Escrow Sample Test - Utah

An Escow is an arrangement that: (Select all that apply) (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (D) acts as an attorney (E) is responsible for guaranteeing funds - Answer- (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (E) is responsible for guaranteeing funds When is it necessary to have closing documents recorded prior to the disbursement of escrow funds? (A) it is not necessary (B) in almost all situations (C) when instructed by one of the parties to the escrow (D) only when the written instructions require recording - Answer- (B) in almost all situations Usury Law is defined as: (A) the right to use the surface of real property (B) is applicable to the prescriptive easement of ingress and egress (C) the maximum amount of interest which can be charged on a security instrument (D) the appurtenant right to use a right of way for ingress and egress - Answer- C) the maximum amount of interest which can be charged on a security instrument What characteristics should an escrow officer maintain? (Select all that apply) (A) abstractor (B) competent (C) legal advisor (D) impartial (E) has the right to foreclose (F) follows instructions - Answer- (B) competent (D) impartial (F) follows instructions What is the minimum number of parties to an escrow? (A) two (B) three