ESCROW QUIZ WITH COMPLETE
SOLUTIONS
An escrow officer is also known as a - Correct Answers -stakeholder
Escrows are highly recommended and nearly always used in the - Correct Answers -A.
Sale of personal property
B. Rental of real and personal property
C. Sale or transfer of land and businesses
D. NONE OF THE ABOVE *
Personal property is - Correct Answers -anything that can be owned or possessed that
is not real property
Which of the following is NOT required for a valid contract? - Correct Answers -attorney
approval
A written contract is not necessary for enforcement in a court of law for transfers of
personal property where the amount paid is: - Correct Answers -A. over $500
B. under $500
C. under $5000
D. all of the above *
An escrow officer may not - Correct Answers -give legal advice (practice law)
Separate escrow instructions for buyers and sellers are known as - Correct Answers -
unilateral instructions
The first step in the basic escrow procedure is - Correct Answers -to prepare the
settlement
The most common method of acquiring ownership (title) to real property is by: - Correct
Answers -deed transfer
Which type of deed conveys full ownership (freehold estate)? - Correct Answers -Grant
Deed
The only manner of vesting that depends exclusively upon marital status is - Correct
Answers -community property
A title insurance policy insures against - Correct Answers -imperfection on title
, Which of the following is NOT a way to cancel or end an escrow? - Correct Answers -
Divorce
When completed, all of the information necessary to being an escrow transaction is
contained in the - Correct Answers -preliminary sheet
Which of the following is TRUE concerning escrow instructions? - Correct Answers -
They are in the form of a business letter
They may be be bilateral
They may be unilateral
All of the above are TRUE*
Which of the following is a confidential method of assurance against mistaken title
reports? - Correct Answers -Escrow instructions
The printed form that fives escrow permission to pay the broker a commission is called -
Correct Answers -commission instructions
A preprinted sheet used for keeping track of escrows progress is called - Correct
Answers -the escrow checklist and the escrow requirements sheet
For all monies received by escrow, such as deposits, you must: - Correct Answers -
make receipts
The escrow settlement sheet or estimated changes sheet is the - Correct Answers -
accounting report for escrow
Once the title insurance is issued, the responsibility for insuring the marketability of the
title assumed by: - Correct Answers -the title company
Which of the following is TRUE concerning full re conveyance? - Correct Answers -A.
The trustee relinquishes his/her interest in the property
B. it must be kept as proof that money is no longer owed to the beneficiary
C. It must be recorded in the county records
D. All of the above *
Encumbrances include: - Correct Answers -A. liens
B. CC&R's
C. Easements
D. All of the above *
CC&R's refer to - Correct Answers -covenants, conditions, and restrictions
With a a mortgage, the lender is the - Correct Answers -mortgagee
SOLUTIONS
An escrow officer is also known as a - Correct Answers -stakeholder
Escrows are highly recommended and nearly always used in the - Correct Answers -A.
Sale of personal property
B. Rental of real and personal property
C. Sale or transfer of land and businesses
D. NONE OF THE ABOVE *
Personal property is - Correct Answers -anything that can be owned or possessed that
is not real property
Which of the following is NOT required for a valid contract? - Correct Answers -attorney
approval
A written contract is not necessary for enforcement in a court of law for transfers of
personal property where the amount paid is: - Correct Answers -A. over $500
B. under $500
C. under $5000
D. all of the above *
An escrow officer may not - Correct Answers -give legal advice (practice law)
Separate escrow instructions for buyers and sellers are known as - Correct Answers -
unilateral instructions
The first step in the basic escrow procedure is - Correct Answers -to prepare the
settlement
The most common method of acquiring ownership (title) to real property is by: - Correct
Answers -deed transfer
Which type of deed conveys full ownership (freehold estate)? - Correct Answers -Grant
Deed
The only manner of vesting that depends exclusively upon marital status is - Correct
Answers -community property
A title insurance policy insures against - Correct Answers -imperfection on title
, Which of the following is NOT a way to cancel or end an escrow? - Correct Answers -
Divorce
When completed, all of the information necessary to being an escrow transaction is
contained in the - Correct Answers -preliminary sheet
Which of the following is TRUE concerning escrow instructions? - Correct Answers -
They are in the form of a business letter
They may be be bilateral
They may be unilateral
All of the above are TRUE*
Which of the following is a confidential method of assurance against mistaken title
reports? - Correct Answers -Escrow instructions
The printed form that fives escrow permission to pay the broker a commission is called -
Correct Answers -commission instructions
A preprinted sheet used for keeping track of escrows progress is called - Correct
Answers -the escrow checklist and the escrow requirements sheet
For all monies received by escrow, such as deposits, you must: - Correct Answers -
make receipts
The escrow settlement sheet or estimated changes sheet is the - Correct Answers -
accounting report for escrow
Once the title insurance is issued, the responsibility for insuring the marketability of the
title assumed by: - Correct Answers -the title company
Which of the following is TRUE concerning full re conveyance? - Correct Answers -A.
The trustee relinquishes his/her interest in the property
B. it must be kept as proof that money is no longer owed to the beneficiary
C. It must be recorded in the county records
D. All of the above *
Encumbrances include: - Correct Answers -A. liens
B. CC&R's
C. Easements
D. All of the above *
CC&R's refer to - Correct Answers -covenants, conditions, and restrictions
With a a mortgage, the lender is the - Correct Answers -mortgagee