Questions and Answers
What happens to the note when selling a note and deed of trust?
What does a notice of default inform the holder of the second trust deed about?
What is a beneficiary statement also known as?
What can adjustments (proration) of interest in an escrow depend on?
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What is the normal first step in any escrow closing?
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When asking the buyer for funds, what should you be prepared to do?
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What is the best approach for ordering title insurance in a complicated transaction?
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"Your Company" typically refers to what?
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Which phrase is sufficient to create a negotiable instrument?
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What is considered a personal defense of a negotiable instrument?
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Study Notes
Selling Notes and Deeds
- Selling a note and deed of trust also involves assigning the note to the new holder.
Notice of Default
- A notice of default informs the holder of a second trust deed if the borrower defaults on the first trust deed.
Beneficiary Statement
- A beneficiary statement may also be referred to as an offset statement.
Interest Adjustments in Escrow
- Adjustments (proration) of interest in an escrow depend primarily on escrow instructions.
Initial Step in Escrow Closing
- The first step in any escrow closing is to ensure that there are sufficient funds available for the transaction.
Requesting Buyer Funds
- When asking the buyer for funds, it is important to estimate the required amount beforehand.
Title Insurance Ordering
- For complicated transactions, it is recommended to order title insurance using a typed letter for clarity.
"Your Company"
- "Your Company" typically denotes a title company involved in real estate transactions.
Negotiable Instruments
- The phrase "I promise to pay to bearer" is sufficient to create a negotiable instrument, distinguishing it as valid and enforceable.
Personal Defense of Negotiable Instruments
- Misrepresentation is considered a personal defense of a negotiable instrument, while valid contracts and other options do not fall under this category.
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Description
Test your knowledge on real estate concepts with this activity quiz. Questions cover topics such as notes and deeds of trust, defaults, and beneficiary statements. Ideal for students and professionals in the field of real estate.
