Questions and Answers
What sources must the escrow officer use for loan information?
What typically follows the deed of trust?
What components does an installment note include?
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?
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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?
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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?
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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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Description
Test your knowledge on key concepts related to real estate transactions through this activity quiz. Each question challenges your understanding of escrows, deeds of trust, and installment notes. Perfect for students or professionals looking to refresh their understanding of real estate fundamentals.
