Podcast
Questions and Answers
What is the initial money put into the escrow called?
What is the initial money put into the escrow called?
- An escrow fee
- An earnest money
- A deposit (correct)
- A trust fund
What does the escrow checklist do?
What does the escrow checklist do?
- Records party communications
- Checks escrow's progress (correct)
- Tracks the check numbers
- Lists transaction fees
What is most commonly used to fill out the entries on the escrow checklist?
What is most commonly used to fill out the entries on the escrow checklist?
- Electronic entries
- Typed text
- Pre-printed forms
- Handwritten notes (correct)
How is the Escrow Settlement Sheet recorded?
How is the Escrow Settlement Sheet recorded?
What should be done after receiving signed amendments from both parties?
What should be done after receiving signed amendments from both parties?
What does the term 'reconveyance' refer to?
What does the term 'reconveyance' refer to?
What is indicated by the phrase 'upon further authorization' in a Title Order?
What is indicated by the phrase 'upon further authorization' in a Title Order?
A request for full reconveyance is typically found on the back of which document?
A request for full reconveyance is typically found on the back of which document?
What is the nature of the escrow checklist?
What is the nature of the escrow checklist?
Under what condition is a full reconveyance completed by the trustee?
Under what condition is a full reconveyance completed by the trustee?
Study Notes
Escrow and Real Estate Concepts
- Initial money in escrow is termed a deposit or trust fund, crucial for securing a transaction.
- An escrow checklist monitors the progress of the escrow process, ensuring all necessary tasks are completed.
- The majority of entries on the escrow checklist are typically handwritten, despite the checklist being pre-printed.
- The Escrow Settlement Sheet is consistently typed, providing a clear record of financial transactions.
Handling Amendments and Reconveyance
- After receiving signed amendments from both parties, it's essential to file a copy and send a certified copy to the lender.
- The term reconveyance refers to the process of paying off a loan recorded against property, a critical step in clearing title.
Title and Reconveyance Procedures
- A Title Order that includes the phrase "upon further authorization" is categorized as a preliminary report, outlining the conditions of the title.
- A full reconveyance occurs when the beneficiary receives payment, signifying that the loan has been paid off.
- Requests for full reconveyance are typically found printed on the back of the deed of trust, linking them to the original loan agreement.
Pest Control and Completion Notices
- The Notice of Completion for pest control work requires approval from the seller, indicating acceptance of any pest control measures taken prior to finalizing the sale.
Escrow and Real Estate Concepts
- Initial money in escrow is termed a deposit or trust fund, crucial for securing a transaction.
- An escrow checklist monitors the progress of the escrow process, ensuring all necessary tasks are completed.
- The majority of entries on the escrow checklist are typically handwritten, despite the checklist being pre-printed.
- The Escrow Settlement Sheet is consistently typed, providing a clear record of financial transactions.
Handling Amendments and Reconveyance
- After receiving signed amendments from both parties, it's essential to file a copy and send a certified copy to the lender.
- The term reconveyance refers to the process of paying off a loan recorded against property, a critical step in clearing title.
Title and Reconveyance Procedures
- A Title Order that includes the phrase "upon further authorization" is categorized as a preliminary report, outlining the conditions of the title.
- A full reconveyance occurs when the beneficiary receives payment, signifying that the loan has been paid off.
- Requests for full reconveyance are typically found printed on the back of the deed of trust, linking them to the original loan agreement.
Pest Control and Completion Notices
- The Notice of Completion for pest control work requires approval from the seller, indicating acceptance of any pest control measures taken prior to finalizing the sale.
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Description
Test your knowledge on escrow concepts with this activity quiz. The questions cover fundamental aspects such as escrow deposits, checklists, and settlement sheets. Get ready to challenge your understanding of the escrow process!
