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ESCROW SAMPLE TEST QUESTIONS WITH 100% CORRECT ANSWERS 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. CORRECT 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. CORRECT 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. CORRECT 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. CORRECT ANSWER B, D, F What is the minimum number of parties to an escrow? CORRECT 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. CORRECT ANSWER C
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