Escrow Sample Test Questions & Answers 2023/2024

Escrow Sample Test Questions & Answers 2023/2024 An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. - ANSWER-A, B, C, E When is it necessary to have closing documents recorded prior to 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 Usury Law is defines 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 What characteristics should an escrow officer maintain? a) abstractor, b) competent, c) legal advisor, d) impartial, e) has the right to foreclose, f) follows instructions. - ANSWER-B, D, F What is the minimum number of parties to an escrow? - ANSWER-3 An Earnest Money Agreement usually does not reveal the following: a) property address, b) buyers' and sellers' name, c) title exceptions, d) improvements to the subject property, e) personal property to be included in the sale. - ANSWER-C An escrow agent has the responsibility to review the following, with the parties involved in a real estate transaction: a) the Title Report, b) the Earnest Money Agreement, c) the Owners' Policy, d) Certificate of Apportionment, e) Letters of Testamentary. - ANSWER-A What is a Bill of Sale? a) same as a warranty deed, b) instrument to transfer mineral rights, c) used to convey personal property, d) a certificate concerning well rights, e) instrument to convey a title policy. - ANSWER-C