Questions and Answers
What should the escrow officer do first in short escrows?
What distinguishes 'assumed' from 'subject to' transactions?
In a 'wraparound' or 'all-inclusive' deed of trust, who receives the payments from the buyer?
What type of loans are 'wraparound' or 'all-inclusive' deeds of trust associated with?
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Homesteading provides protection against which type of liens?
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What document is required to initiate a homestead declaration?
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Which of the following can terminate a homestead?
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Which location is NOT one of the three reference points for the U.S. Government Survey System?
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What type of liens does homesteading provide protection against?
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Which document is required to start a homestead?
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Study Notes
Escrow Process
- In short escrows, the escrow officer's first step is to start the title search.
- Getting ready for closing is also a necessary task but not the initial action.
Financing Terms
- "Assumed" and "subject to" are different concepts in real estate financing.
- These terms involve the transfer of loan obligations and conditions.
Wraparound Deeds
- In a "wraparound" or "all-inclusive" deed of trust, payments are made by the buyer directly to the seller.
- These types of deeds are often connected to existing loans taken over by the buyer.
Homesteading
- Homesteading primarily provides protection against involuntary liens, which can arise from legal actions.
- To initiate a homestead, a Declaration of Homestead must be filed.
Termination of Homestead
- A homestead can be terminated through abandonment, which can be formally declared or occur naturally.
U.S. Government Survey System
- The three reference points for the U.S. Government Survey System exclude San Diego B & M, which is not a reference point.
- The distinction between ranges and tiers lies in their directional orientation: ranges go East and West, while tiers go North and South.
- When reading a U.S. Government Survey, the correct order is to read from right to left.
Escrow Process
- In short escrows, the escrow officer's first step is to start the title search.
- Getting ready for closing is also a necessary task but not the initial action.
Financing Terms
- "Assumed" and "subject to" are different concepts in real estate financing.
- These terms involve the transfer of loan obligations and conditions.
Wraparound Deeds
- In a "wraparound" or "all-inclusive" deed of trust, payments are made by the buyer directly to the seller.
- These types of deeds are often connected to existing loans taken over by the buyer.
Homesteading
- Homesteading primarily provides protection against involuntary liens, which can arise from legal actions.
- To initiate a homestead, a Declaration of Homestead must be filed.
Termination of Homestead
- A homestead can be terminated through abandonment, which can be formally declared or occur naturally.
U.S. Government Survey System
- The three reference points for the U.S. Government Survey System exclude San Diego B & M, which is not a reference point.
- The distinction between ranges and tiers lies in their directional orientation: ranges go East and West, while tiers go North and South.
- When reading a U.S. Government Survey, the correct order is to read from right to left.
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Description
Test your knowledge on escrows and deed of trust concepts with this activity quiz. Review critical terminology and processes that every real estate professional should be familiar with. Perfect for students and practitioners looking to sharpen their skills.
