Escrow Process Quiz

Questions and Answers

Which of the following is NOT an escrow job?

Use only deposit receipt

Collect funds

Obtain title insurance

All of the above (correct)

What is the last job in a sale sequence?

Give money to seller

Both A and B (correct)

Neither A nor B

Give deed to buyer

What are the differences in the escrow process throughout California?

Timing of the steps

Signing of escrow instructions

Start of title search

All of the above (correct)

What is the first step in the escrow procedure?

Take the escrow Signup and view all the answers

Which of the following is NOT a basic process in the escrow procedure?

Return funds Signup and view all the answers

What is the purpose of the escrow memo?

Both A and B transaction Signup and view all the answers

What is the main transfer of real property in California?

A deed Signup and view all the answers

What implied warranties does a grant deed have?

All of the above Signup and view all the answers

What must a valid deed include?

All of the above Signup and view all the answers

Which vesting requires individuals to be married?

Community property Signup and view all the answers

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.

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.