Podcast
Questions and Answers
Which of the following is NOT an escrow job?
Which of the following is NOT an escrow job?
What is the last job in a sale sequence?
What is the last job in a sale sequence?
What are the differences in the escrow process throughout California?
What are the differences in the escrow process throughout California?
What is the first step in the escrow procedure?
What is the first step in the escrow procedure?
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Which of the following is NOT a basic process in the escrow procedure?
Which of the following is NOT a basic process in the escrow procedure?
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What is the purpose of the escrow memo?
What is the purpose of the escrow memo?
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What is the main transfer of real property in California?
What is the main transfer of real property in California?
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What implied warranties does a grant deed have?
What implied warranties does a grant deed have?
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What must a valid deed include?
What must a valid deed include?
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Which vesting requires individuals to be married?
Which vesting requires individuals to be married?
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Study Notes
Escrow Jobs
- Not all tasks are classified as escrow jobs; using only the deposit receipt is excluded from standard escrow activities.
- Core responsibilities include collecting funds and obtaining title insurance.
Final Steps in Sale Sequence
- The concluding tasks in a sale involve transferring money to the seller and handing over the deed to the buyer.
Escrow Process Variations
- The escrow process is consistent across California, but variations exist in the timing of steps, signing escrow instructions, and initiating the title search.
First Step in Escrow Procedure
- Taking the escrow is unequivocally recognized as the initial step in the escrow process.
Basic Processes in Escrow
- Key components of the escrow procedure include escrow instructions, settling old loans, and ordering title searches, while returning funds does not qualify as a basic process.
Purpose of Escrow Memo
- The escrow memo serves to gather comprehensive information regarding the transaction and to amend the escrow if necessary.
Main Method of Property Transfer
- In California, the primary means of transferring real property is through a deed.
Implied Warranties of Grant Deed
- Grant deeds come with several implied warranties, including being free of encumbrances, guaranteeing after-acquired title, and assurance that the seller has not previously conveyed the property, unless stated otherwise.
Valid Deed Requirements
- For a deed to be considered valid, it must be composed of proper writing, bear the necessary signatures, and complete the process of delivery and acceptance.
Marriage Requirement for Vesting
- Community property vesting is the type that necessitates individuals to be married, distinguishing it from severally, joint tenancy, and tenancy in common.
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Description
Test your knowledge about the escrow process with this quiz. It covers essential concepts, responsibilities, and the sequence of actions involved in escrow transactions. Perfect for anyone looking to reinforce their understanding of real estate escrow procedures.
