ESCROW FINAL PREMIUM TEST
BANK WITH EXPERT SOLUTIONS
◉ 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
◉ On an assumption, the following information should be obtained
from the lender: a) payment history, b) FHA premium information, c)
fire insurance information, d) reserve (impound) balance, e)
certificate of approval on buyer, f) delinquent payment and late fees
paid, g) marital status. Answer: B, C, D
◉ Date of possession is used in the closing to determine: a) the date
of the closing, b) the date to be placed on the documents, c) the date
used for prorations, d) the date of recording. Answer: C
◉ A Title Report or Commitment contains the following information,
necessary for the closing: a) property address, b) zoning, c)
encumbrances, d) fire insurance information, e) tax information, f)
vested owners. Answer: C, E, F
◉ A licensed escrow agent has the authority to draw up the necessary
documents to the escrow by reason of: a) the Utah Bulk Sales Act, b)
Insurance Act, c) the Paralegal Act, d) the Utah Escrow Act. Answer:
B
, ◉ An escrow agent can determine liens against personal property by
a) obtaining a UCC II, b) searching the personal property index, c)
checking with the county treasurer, d) calling the state auditor.
Answer: A
◉ In an exchange escrow, an escrow agent: a) certifies that the
escrow qualifies for a 1031 tax free exchange, b) closes on more than
one transaction simultaneously, c) deals with foreign currency, d)
prepares duplicate settlement statements. Answer: B
◉ Any reservations pertaining to the surface of real property should
appear on: a) the promissory note, b) the bill of sale, c) the face of the
Warranty Deed, d) the UCC 3, e) Schedule A of the lenders title
policy. Answer: C
◉ It is the escrow agent's job to determine: a) liability in the event
damage or destruction of the property which is the subject of the
escrow, b) any claim on the title policy, c) the validity of all
documents, d) when possession is scheduled. Answer: D
◉ Loan closings differ from regular sale closings by reason of the
fact that loan closings contain the following: a) discount points, b)
interest rate adjustments, c) origination rate adjustments, d)
warehousing fees. Answer: A, D
◉ Private Mortgage Insurance premiums are: a) prepaid, b) paid in
arrears, c) paid to FmHA, d) never prorated. Answer: A
BANK WITH EXPERT SOLUTIONS
◉ 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
◉ On an assumption, the following information should be obtained
from the lender: a) payment history, b) FHA premium information, c)
fire insurance information, d) reserve (impound) balance, e)
certificate of approval on buyer, f) delinquent payment and late fees
paid, g) marital status. Answer: B, C, D
◉ Date of possession is used in the closing to determine: a) the date
of the closing, b) the date to be placed on the documents, c) the date
used for prorations, d) the date of recording. Answer: C
◉ A Title Report or Commitment contains the following information,
necessary for the closing: a) property address, b) zoning, c)
encumbrances, d) fire insurance information, e) tax information, f)
vested owners. Answer: C, E, F
◉ A licensed escrow agent has the authority to draw up the necessary
documents to the escrow by reason of: a) the Utah Bulk Sales Act, b)
Insurance Act, c) the Paralegal Act, d) the Utah Escrow Act. Answer:
B
, ◉ An escrow agent can determine liens against personal property by
a) obtaining a UCC II, b) searching the personal property index, c)
checking with the county treasurer, d) calling the state auditor.
Answer: A
◉ In an exchange escrow, an escrow agent: a) certifies that the
escrow qualifies for a 1031 tax free exchange, b) closes on more than
one transaction simultaneously, c) deals with foreign currency, d)
prepares duplicate settlement statements. Answer: B
◉ Any reservations pertaining to the surface of real property should
appear on: a) the promissory note, b) the bill of sale, c) the face of the
Warranty Deed, d) the UCC 3, e) Schedule A of the lenders title
policy. Answer: C
◉ It is the escrow agent's job to determine: a) liability in the event
damage or destruction of the property which is the subject of the
escrow, b) any claim on the title policy, c) the validity of all
documents, d) when possession is scheduled. Answer: D
◉ Loan closings differ from regular sale closings by reason of the
fact that loan closings contain the following: a) discount points, b)
interest rate adjustments, c) origination rate adjustments, d)
warehousing fees. Answer: A, D
◉ Private Mortgage Insurance premiums are: a) prepaid, b) paid in
arrears, c) paid to FmHA, d) never prorated. Answer: A
