Escrow: Chapter 1 Exam Questions With 100% Correct Answers

Escrow: Chapter 1 Exam Questions With 100% Correct Answers Escrow - answer(legal process) by which complex sale, exchange, or loan transaction involving real property is brought to completion. Escrows Required by law - answerProbated Property- in court dispute Impound Accounts- Liquor Licenses- Negotiable Securities- Escrows Recommended - answerSales of Real Property Loans Exchanges Real Property - answerland and those things affixed to it (Attached by roots, imbedded, permanently resting on it, attached by mortar, nails, bolts, or escrew. Personal Property - answeranything which can be owned or possessed that is not real property. Valid Contracts - answer-Capable Parties: any capable (No minors, convicts) -Mutual Consent & Writing: -Lawful nature -Sufficient Consideration -Stated Condition -Forgery Prevention (counterfeit or fraudulent) Purchase Agreement - answerdocument that is signed before entering into escrow Agent - answerone who represents a principal (person/party) in contracts with third person. Escrow Officer - answerstakeholder (agent) - to both principals (Buyers and sellers) - individual persons do not hold licences as escrow agents in California (Only corporations).