Questions and Answers
What does a progress sheet typically include?
What does it imply if a settlement sheet has entries made in pencil?
When preparing an exchange escrow 'title order', what is the requirement regarding information to the title company?
What factors are considered in the indexing process of escrows?
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Which of the following represents an index system that allows for easy insertion and removal?
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What are common exceptions or exclusions found in title insurance policies?
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What purpose do supplemental escrow instructions serve?
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What is required to settle the estate of a deceased person through probate?
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What type of sheet is created when there are entries in pencil?
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Which items are excluded as common exceptions in title insurance policies?
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Study Notes
Escrow and Title Process
- A progress sheet typically includes dates, check marks, and dollar amounts for tracking.
- Pencil entries on a settlement sheet indicate it is a working settlement sheet rather than a final version.
- When submitting an exchange escrow "title order," providing information to the title company is essential.
- Indexing categorizes escrows based on numbers and dates for better organization.
- A loose-leaf binder serves as a physical indexing system, allowing easy insertion and removal of documents.
Title Insurance and Exceptions
- Common exceptions or exclusions in title insurance policies include current taxes, sewer bonds, and Conditions, Covenants, & Restrictions (CC&Rs).
- Supplemental escrow instructions can be used to change, add, or delete existing instructions in an escrow process.
Probate and Estate Settlement
- Probate requires a decree of distribution to settle the estate of the deceased.
- The final step in the probate process involves recording the decree.
- After closing an escrow, the officer completes the final statement, disburses checks, and transfers fire insurance, ensuring all aspects of the transaction are finalized.
Escrow and Title Process
- A progress sheet typically includes dates, check marks, and dollar amounts for tracking.
- Pencil entries on a settlement sheet indicate it is a working settlement sheet rather than a final version.
- When submitting an exchange escrow "title order," providing information to the title company is essential.
- Indexing categorizes escrows based on numbers and dates for better organization.
- A loose-leaf binder serves as a physical indexing system, allowing easy insertion and removal of documents.
Title Insurance and Exceptions
- Common exceptions or exclusions in title insurance policies include current taxes, sewer bonds, and Conditions, Covenants, & Restrictions (CC&Rs).
- Supplemental escrow instructions can be used to change, add, or delete existing instructions in an escrow process.
Probate and Estate Settlement
- Probate requires a decree of distribution to settle the estate of the deceased.
- The final step in the probate process involves recording the decree.
- After closing an escrow, the officer completes the final statement, disburses checks, and transfers fire insurance, ensuring all aspects of the transaction are finalized.
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Description
This quiz covers key concepts related to the escrow and title process, including tracking methods, title insurance exceptions, and the probate settlement. It provides insights into important documentation practices and the organizational tools used in managing escrow procedures. Test your knowledge on essential terms and procedures necessary for successful transactions.
