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Questions and Answers
What sources must the escrow officer use for loan information?
What sources must the escrow officer use for loan information?
- Loan office
- Buyer only
- Both loan office and buyer/seller (correct)
- Neither any of the above
What typically follows the deed of trust?
What typically follows the deed of trust?
- Both A and B
- Includes pre-payment penalty
- Assignment of rents
- Neither A nor B (correct)
What components does an installment note include?
What components does an installment note include?
- Neither principal nor interest
- Principal only
- Interest only
- Both principal and interest (correct)
Who must sign the receipt for the assignment of water stock?
Who must sign the receipt for the assignment of water stock?
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Which of the following is necessary for closing a deal?
Which of the following is necessary for closing a deal?
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How does one usually inform the title officer that they are ready to close?
How does one usually inform the title officer that they are ready to close?
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What does the seller almost always receive?
What does the seller almost always receive?
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According to company policy, how are cash disbursements handled?
According to company policy, how are cash disbursements handled?
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Which parties must sign the receipt for the assignment of water stock?
Which parties must sign the receipt for the assignment of water stock?
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What usually signifies that the title officer can proceed with closing?
What usually signifies that the title officer can proceed with closing?
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Study Notes
Quiz Overview
- The escrow officer gathers loan information from both the loan office and the buyer/seller.
- A deed of trust does not typically follow with an assignment of rents or pre-payment penalties.
- An installment note consists of both principal and interest payments.
Assignment of Water Stock
- The receipt for the assignment of water stock must be signed by both sellers and buyers, as it is an uncommon process.
Closing Requirements
- Essential actions for closing include proration, ordering title and recording, and ensuring all documents are acknowledged.
Communication with Title Officer
- The preferred method to notify the title officer that one is ready to close is via phone.
Seller's Financial Transactions
- The seller typically receives a check and an endorsed original note upon closing.
Buyer’s Settlement Sheet
- Buyers usually do not receive a check on their settlement sheet; they may receive financial adjustments instead.
Cash Disbursement Policies
- Each company manages cash disbursements according to its own policy, rather than being bound by city or federal laws.
Quiz Overview
- The escrow officer gathers loan information from both the loan office and the buyer/seller.
- A deed of trust does not typically follow with an assignment of rents or pre-payment penalties.
- An installment note consists of both principal and interest payments.
Assignment of Water Stock
- The receipt for the assignment of water stock must be signed by both sellers and buyers, as it is an uncommon process.
Closing Requirements
- Essential actions for closing include proration, ordering title and recording, and ensuring all documents are acknowledged.
Communication with Title Officer
- The preferred method to notify the title officer that one is ready to close is via phone.
Seller's Financial Transactions
- The seller typically receives a check and an endorsed original note upon closing.
Buyer’s Settlement Sheet
- Buyers usually do not receive a check on their settlement sheet; they may receive financial adjustments instead.
Cash Disbursement Policies
- Each company manages cash disbursements according to its own policy, rather than being bound by city or federal laws.
Quiz Overview
- The escrow officer gathers loan information from both the loan office and the buyer/seller.
- A deed of trust does not typically follow with an assignment of rents or pre-payment penalties.
- An installment note consists of both principal and interest payments.
Assignment of Water Stock
- The receipt for the assignment of water stock must be signed by both sellers and buyers, as it is an uncommon process.
Closing Requirements
- Essential actions for closing include proration, ordering title and recording, and ensuring all documents are acknowledged.
Communication with Title Officer
- The preferred method to notify the title officer that one is ready to close is via phone.
Seller's Financial Transactions
- The seller typically receives a check and an endorsed original note upon closing.
Buyer’s Settlement Sheet
- Buyers usually do not receive a check on their settlement sheet; they may receive financial adjustments instead.
Cash Disbursement Policies
- Each company manages cash disbursements according to its own policy, rather than being bound by city or federal laws.
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