)
Anyone who performs the services of an escrow agent, internet escrow agent, or joint
control agent must obtain a license from the DBO, unless the person is: - Correct
Answers -Exempt.
All individuals who work for a licensed escrow company must obtain a ______________
from the Escrow Agents' Fidelity Corporation. - Correct Answers -Certificate Card
An approved manager who has at least ____________________ of qualifying
experience must be at the licensed location at all times. - Correct Answers -5 years
When comparing licensed and controlled escrow companies, which one is specifically
licensed to conduct escrows? - Correct Answers -Independent escrow company
A temporary, short-lived trust arrangement between parties wishing to transact business
and exchange money or property is known as a(n): - Correct Answers -escrow.
The purpose of escrow is to: - Correct Answers -reduce the potential risk of fraud in real
estate transactions.
If an escrow agent does not comply with the laws and rules, the Commissioner of the
DBO can bring an administrative action that can result in: - Correct Answers -1. Fines
and penalties.
2. A person being barred from any position of employment or other association
with a licensed escrow agent.
3. An order to cease and desist.
There are four exemptions to the Escrow Law. List all of the four exemptions? - Correct
Answers -- California licensed attorney
- Title company licensed by the California Insurance Commissioner
- California licensed real estate broker
- Lender
A real estate broker used the fictitious name, Sensible Escrow, for his broker- controlled
escrows. What additional words must follow the name in any advertising? - Correct
Answers -"a non-independent broker escrow"
